Bitwise Asset Management, a global crypto asset manager with over $15 billion in client assets, has announced the launch of Bitwise Model Portfolio Solutions for Digital Assets. According to the firm, the new model portfolios offer financial advisors a carefully designed investment framework to access digital assets in their clients’ portfolios through ETFs.
This launch builds on Bitwise’s eight-year track record of helping institutional investors gain exposure to opportunities in crypto assets. Specifically, the offering consists of seven models tailored to different investor profiles and risk preferences. The “Core” portfolios provide broad exposure to the crypto ecosystem, while the “Thematic” portfolios are designed for investors looking to fine-tune their exposure and focus on specific themes, such as stablecoins, tokenization, or crypto assets beyond bitcoin.
The firm notes that model portfolios have become an increasingly important tool for financial advisors seeking to leverage third-party expertise when designing client allocations. Between 2023 and 2025, assets linked to third-party model portfolios grew from $400 billion to more than $645 billion, a 62% increase. Models also saw more than $80 billion in net inflows between 2022 and 2024. “Bitwise’s offering allows financial advisors to access thematic crypto model portfolios developed by a specialist,” they state.
The Key to Model Portfolios
Following the announcement, Matt Hougan, Chief Investment Officer (CIO) at Bitwise, stated: “Today is a pivotal moment in the way advisors access crypto assets. Model portfolios are one of the most important ways financial professionals allocate investment across nearly all asset classes, but until now their use in crypto has been limited. As the number and variety of crypto ETPs grows, these expert-built models offer a simple value proposition: they show advisors how to combine the growing number of crypto ETPs in ways that align with specific client goals. They make building a crypto allocation sleeve easy.”
The company adds that Bitwise Model Portfolio Solutions offers additional features, such as portfolios that are systematically monitored and rebalanced to mitigate drift from the portfolio’s target allocation. Additionally, allocators gain exposure through individual, easy-to-integrate portfolio frameworks; and the models are built to provide diversified exposure to the digital asset ecosystem, reducing the risk of concentration in a single asset. Finally, they consider a key differentiator to be that allocators receive clear reporting materials and documentation, simplifying due diligence and client reporting.
Patria Investments has announced the acquisition of WP Global Partners, a U.S.-based private equity solutions manager specializing in the lower-middle market. The transaction strengthens Patria’s local presence in the United States and expands its investment and fundraising capabilities in a market the company considers strategic.
With the completion of the transaction, assets under management (FEAUM) in Patria’s Global Private Markets Solutions (GMPS) segment exceed $13.3 billion, based on pro forma data from the third quarter of 2025. Approximately 40% of investments will now be allocated to assets in the United States.
Founded in 2005 and with offices in New York and Chicago, WP Global Partners has around 30 employees, including more than ten investment professionals, and has already invested over $6 billion across various sectors. The addition of WP’s team and capabilities complements Patria’s private equity solutions business, particularly in primary, secondary, and co-investment strategies.
According to Marco D’Ippolito, Managing Partner at Patria, the transaction broadens the firm’s investment platform. “This is an important step in bringing on board a talented team with a proven track record and strong reputation. The transaction immediately expands our private equity partner universe and enhances our offering in primary, secondary, and co-investment strategies within the U.S. lower-middle market,” he stated.
Donald Phillips, Chairman and CEO of WP Global Partners, emphasized the strategic alignment between the two firms. “After a careful evaluation of potential partners for WP’s next chapter, Patria stood out for its entrepreneurial culture, diversified global platform, and strong focus on the middle market in private equity. I am confident Patria will provide our team and clients with a solid foundation to continue serving our investors effectively,” he said.
The transaction is structured as an all-cash deal, with a base price equivalent to 1.7% of FEAUM, plus an earnout payment in cash subject to performance targets, expected in 2029. Patria stated that the transaction is expected to be accretive to both fee-related earnings (FRE) and distributable earnings (DE) in the first year after closing.
With the addition of approximately $1.8 billion in FEAUM from WP, Patria strengthens its global diversification strategy. The firm now manages over $51 billion in assets across five main asset classes, offering more than 35 investment strategies and over 100 products, supported by 37 years of experience.
