GPTAdvisor, a financial advisory firm powered by artificial intelligence, has announced its expansion into the Americas with the addition of Camila Rocha as Co-founder & General Manager for the region, according to a statement.
“This strategic move marks the beginning of a new phase for the company, strengthening its presence in the region and bringing its artificial intelligence platform to more businesses and professionals,” the firm stated.
GPTAdvisor already has clients in the region, such as the Uruguayan firm AIVA, and highlights that the opening of its office in Mexico reinforces its commitment to the American market. The company aims to offer solutions tailored to local needs, optimizing financial decision-making through advanced artificial intelligence.
With extensive experience in the technology and financial sectors, Camila Rocha will lead GPTAdvisor’s expansion and localization strategy in the Americas.
“The hot topic today is artificial intelligence, but companies still don’t know how to integrate it into their daily operations. GPTAdvisor offers a proven solution that addresses precisely this need, providing the AI applicability layer that is key to business success today,” said Rocha.
“The Americas represent a strategic opportunity for GPTAdvisor. With Camila leading this expansion, we are confident that we can understand and respond to the specific needs of the local market, offering a truly relevant solution for our clients,” stated Salvador Mas, CEO of GPTAdvisor.
Currently, GPTAdvisor serves well-known clients in Europe, including Santander, Bankinter, and ANDBANK, among others. With its expansion into the Americas, the wealthtech aims to add the region’s leading financial institutions to its client portfolio, further solidifying its leadership in AI-driven financial advisory.
Operations in the Americas began in February 2025, and the company is already working on adapting its platform to provide closer and more efficient support to users in the region.
Despite 58% of U.S. pension plan managers stating that their funding status has improved over the past year, 68% indicate they will increase—or are likely to increase—contributions this year. Additionally, 66% say they will raise their budget and focus on scenario modeling, asset and liability management, and stress testing over the next two years.
These findings come from a survey conducted by Ortec Finance among senior executives of U.S. pension funds, whose plans collectively manage $670.4 billion in assets.
The increase in spending on scenario modeling is driven by expectations of heightened risk, with 84% of managers predicting a high-risk profile this year—26% of whom anticipate a drastic rise in risk. Furthermore, half of the executives report that their risk profile slightly increased last year.
Around one in five surveyed U.S. pension plans admitted to lacking sufficient liquidity to withstand adverse scenarios. Meanwhile, 60% believe they have enough liquidity for most situations but acknowledge that extreme scenarios could pose challenges.
Short- and Long-Term Risks
Surveyed managers perceive risks over different timeframes, but their primary concern is long-term liquidity risk. About 62% consider it the biggest risk faced by their plans, while 20% cite short-term liquidity as their primary concern. Only 18% view short- and long-term risks as roughly equal.
The increased exposure to private assets is one of the key reasons for liquidity concerns, especially among defined benefit plans.
Among the managers surveyed, 74% believe that the risk of unfunded commitments poses either a significant or moderate threat to the retirement pension sector over the next three years.
Despite these liquidity concerns, 56% say liquidity is already well managed, and 32% believe other risks are more pressing. Only 4% identify liquidity risk as a top priority, while 8% do not see it as a major concern.
According to the Ortec Finance survey, 74% expect private equity distributions to increase over the next three years, and 90% say this will impact their pacing strategy.
For pension funds, investing in private assets creates liquidity constraints. However, 40% cite returns and illiquidity premiums as the primary reasons for investing in private assets. Meanwhile, 34% point to diversification as the most important factor, and 26% emphasize inflation protection.
Richard Boyce, Managing Director for North America at Ortec Finance, concluded, “It is encouraging to see that pension funds plan to increase their budget for stress testing and scenario modeling to uncover risks, find new opportunities, and navigate uncertainty.” Boyce believes that with rising geopolitical and market uncertainty, “scenario modeling is one of the best tools to help pension funds navigate these uncharted waters.”
The election result in Germany has been clear: the Christian Democratic Union/Christian Social Union (CDU/CSU) won the legislative elections on Sunday, receiving 28.6% of the votes, according to preliminary and official results. Based on investment firms’ interpretation of this outcome, the most likely scenario is a coalition with the SPD, despite the challenges of reaching an agreement. For this reason, they warn that the greatest risk for the markets is that the debate over the governing coalition drags on.