Further details on the transaction can be found in the Investor Relations section of Patria’s website. Latham & Watkins served as legal advisor to Patria, while Raymond James & Associates acted as financial advisor. WP Global Partners was advised by law firm Hogan Lovells.
Numerous U.S. asset managers are preparing to create exchange-traded fund (ETF) share classes for their mutual funds, a process that raises logical questions such as the potential of this approach and the challenges its use might present, among others. A study by Brown Brothers Harriman (BBH) examines the pros, cons, and key considerations surrounding the introduction of these vehicles.
In the fall of 2025, the U.S. SEC announced a historic decision that should pave the way for fund managers to offer ETF share classes within existing mutual funds: it granted Texas-based investment firm Dimensional Fund Advisors the right to add ETF share classes to its mutual funds.
With this move, the SEC broke a long-standing market stalemate that could trigger a wave of new ETF share classes for mutual funds. Following this decision, more than 60 sponsors, out of the 80 that initially filed applications, have resubmitted requests for ETF share classes.
Why Now?
At BBH, they explain that the remarkable growth of the ETF industry has led many asset managers to explore ways to design and restructure their mutual fund lineups to offer the benefits of exchange-traded funds. Since the first mutual fund-to-ETF conversion in 2021, conversions have become an increasingly popular approach.
However, this process “can be complicated,” according to BBH, as in some cases “it presents limitations and complexities for distribution,” requiring brokerage accounts for all investors.
Advantages
Allowing a fund to offer both mutual fund share classes and ETF share classes could, according to BBH:
Promote tax efficiency.
Foster a more competitive market.
Enable providers to offer lower fees and real-time trading to clients, while also providing greater portfolio flexibility.
Expand investor options through the development of new products.
For sponsors, ETF share classes offer the potential to:
Demonstrate a broader track record of performance and results.
Extend tax efficiency to a wider group of investors.
Optimize ETF baskets to improve liquidity.
Increase investor access to their investment strategies.
Leverage economies of scale.
Technical Details and Structural Contrasts
The SEC remains particularly focused on ensuring fair treatment for investors across all share classes within this new structure, specifically regarding the cross-subsidization of expenses and the overall tax impact for investors in a common portfolio of assets.
Since most retail investors buy and sell ETF shares from one another on the exchange, ETFs include a mechanism that protects them from a high volume of direct portfolio transactions. Unlike mutual funds, most ETFs can also reduce or eliminate the possibility of capital gains distributions through the in-kind delivery of securities—the mechanism used to create or redeem ETF shares directly with the fund, often referred to as the primary market.
The in-kind delivery process helps limit trading costs associated with portfolio management. In addition, any costs tied to cash transactions are typically reimbursed by an authorized participant. This contrasts with mutual fund portfolio management, where trading costs and taxes are inherent to the structure and shared by end investors.
Finally, ETFs are generally fully invested, whereas mutual fund managers often maintain a liquidity allocation to support efficient portfolio management and fund redemptions. This potential “cash drag” on performance introduces a unique variable when ETFs are part of a multi-share class structure.
Considerations for Launching Share Classes in the United States
1. Distribution: The commercial implications of this structure for a sponsor’s distribution strategy cannot be overlooked, as BBH points out. Distributor platforms “are already examining how to treat multi-share class structures,” where mutual fund and ETF share classes may raise conflicts under Reg BI.
The multi-share class structure promotes a product-agnostic distribution approach, “which offers investors a wide range of options.” However, the inclusion of ETFs may “introduce new channels or investor types (in addition to a new product category) for the asset manager, creating a need for training and education.”
Firms may also consider adding new sales support resources, such as ETF specialists, to provide their teams with in-depth ETF knowledge and effective guidance toward prospective clients in these new channels.
Existing sales compensation plans will need to be calibrated to properly incentivize ETF sales, taking into account the unique structure and distribution dynamics of exchange-traded funds. Sponsors should also carefully consider pricing in relation to other share classes and understand the potential uncertainty around duplicating an investment strategy—now offered as an ETF.
Lastly, conversions or exchanges (when mutual fund shareholders wish to switch to the ETF share class) involve operational complexities that currently lack an industry-wide solution. As BBH notes, due to this complexity, sponsors, distributor platforms, and administrators “will need to collaborate closely.”
2. Outstanding Tasks: To obtain approval, ensure effective implementation, and demonstrate sound governance after launch, the following objectives must be prioritized:
Developing an effective accounting allocation methodology for expenses and taxes at both the fund and share class level (where applicable)
Creating an initial adviser report outlining the expected benefits for investors across all share classes
Building a framework for ongoing governance oversight
Formal board oversight through regular reviews and reports evaluating whether the structure continues to serve the best interests of each share class. This will include analysis of factors such as trading costs, capital gains, and loss of liquidity.
Discipline, Clarity, and Wealth Architecture Return to the Forefront in the Offshore Wealth Management Industry. In an interview with Funds Society, Cristina Acosta, founder and Managing Principal of 5E Wealth, shared her outlook for the coming years: a more professionalized wealth management sector, enhanced by better use of technology and a renewed focus on human connection.
“Well-designed wealth should provide peace of mind and direction,” she stated, as she reflected on the opportunities and challenges shaping the path forward in 2026. She highlighted a growing interest in thematic investments, many accessed through active ETFs, and the evolving role of alternatives as a complement within investment portfolios.
Acosta’s perspective is not shaped by short-term trends but by nearly three decades in the financial industry, including over 26 years dedicated specifically to wealth management. She has guided families and investors through multiple market cycles, crises, periods of exuberance, and structural transitions. That experience strongly informs her emphasis on coherence, discipline, and long-term strategic sustainability.
At the top of her LinkedIn profile is the phrase “wealth with intentionality,” a concept that captures this new chapter for the wealth management industry. “Wealth with intention means making conscious, transparent, and thoughtful decisions, connected to each family’s story and to what they want to preserve over time,” she explained. For Acosta, intentionality doesn’t mean rigidity, but rather purpose: “Directing capital with intention gives clients something incredibly valuable, peace, perspective, and confidence in their long-term decisions,” she said.
Cristina Acosta began her financial career in 1997 while studying at Northeastern University in Boston, joining Fidelity as an analyst on a small team focused on Latin America. This early experience gave her valuable international exposure and led her to participate in key projects from Luxembourg, during a period when Latin American financial markets were undergoing major structural changes and opening up to global institutions and asset managers.
After graduation, she joined J.P. Morgan Private Bank in New York, where she completed the private banking training program and developed a comprehensive view of wealth, working closely with legal, tax, fiduciary, and investment specialists.
In 2004, she moved to Switzerland to join UBS in Geneva, a pivotal experience that deepened her focus on long-term wealth preservation and structural simplicity. It was during this period that she committed to financial education and to using clearer, more inclusive language, particularly for women.
In 2009, she began working independently from Zurich, advising Latin American families for over a decade. In 2024, she founded 5E Wealth in partnership with Bolton Global Asset Management, driven by her belief that independence is essential to aligning interests and designing coherent, personalized wealth solutions.
Investing: Themes, Alternatives, and Risk Management
When it comes to investment opportunities, Cristina Acosta sees growing interest in thematic strategies, many of which are accessed through active ETFs or specialized funds. “Robotics, automation, artificial intelligence, and companies that integrate these technologies are gaining traction,” she noted.
She also highlights the role of alternative assets as a complement to core portfolios. “They’re growing due to the need for true diversification, low correlation, and the search for return sources beyond traditional markets,” she explained. Within this space, she sees stronger potential in infrastructure and secondaries, though she cautions about risks such as “illiquidity, valuation challenges, and overly optimistic narratives.”
From her experience, one of the main challenges remains comprehensive risk management. “I get concerned when I see wealth spread across multiple portfolios at different institutions without a clear global plan. Banks don’t talk to each other, and risks accumulate,” she warned. In this context, the independent advisor plays a key role as a neutral figure who connects and balances the full picture.