“The centrist parties failed to retain a constitutional majority, which complicates the prospects for a decisive shift in fiscal policy. In fact, any modification of the debt brake reform will need support from either the Left or the AfD. The latter opposes reforming the debt brake, while the former might support it to increase investment—but not defense spending. Therefore, complex political agreements and fiscal creativity would be required. Looking at the bright side, one could argue that the reduced room for maneuver in national defense spending could be positive for the EU, with Merz potentially supporting more joint EU borrowing,” notes Apolline Menut, an economist at Carmignac.
Lastly, as Moëc points out, “a shift toward sovereignty in defense matters for Germany and Europe implies a strong sense of political direction in Berlin.” The economist highlights the “profound change in Germany’s strategic defense doctrine” under the next German Chancellor, Friedrich Merz, of the CDU, a party that, as Moëc notes, “has historically been the strongest advocate for alignment with the United States on defense matters.”
According to Ebury, since the formation of a majority government is not expected, perhaps the biggest risk for financial markets is the possibility that coalition negotiations will be prolonged, potentially lasting weeks or even months. “In 2017, the grand coalition government took office almost six months after the elections, following the failure of coalition talks between the CDU/CSU, the Greens, and the Free Democrats. Similarly, after the 2021 elections, the ‘traffic light’ coalition government was formed after 73 days. Markets do not react favorably to uncertainty, and as usual, a prolonged period of political uncertainty could weigh on the euro, as it would delay the necessary reforms to lift the economy out of its slump,” they state in their latest report.
Germany’s Challenges
What will happen with the other challenges facing Germany? According to Stefan Eppenberger, senior strategist, and Michaela Huber, cross-asset strategist at Multi-Asset (a Vontobel boutique), when it comes to much-needed reforms, the decisive factor for the German economy (and financial markets) will be whether the new government alters the debt brake. According to Article 115 of the Grundgesetz, the federal government has a “strictly limited structural borrowing margin, meaning it is independent of economic conditions.” Specifically, this means that the “maximum net borrowing allowed” is limited to 0.35% of GDP.
“In addition to greater fiscal policy stimulus, financial markets expect a corporate tax cut, a reduction in bureaucracy, lower electricity costs through reduced grid and energy tariffs, and labor market liberalization. However, much of these measures are likely to be difficult to implement under the new coalition government,” explain the two experts.
Meanwhile, David Kohl, chief economist at Julius Baer, adds: “A new conservative-led government will have the opportunity to address some of Germany’s economic challenges, such as investment shortages and high labor costs.” However, he believes the political shift’s impact may easily prove disappointing, as challenges such as an aging workforce, a skilled labor shortage, and regulatory burdens persist. “We expect a return to economic growth in 2026, and moderation in wage agreements should lead to disinflationary forces,” Kohl adds.
According to Pedro del Pozo, director of financial investments at Mutualidad, “Germany’s economic woes would make much more sense to be addressed with a more active fiscal policy, including allowing for higher borrowing for investment—something that, given the country’s fiscal health, is perfectly feasible.” He also believes that “the main reason that will lead the ECB to cut rates remains the improvement in inflation data, especially considering the ECB’s own projection for price developments in Europe, which should stabilize at a 2% increase by the end of the year.”
Implications for Assets
Given this context, DWS believes that the policies outlined in the final coalition agreement—and, more importantly, their eventual implementation—will be decisive for the markets. “For German and, indeed, European public debt, we foresee a limited impact, though the swift formation of a new government and subsequent reforms would be seen as positive for long-term growth prospects. Similarly, the impact on currency markets appears moderate. Regarding corporate credit, we do not see a significant impact, whether or not a government is formed quickly. Germany represents 14% of the iBoxx Euro Corporate Index, which is well-diversified in terms of sectoral exposure,” they state in their latest report.
Regarding the impact on equities, they note that there may be some disappointment that the Christian Democrats did not secure a stronger mandate for greater deregulation and reduced wealth redistribution. “But even such reforms would have had little immediate impact on earnings expectations. In any case, and especially for European equities in general, the most important question will likely be how quickly the continent’s largest economy can form an effective government amid, for example, U.S. tariff threats,” they add.
In this regard, BlackRock Investment Institute shares a similar assessment. “European stocks have outperformed their U.S. counterparts this year and are much cheaper relative to historical valuations than they have been in decades. With much bad news already priced in, even the prospect of good news could help push them higher. German fiscal stimulus may still be a long way off, but regional markets will welcome greater political clarity,” they state in their latest report.