Offshore, Regulation, and the U.S. Advantage
Acosta also highlights that the modern offshore space is becoming increasingly regulated and transparent. “There is greater scrutiny and more demanding reporting requirements. Offshore is no longer opaque; it is clear and structured,” she stated in her conversation with Funds Society.
Regarding the United States as a jurisdiction, she emphasized its market depth, rule of law, and access to intellectual and institutional capital. “When used properly, the U.S. offers a very powerful platform for international wealth management,” she noted.
Looking ahead, Acosta identifies three key trends reshaping offshore wealth management from the U.S. The first is the growing institutionalization of the independent advisor. “I see stronger platforms with greater operational and regulatory rigor, without sacrificing independence or flexibility,” she said.
The second trend is the smarter use of wealth technology. “Tools for consolidation, oversight, and risk analysis will enable families and advisors to gain a truly comprehensive view of global wealth, something that was very difficult to achieve until recently,” she explained. For Acosta, the value lies not in the technology itself, but in how it’s applied: “Used well, it reduces operational burden and frees up time for high-quality service,” she noted.
The third is a clear return to the value of human relationships. “Many institutions lost that connection by over-institutionalizing their service. The market is moving toward less unnecessary intermediation and more discernment, structure, and fiduciary responsibility,” she predicted.
More Informed Clients and a New Generational Balance
This shift in the model goes hand in hand with a profound evolution in the profile of UHNW clients and the new generations. “Today, clients are more informed, ask more questions, and are less likely to delegate blindly,” said Acosta. In particular, younger generations value impact, governance, financial education, and flexibility, according to the founder of 5E Wealth.
“Education brings autonomy, discernment, and peace of mind,” she emphasized, especially in the case of women. “An educated client doesn’t necessarily want to manage their wealth alone, but becomes a more responsible and intentional investor,” she explained.
Looking at the cycle, Acosta describes 2025 as a year of transition and adjustment. “After several years of volatility and extreme narratives, many portfolios are in a digestion phase, rebalancing risks, revisiting assumptions, and returning to fundamentals,” she noted. In her view, this is not a year for impulsive decisions, but one for reinforcing structures and discipline.
For 2026, her tone is one of cautious optimism. “I believe interesting opportunities will arise, but selectively, not across the board,” she stated. Families that reach that point with clear goals, solid diversification, and patience will be better positioned. “Staying disciplined and tuning out the noise will be key to capturing value without compromising balance or peace of mind,” she added.
Insigneo, an international firm specialized in wealth management, has welcomed Renato Bisconcini and Renato Rizzatti to its team. Both join as Managing Directors and investment professionals to expand coverage in Brazil. According to the firm, the team comes from BTG Pactual and brings experience in managing sophisticated portfolios for ultra-high-net-worth and high-net-worth clients in Brazil.
Before their time at BTG Pactual, Bisconcini and Rizzatti held key positions at Morgan Stanley, where they built a strong reputation for delivering tailored financial strategies to Brazilian families and institutional investors. Their decision to join Insigneo reinforces the firm’s commitment to attracting top-tier talent and expanding in Latin America.
“We are thrilled to welcome Renato Bisconcini and Renato Rizzatti to the Insigneo family. Their deep knowledge of the Brazilian market and proven track record are invaluable. These two professionals represent the high caliber of advisors we strive to work with, and their addition strengthens our position as the leading platform for international wealth management,” said Alfredo J. Maldonado, Managing Director and Head of Market for the Northeast Region.
By joining Insigneo, the team will leverage the firm’s open architecture platform and technology to offer clients a wide range of global investment solutions tailored to their evolving needs. Their addition to the Insigneo network represents a strategic step, strengthening its wealth management capabilities with top industry talent across Latin America.
“We are excited to join Insigneo. The firm’s entrepreneurial structure, open architecture platform, and tech-driven infrastructure expand what we can offer, more options, greater customization, and a smoother client experience. Insigneo will allow us to move faster, tailor solutions more precisely, and maintain a client-centered approach across market cycles,” said Bisconcini and Rizzatti in a joint statement.
Citi Private Bank has added Jorrell Best, Lucas Fayad, and Luis Madia de Souza to its Latin America team, according to Antonio Gonzales, head of the region, in a post on his LinkedIn profile.
In the post, Gonzales welcomed the new bankers and emphasized that “these colleagues bring strong experience in wealth management and will be invaluable partners in serving our clients and driving growth in their respective regions.”
Of the new trio, Fayad and Madia de Souza will focus on the Brazilian market, while Best will cover Central America and the Caribbean from Miami, strengthening the regional coverage of the group’s private banking franchise.
Jorrell Best joins Citi Private Bank as a senior banker based in Miami, where he will serve clients in Central America and the Caribbean. He brings experience in wealth advisory for high-net-worth clients and is part of Citi’s U.S. private banking team, focusing on investment and planning solutions for international clients.
Lucas Fayad, meanwhile, joins the Brazil team from UBS Wealth Management, where he served as a private banker in São Paulo. His background centers on serving high-net-worth clients, with a strong focus on portfolio structuring and both local and offshore investment solutions.
Also joining for the Brazilian market is Luis Madia de Souza, who comes to Citi Private Bank after a long career at Itaú, where he worked for over 15 years in various wealth management and client relationship roles. His addition aims to reinforce local coverage and deepen the development of the private banking business in Brazil.
With these appointments, Citi Private Bank continues to strengthen its team in Latin America, a key region within its growth strategy for high- and ultra-high-net-worth clients.
Individual investors are showing growing interest in alternative assets, and firms specializing in this category are, in turn, increasingly focused on wealth management channels. This virtuous cycle, driven by product innovation and the search for returns and diversification, is leaving its mark on the industry globally. Today, it’s hard to find a major player in the private markets space that doesn’t view this trend as a key growth vector.
What was once an exclusive club for large institutional investors has opened up substantially, as industry transformation, and the differing return dynamics of private and public markets, continues to bring retail clients and large asset managers closer together. “Retail investors and pension systems around the world are increasing their participation in private markets, supported by regulatory changes expanding access to alternatives and a growing interest in infrastructure and real assets,” JP Morgan Asset Management noted in a recent report. The firm added, “This democratization of access is reshaping investor bases and fueling further growth.”
Naturally, asset managers are taking note and adjusting their strategies accordingly. While most of the big names in alternatives have yet to report their 2025 results, those that have emphasize the role of wealth management channels in their positive earnings.
A Beneficial Dynamic
Blackstone, for example, reported its best results in 40 years. While retail remains a minority share of the business, the firm highlighted the trend during its recent analyst call. “It’s notable that our capital raised in private wealth grew 53% year-over-year in 2025, reaching $43 billion, and we expect strong inflows again in 2026,” said Chairman and CEO Steve Schwarzman.
EQT, which also released results last week, noted that 26% of all capital raised during the 2024–2025 period came through private wealth channels. In an investor presentation, the firm detailed that its four evergreen funds, with a NAV of $4.1 billion, brought in $1.05 billion in flows during the first half of last year alone.
Other major players in the sector are set to report soon: Hamilton Lane on Tuesday, February 4; followed by KKR and Ares on Wednesday, February 5; Carlyle on Friday, February 6; and Apollo on Tuesday, February 11. All have previously highlighted the strength of private wealth flows and have made business decisions reflecting that momentum.
Carlyle CEO Harvey Schwartz noted that inflows from private clients into evergreen funds have risen from $300 million per quarter to $3 billion since he joined the firm in 2023. Meanwhile, KKR CFO Rob Lewin reported that the firm’s “K-series” vehicles, its family of wealth management–focused funds, raised $4.1 billion in Q3 alone. For Apollo Global Management, President Jim Zelter said the July–September period brought $5 billion in inflows from this segment.
The Key Piece: Semi-Liquids
The development of evergreen products, offering slightly more liquidity than traditional alternatives, is widely seen as critical to the expansion of this distribution channel.
“Retail investors will continue shaping the market,” predicted Eric Deram, Managing Partner at Flexstone Partners. In Natixis’s 2026 Alternatives Outlook, he wrote: “Evergreen semi-liquid products are gaining traction, appealing to both institutional and individual investors thanks to their simplicity and liquidity profile.”