Additionally, they recall that a de-escalation of the war in Ukraine could lower energy prices and stimulate European growth. “The EU now has a sense of urgency that typically drives action: an extraordinary defense summit will be held next week. The European Central Bank is expected to further cut rates this year, as eurozone growth remains sluggish and inflation has declined. We maintain our relative preference for eurozone bonds over U.S. Treasuries, especially long-term bonds,” they indicate.
Finally, DWS asserts that for private infrastructure, a quickly formed government focused on project execution would be crucial. “In the real estate sector, we highlight the restrictions on how quickly residential rents can rise in high-demand areas. The outgoing government had already planned to extend these restrictions until 2029 under relatively favorable conditions for landlords. Given the significance of rent control as an election issue—especially in terms of mobilizing support for The Left—we would not be surprised to see slightly stricter regulations than previously planned,” they conclude.
For Gilles Moëc, chief economist at AXA IM, a bipartisan coalition between the center-right CDU and the center-left SPD is in a position to govern. “CDU and SPD share a common interest in increasing defense spending and supporting Ukraine, as well as a strong pro-European perspective.”
64% of Americans are inclined to invest, and most of the potential investors in 2025 belong to Generation Z and Millennials. They represent 55% compared to 42% from the “Pop Generation,” meaning Generation X and Baby Boomers+, according to a YouGov report on investment trends in the U.S. this year.
The study analyzes what Americans invest in, explores generational differences, and also highlights the most in-demand investment products and trending investment channels. The report reveals clear differences across various age groups.
One interesting finding relates to the crypto world. 83% of investors familiar with cryptocurrencies consider them a risky investment. However, more and more Americans are investing in cryptocurrencies. This is especially true among Generation Z investors, who are nearly four times more likely to own cryptocurrencies than to have a retirement account: 42% of them own crypto compared to 11% who have a retirement account. Despite the perceived risks, 65% of Generation Z plans to invest in cryptocurrencies in 2025.
Millennial investors are also more likely to own cryptocurrencies (36%) than to have a retirement account (34%). In contrast, 64% of Baby Boomers+ have a retirement account, and for Generation X, the percentage is 52%. These two older groups invest 24% (Gen X) and 8% (Baby Boomers) in crypto. Only 8% of Gen Z (aged 18 to 27) invest in mutual funds, compared to 44% of those over 60 (Baby Boomers).
The main reason why American investors do not invest is a lack of money (46%), more than negative experiences (5%). Another key finding from the study is that 15% are paying off debt instead of investing. These percentages rise to 24% and 25% for Generation X and those over 60, respectively.
On the other hand, just over half of Baby Boomer and Silent Generation investors (51%) work with a financial advisor, compared to 32% of Generation Z. Additionally, 66% of investors from this younger generation consider ESG (Environmental, Social, and Governance) criteria important when selecting a financial product. Among Millennials, the percentage is 63%, compared to just 26% of older investors (Baby Boomers+).
44% of American investors use banks or credit unions to acquire their investments, while 35% do so through brokers. However, almost half (48%) of the youngest generation (Z) primarily use cryptocurrency exchanges; banks come in second place, with 40%.
“While different generational life stages naturally correlate with different levels of investment capital and risk appetite, we are seeing this trend materialize around cryptocurrencies. Younger generations are especially eager to invest in a more diversified way,” said Todd Dupey, Senior Vice President of Research at YouGov America, in a statement.
The report also notes that real estate platforms represent the most popular investment channel across all generations, with a projected growth score in 2025 of +10.2 for Generation Z, +5.2 for Millennials, +3.1 for Generation X, and +0.5 for Baby Boomer+ investors.
The growth of the European active ETF market continues. This time, Schroders joins other asset managers and takes a further step by registering such a vehicle in Ireland.
It is worth noting that the firm already operates with active ETFs in the U.S. and Australia, and now aims to bring its expertise to the European market.
As explained, this active ETF has been launched as an Irish collective asset management vehicle under the Irish Collective Asset-Management Vehicles Act of 2015.
Regarding the registration of the new active ETF, Schroders states, “As the industry evolves and the range of fund structures expands, we constantly review what our clients demand and which structures are most effective for managing their investments. With the growth of the active ETF market across Europe, we are assessing where offering these new fund structures can add value for our clients.”