As a result, product development in this area is now a top priority for major asset managers. Ares Management Corporation, for example, announced in its Q3 results that it had raised its 2028 AUM target for semi-liquid products in the wealth segment from $100 billion to $125 billion.
This is the prevailing tone across the industry, and one that will likely feature heavily in analyst and investor conversations during this reporting season. The sector is harnessing growth momentum from an expanding contributor base, and product offerings must evolve accordingly.
A Core Portfolio Component
Various surveys of financial advisors in developed markets show that alternatives are widely used in private portfolios. The fourth edition of the Alternative Investment Survey by CAIS and Mercer in the U.S. found that nine out of ten advisors include this asset class in portfolio management. Within that group, 16% allocate more than 20% to alternatives, while 49% have more than 10% exposure.
Independent RIAs and family offices appear to lead adoption, according to the survey. In this segment, one in four advisors allocates more than 20% to private markets.
Looking ahead, 88% of respondents plan to increase their alternatives allocation over the next two years.
In terms of product preferences, semi-liquids stand out: among advisors using alternatives in client portfolios, 82% use evergreen funds, either exclusively or in combination with other structures, with most of their clients. Private equity and private credit remain the most popular categories.
In Europe, data from the Private Banks and Wealth Managers Fund Selectors Survey by Novantigo show that UHNW clients have the highest exposure to private assets. Of this group, 33% allocate between 5% and 10% of their portfolio to such investments; 23% allocate between 10% and 15%; and 26% allocate more than 15%.
“Looking ahead, all client segments are expected to increase their private markets exposure, particularly in the HNW and UHNW segments,” noted the financial services firm in Efama’s Asset Management in Europe report.
The expansion of this trend in Europe has been supported by regulation, with the Eltif 2.0 era opening access to semi-liquid strategies for individual investors in the region.
Business Implications
Looking forward, the expectation is that this positive trend will continue. “We expect retail investors to become a growing source of AUM and fee-related revenues,” stated S&P Global Ratings in its Global Asset Manager Sector View for 2026.
However, the growing retail investor base also brings risks, the agency noted. “Products designed for individual investors may be more prone to volatility due to higher redemption rates, potentially resulting in more volatile EBITDA and leverage for asset managers with greater retail concentration,” the report said.
On another front, M&A dynamics in the industry suggest that firms are seeking to scale and add new capabilities. According to Deloitte’s Investment Management Outlook for 2026, a significant share of transactions in 2025 targeted wealth management and investment advisory companies.
“The continued expansion of alternatives offerings underscores the vital role that wealth management firms can play” in supporting clients, the firm noted, adding that this shift has also been fueled by the multi-trillion-dollar generational wealth transfer currently underway.
The start of 2026 confirms the resilience of the economic cycle despite geopolitical noise (Greenland, Iran, Venezuela) and political uncertainty (Fed independence, ICE, and a potential shutdown).
Rather than weakening, the baseline scenario is solidifying into a disinflationary expansion, closely resembling the 1995–1999 period. The delayed transmission of the Fed’s three rate cuts in Q4 2025 is beginning to show, just as the fiscal impulse (OBBBA, stimulus checks, tax refunds, and fiscal measures in Japan and Germany) shifts from being a drag to becoming a tailwind for cyclical activity.
Monetary policy: Powell relies on price dynamics
The Fed’s first meeting of 2026 was widely anticipated by markets. Powell delivered a more constructive outlook on growth and the labor market. While his assessment could be read as slightly hawkish, the overall tone was dovish. The focus of his remarks shifted from labor market conditions to price dynamics.
Powell indicated that the recent inflation overshoot is largely due to tariffs, which added up to half a percentage point to the cost of living. Without them, core PCE would already be just above 2%.
The message was clear: the bias is toward future rate cuts, although the bar for action remains high. Current conditions support holding rates steady for now, with markets no longer expecting a cut before June.
Fed succession: risk of a hawkish shift
On Friday, Kevin Warsh was named as Powell’s successor. A former Fed governor (2006–2011), Warsh is known for his critical stance on expansionary monetary policy. He has opposed QE programs beyond the initial post-subprime round, arguing that they distort markets, fuel inflation, and politicize the Fed.
His conservative approach and preference for orthodox monetary policy—emphasizing price discipline, a leaner balance sheet, and limited intervention—have raised concerns among investors. He has even questioned recent decisions such as the 50 basis point cut in September, which he views as politically motivated. His appointment could strain the current balance between growth and financial stability and may strengthen the dollar.
Inflation, productivity, and dollar dynamics
The disinflationary trend continues. Productivity growth is outpacing GDP, easing wage pressures. Oil prices are supportive, and rents are moderating, while the impact of tariffs on the CPI is expected to fade in the coming months.
Despite this favorable macroeconomic backdrop, the recent decline in the dollar, coinciding with a rally in real assets such as gold, silver, and copper, appears to reflect a narrative of eroding monetary credibility rather than underlying fundamentals.
Treasury Secretary Scott Bessent publicly defended a “strong dollar” policy, which helped stabilize the EUR/USD exchange rate after a technical oversold condition. However, the interest rate differential between the United States and the Eurozone suggests that a political risk premium is weighing on the pair, bringing it closer to April 2025 levels.
Earnings and Market Sentiment: Software in the Spotlight
The earnings season for the software sector reveals a technical capitulation. Companies like MSFT, NOW, and SAP have seen significant declines—not due to poor results, but rather their inability to justify previously high valuations. Adding to the pressure are concerns that AI solutions such as Anthropic Cowork could disintermediate major SaaS providers, threatening the traditional per-user licensing model.
The sector is clearly oversold. However, sentiment and technical damage will take time to recover. Key indicators to watch include upcoming data on Net Revenue Retention (NRR), cRPO, and company guidance. The market is looking for signs that renewals and workflow organization continue to hold up, and that AI has not yet had a structurally negative impact. Workday’s earnings on February 25 could be the catalyst to shift this narrative.
Circularity in the AI Ecosystem: Are Funding Rounds Inflated?
Another source of concern comes from the funding side. Reports of a potential $100 billion round for OpenAI, allegedly backed by its own partners (Nvidia, Amazon), have reignited fears over excessive circularity in the AI ecosystem. The perception that capital circulates within a closed loop of beneficiaries undermines the credibility of projected growth models.
AI Investment: Persistence and Barriers
Despite these concerns, AI investment shows no signs of slowing. The focus has shifted toward closed models with access to user data and reasoning capabilities—elements that could create durable barriers to entry.
While the market now demands tangible results, the disruptive potential and monetization opportunities continue to justify capital deployment. In 2026, AI-related CapEx will remain a key driver of corporate growth.
In conclusion, despite volatility and political risks, the macroeconomic backdrop remains constructive. The combination of robust growth, disinflation, and monetary prudence supports risk exposure. However, sector rotation, the evolving AI narrative, and the interpretation of post-Powell monetary policy will be critical to tactical portfolio construction in the first half of 2026. In the short term, there are also technical signals worth monitoring closely.
Global assets in actively managed ETFs reached a new all-time high of $1.92 trillion at the end of December, surpassing the previous record of $1.86 trillion set in November 2025. This means that, in 2025, assets grew by 64.5%, rising from $1.17 trillion at the end of 2024 to $1.92 trillion.
According to ETFGI’s analysis of the data, “during December, the global actively managed ETF industry recorded net inflows of $56.23 billion, bringing total net inflows for 2025 to a record $637.47 billion.” This flow activity was driven by globally listed, actively managed equity ETFs, which saw net inflows of $33.31 billion. “This brought total inflows for the year to $361.33 billion, significantly higher than the $211.34 billion accumulated in 2024,” they noted.
Actively managed fixed income ETFs also saw strong demand, with $18.56 billion in inflows in December and $237.93 billion year-to-date, well above the $139.69 billion recorded in 2024.