XTB, a trading fintech for individual investors, is consolidating its operations in Chile through a securities agency license. The firm announced in a statement that it has obtained this authorization from the Comisión para el Mercado Financiero (CMF), the local regulator.
Thanks to this authorization, the company will be able to offer investments in international stocks, ETFs, and derivatives. This will complement an existing lineup of financial instruments, which primarily features CFDs on various underlying assets, such as currencies, commodities, indices, stocks, ETFs, and cryptocurrencies.
The company described this as a “significant milestone”, as it strengthens its foothold in Latin America. The license, they noted, reinforces XTB‘s presence in “a dynamic region that offers multiple market opportunities” for brokerage firms.
Now, they are focusing on operational and technological developments to begin the onboarding process—with XTB’s tools integrated into its app—welcoming their first Chilean clients in the first half of the year.
Looking ahead, their goal is to continue regional expansion in 2025. They confirmed that they are already well advanced in the process of obtaining the necessary licenses to operate in Brazil.
“Looking at the retail brokerage market outside of Europe, we recognize the enormous potential of Latin America. Chile stands out as a key player in XTB’s global growth vision, and I look forward to welcoming the many new clients we will gain under our new license,” said Omar Arnaout, the company’s CEO, in the press release.
Founded in Poland—where its headquarters remain—in 2004, XTB reports 1.4 million clients worldwide. In addition to several offices across Europe, the company also has a location in Dubai. Santiago is currently its only base in Latin America
The U.S. SEC announced last week a regulation on so-called “emerging technologies” that includes both digital currencies and artificial intelligence. Countries like Brazil, Mexico, or Chile already have advanced legislation on cryptocurrencies, but AI is being addressed separately.
What do cryptocurrencies have to do with AI? If we read the SEC‘s statement, U.S. authorities seem concerned with fraud prevention as well as promoting the technology sector.
Brazil, a Pioneer in Cryptoasset Regulation, in the Midst of AI Debate
The National Congress of Brazil is currently debating AI legislation, seeking to balance innovation and the protection of fundamental rights. In December 2024, a bill was passed that proposes a regulatory framework and whose main mission is to protect the intellectual property of creators. On the other hand, cryptoasset regulation has been in place for several years; the first law was passed in 2022 and defines virtual assets as a regulated category. The Central Bank must take on the role of regulatory body, ensuring greater oversight of exchanges and transactions. However, the market is still waiting for secondary measures to clarify aspects such as regulatory compliance and investor security. Brazil is the country with the highest adoption of cryptoassets in Latin America, a sector growing in e-commerce, remittances, and cross-border payments. Traditional Brazilian banks have started offering digital asset services.
Chile and Its National Center for Artificial Intelligence
The case of Chile is somewhat similar to that of Brazil: cryptocurrency regulation dates back to 2022, and parliament is currently debating artificial intelligence. However, the Andean country already has a slight advantage as since 2021 it has had a National Center for Artificial Intelligence (CENIA). The Chilean regulation on digital assets—or Fintech Law—defines a cryptoasset as “a digital representation of units of value, goods, or services, with the exception of money, whether in national currency or foreign exchange, which can be transferred, stored, or exchanged digitally.” The Comisión para el Mercado Financiero (CMF) is responsible for regulating the sector.
The Chilean government published its first national AI policy in 2021. Since then, the country has created CENIA, promoted AI-focused PhD scholarships through the National Agency for Research and Development (ANID), launched 5G networks, developed the first AI doctorate in Chile and Latin America, and implemented the Ethical Algorithms Project, among other initiatives. This policy remains in effect, and according to the institutional portal of the Chilean Ministry of Science, it is anchored in three pillars: enabling factors, development and adoption, and governance and ethics. These definitions resulted from a participatory process conducted in 2019 and 2020. More recently, in May 2024, the government took another step and presented a bill aimed at regulating and promoting the development of this technology. This initiative is still in its first constitutional process in the Chamber of Deputies at the time of this report.
Mexico Awaits the AI Debate
In Mexico, the Fintech Law recognizes cryptocurrencies as digital assets and allows their use as a payment method within the financial system. It also regulates electronic payments, crowdfunding, and digital assets. There are two types of ITFs (Financial Technology Institutions): crowdfunding institutions and electronic payment fund institutions (digital wallets). The law defines virtual assets (cryptocurrencies) as “the representation of value recorded electronically and used among the public as a means of payment for all types of legal acts, whose transfer can only be carried out through electronic means.” The Bank of Mexico (Banxico) supervises processes, and Banxico must authorize virtual assets before ITFs and other financial entities can use them. Regarding AI, there is no regulation in the Mexican financial system.
The Situation in Uruguay and Argentina
In Uruguay, the first Virtual Assets Law was passed in 2024. The regulation equates cryptoassets with securities, meaning they are now under the regulatory framework of the Central Bank of Uruguay (BCU).
In Argentina, before the Milei scandal, there was great anticipation regarding the regulation of digital assets, with a law expected to be approved this year. The South American country ranks second in the region in stablecoin adoption (cryptocurrencies pegged to a fiat currency, in this case, the U.S. dollar) and has a highly developed industry with major projects ahead. Amid a tense political climate, in the coming months, we will see how the discussion progresses in a country that had aspired to regional leadership in the field.
Through Thornburg Investment Management’s flagship multisector fixed income strategy, Benjamin Keating, CFA, Client Portfolio Manager of the firm, will present an unconventional perspective on fixed income markets, emphasizing the opportunities and risks that global fixed income offers in the current context.
This will take place during the V Funds Society Investment Summit in Houston, an event for professional investors from Texas and California, scheduled for March 6 at the Hyatt Regency Houston Galleria.
“In today’s fixed income markets, spreads are tight, but yields are high. Historically, this trend suggests that we are heading toward tensions in credit markets,” Thornburg stated in a press release, which concludes with a question: “Is that the right way to look at things, given the new political leadership and potential changes at the Federal Reserve?”
Through a presentation of the Thornburg Strategic Income Fund, the flagship multisector fixed income strategy of the global investment firm founded in 1982, Keating will clarify the uncertainties posed by the current global landscape and the investment opportunities it presents.
Benjamin Keating
The speaker at the Houston event, Benjamin Keating, is a Client Portfolio Manager at Thornburg Investment Management and serves as a liaison between the firm’s portfolio management teams and key investment decision-makers in the industry. He covers a variety of strategies and asset classes, including domestic and international equities, alternatives, and fixed income.
Keating has over 30 years of experience in investment management and joined Thornburg in 2025. Previously, he spent 13 years as Vice President and Portfolio Advisor at Wellington Management Company and also served as Senior Vice President and Portfolio Strategist at Hartford Investment Management Company, among other professional roles.
Academically, he earned a degree in Finance from Siena College and an MBA from Boston University. He also holds the CFA certification.
President Donald Trump continues to signal a shift in U.S. immigration policy. He has now announced the launch of a new card, a “gold card,” which will grant foreigners the right to live, work, and eventually obtain U.S. citizenship after paying 5 million dollars.
“We are going to sell a gold card,” the president declared to the press gathered in the Oval Office of the White House. “You have a green card. This is a gold card. We are going to put a price on that card, around 5 million dollars, and that will give you green card privileges, in addition to being a pathway to citizenship,” he explained.
The initiative—expected to take effect within the next two weeks—marks a shift in the country’s immigration policy, focusing on attracting high-net-worth foreigners. The measure would replace the EB-5 program, the investor visa created in 1992, which allowed foreign investors to obtain a green card in exchange for bringing capital into job-creating projects in the United States. Staying true to his style, Trump described that program as a system full of “nonsense, loopholes, and fraud.”
The new initiative will also provide resources to reduce the U.S. fiscal deficit, which is at record levels. “Wealthy individuals will come to our country by purchasing this card. They will be successful, spend a lot of money, pay a lot of taxes, and employ many people,” the president assured. During the announcement, he was accompanied by Secretary of Commerce Howard Lutnick.
The president emphasized that gold card holders will be “major taxpayers, major job creators.” He then clarified that those who obtain the card will not be required to pay taxes on income earned outside the United States, as long as they are not citizens. “If they create jobs here, they will pay taxes like everyone else,” he explained. “We may be able to sell a million of these cards, maybe even more than that,” said Trump. “If you add up the numbers, they look pretty good,” he said enthusiastically. “If we sell a million, that’s 5 trillion dollars,” he concluded.