They note that “the substantial inflows can be attributed to the 20 top active ETFs by new net assets, which collectively gathered $15.89 billion during December.” Specifically, the JPMorgan Active Bond ETF (JBND US) attracted $1.19 billion, marking the largest individual net inflow.
The Financial & International Business Association (FIBA) announced the composition of its Board of Directors for 2026, bringing together top-level executives from international banking, law firms, compliance, fintech, cross-border payments, and businesses connected to digital assets. The new board reflects the diversity of the global financial ecosystem and the growing intersection between traditional banking and emerging financial service verticals.
The Chair of the 2026 Board will be Pablo Vallejo, General Manager of Banco Pichincha Miami Agency, who will assume leadership of the board as FIBA’s global agenda continues to expand. Vallejo succeeds Mónica Vázquez, who will remain involved as Immediate Past Chair.
“FIBA’s strength comes from the diversity and expertise of the community we bring together,” said David Schwartz, President and CEO of FIBA. “Our board of directors reflects the highest level of industry leadership and reinforces our commitment to providing exceptional education, meaningful networking opportunities, and industry-leading events. Among them is the FIBA Anti-Money Laundering (AML) Conference, one of the Association’s flagship events, which brings together the most respected voices in the industry for professionals navigating today’s evolving financial landscape,” he added.
“As Chair, I am honored to work alongside an exceptional group of professionals who share a deep commitment to excellence and collaboration,” said Pablo Vallejo, Chair of the FIBA Board of Directors 2026 and General Manager of Banco Pichincha Miami Agency. “FIBA has become a trusted platform for the financial community to learn, connect, and lead, and we will continue to elevate the quality of the Association’s education, member experience, and global industry offerings,” he added.
Headquartered in Miami, FIBA has established itself as a key meeting point for the international financial community, with a focus on regulation, compliance, AML, payments, and cross-border banking. Through its annual event agenda and Education Academy, the Association plays an important role in professional development, offering globally recognized certifications in partnership with Florida International University (FIU).
Looking ahead to 2026, FIBA will continue expanding its reach with a community that already includes more than 110 member organizations and over 10,800 certified professionals worldwide.
2026 FIBA Board Leadership:
Pablo Vallejo (Banco Pichincha) — Chair
Mónica Vázquez — Immediate Past Chair
Luis Navas (Insigneo Securities, LLC) — Chair-Elect
Susana Sierra (BH Compliance) — Vice Chair
Guillermo Benites (UDT) — Vice Chair
Harry Cupp (Sunwest Bank) — Vice Chair
Marina Olman (Greenberg Traurig) — Vice Chair
Wayne Shah (Wells Fargo) — Treasurer
Peter Rahaghi (Shutts & Bowen) — General Counsel
Teresa Foxx — Past Chair Representative
New 2026 Board of Directors:
The new board is rounded out by executives from financial institutions, law firms, and financial services companies with a strong regional and international presence:
Amerant — Shalako Weiner
Athena Bitcoin — Carlos Carreño
BANESCO — Norma Sabo
Banco Azteca — Alberto Bringas
Banco de Bogotá — Alfonso Garcia
Banco Popular Dominicano — Edward Baldera
Banco Santander International — Alfredo Aguila
Bradesco — Dulce Galindo
Diaz Reus — Javier Coronado
Facebank — Bernardo Velutini
Helm Bank — Mark Crisp
Holland & Knight — Andy Fernandez
Itaú — Erico Narchi
JPMorgan — Vinicius Furtado
Kaufman Rossin — Heidy Duarte
Republic Bank — Kimberly Erriah-Ali
SunState Bank — Fabricio Macastropa
TD Bank — Alexis Flores
Terrabank — Antonio Uribe
Truist — Luis Arango
U.S. Century Bank — Maricarmen Logrono
Winston & Strawn — Carl Fornaris
A growing association
FIBA emphasizes that the composition of the 2026 board reflects a phase of consolidation and growth, in a context where financial regulation, financial crime prevention, digital payments, and digital assets are gaining importance on the global agenda.
The association will continue to strengthen its role as a leading platform for international banking and compliance, supporting the evolution of the financial system in the United States and Latin America.