María Fernanda Magariños, Executive Director of Investment Management at Sura Investments
FlexFunds and Funds Society, through their Key Trends Watch initiative, share the vision of María Fernanda Magariños, the newly appointed Executive Director of Investment Management at Sura Investments, a company within Grupo SURA, an investment management firm with 80 years of experience and a presence in Mexico, Colombia, Peru, and Chile, in addition to investment vehicles in the United States and Luxembourg.
A qualified actuary, Magariños is strongly motivated to channel global resources toward Latin America’s sustainable development, bridging economic and social gaps through investment. In her new role, she is responsible for designing investment solutions for pension fund managers, insurance companies, and family offices.
In a challenging and volatile economic environment, her strategy focuses on building long-term, trust-based relationships and ensuring operational excellence—key aspects for institutional clients who must balance profitability and stability when managing third-party assets.
To achieve this, she considers three essential factors: a straightforward client-focused approach, strong talent management to enhance investment strategy execution, and the ability to operate within strict regulatory frameworks without losing flexibility—crucial in maintaining confidence in diverse Latin American markets.
Trends in portfolio and investment vehicle management
Magariños highlights the increasing inclusion of alternative assets in investment strategies. Alternative assets have become an essential diversification tool for institutional investors, who typically manage portfolios with a long-term investment horizon. Traditional assets in Latin American markets do not always offer the depth or returns needed to meet investors’ objectives.
She mentions infrastructure, private debt, and real estate, among the most popular alternative assets. These assets enable greater diversification and contribute to economic development and regional strengthening, adding extra value for investors. In this sense, alternative assets balance risk and return, which is key to meeting institutional clients’ investment profiles.
Another crucial aspect of asset management is the proper selection of investment vehicles. Magariños emphasizes that each client type requires tailored solutions. While insurers may benefit from direct or structured vehicles that optimize capital and reduce regulatory requirements, pension funds find more value in collective investment funds aligned with their operational structures.
The key is not to apply a one-size-fits-all solution but to design customized strategies that balance profitability and risk for efficient and sustainable investment management.
According to Magariños, success in asset management in Latin America depends on a long-term strategic vision centered on client needs and trust-based relationships. The key lies in portfolio diversification, incorporating alternative assets that provide greater stability and returns. Moreover, investment solutions must be flexible and adaptable, with a strong local presence that ensures compliance with regulations without compromising efficiency.
Thus, capital optimization, effective talent management, and the ability to adapt to a constantly changing environment will be fundamental in strengthening asset management in the region, where alternative assets will play a key role in ensuring the growth and sustainability of institutional portfolios.
Which assets will dominate the future?
Looking ahead, María Fernanda identifies a key financial instrument for investors in 2025: private debt. This instrument diversifies portfolios and offers attractive returns in an environment with a limited supply of traditional options. The growing interest in alternative assets also reinforces their role in risk management and returns optimization.
Separately managed accounts (SMA) vs. collective investment vehicles
According to Magariños, separately managed accounts and collective investment vehicles play a crucial role and must coexist in the market. This flexibility allows investment solutions to be tailored to specific investor needs. Sura Investments, for example, offers a wide range of investment solutions, from Latin American alternative assets to third-party funds investing in global assets, adapting to the demands of insurance companies, pension funds, and family offices alike.
When asked about the most important factors investors prioritize when making decisions, Magariños highlights two key elements: the quality of the manager and operational excellence.
Investors increasingly focus on manager profiles, seeking proven experience and a strong track record in investment strategies. In this regard, a firm’s performance is measured not only by returns but also by its ability to deliver efficient operations and timely reporting, which are essential to meeting institutional investors’ regulatory requirements and expectations.
In this context, Magariños underscores the key skills an advisor should have: active listening,effective communication, and a genuine interest in learning. At Sura Investments, these skills are highly valued, as providing expert advisory services to clients is central to their value proposition and a fundamental way to achieve clients’ financial goals.
However, Magariños adds that one must not overlook the advancement of artificial intelligence, which is becoming the new driving force in asset management. AI’s data analysis capabilities have enhanced the personalization of investment solutions and optimized decision-making, enabling the creation of products tailored to client needs making them more competitive and efficient.
The interview was conducted by Emilio Veiga Gil, Executive Vice President of FlexFunds, as part of the Key Trends Watch initiative by FlexFunds and Funds Society.
