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Patria Concludes First Fundraising Round for an Agroforestry Assets Fund

Patria Investimentos, an alternative asset manager with a presence in Latin America, has concluded the first fundraising round for the Reforest Fund, focused on investments in agroforestry systems. The amount raised in this initial phase was approximately 100 million reais (17.98 million dollars). The fund’s goal is to mobilize up to 1.2 billion reais (215.82 million dollars).

The Patria Reforest Fund aims to invest in projects that promote the restoration of degraded ecosystems in Brazil through the implementation of agroforestry systems that combine native species with high value-added agricultural crops. The initial focus of the initiative is the Atlantic Forest, prioritizing regenerative value chains such as coffee, cocoa, and açaí.

“The Reforestation Fund was born out of our commitment to developing solutions that optimize land use, aligning profitability, environmental regeneration, and productive development,” said Pedro Faria, partner and co-CEO of High Growth at Patria Investimentos.

The projects will be managed by Patria, with Pachama serving as consultant, in collaboration with local forestry operators who have extensive knowledge of the regions in which they operate and practical experience in the sector, according to a statement from the manager.

“We are proud to lead a fund focused on agroforestry in Brazil and to dedicate resources and efforts to generating lasting impact through ecosystem restoration and the promotion of resilient value chains,” added Faria, who emphasized that Patria has a long track record in agribusiness and infrastructure investments.

The fund’s first project will be implemented in the state of São Paulo, and studies are underway to expand into other biomes. The first projects in the Atlantic Forest will aim to restore a highly degraded biome that still has biodiversity corridors and the largest river basins in the country.

Participants in the first fundraising round included notable figures such as David Vélez, Teresa and Candido Bracher. Also involved were the Enseada Family Office and Desenvolve SP, the development agency of the Government of the State of São Paulo, which selected the fund through a public call.

“Joining this fund reinforces Desenvolve SP‘s strategy to promote regional development, environmental sustainability, and increased business productivity. The fund’s investment thesis precisely reflects these values, which guide our mission and are fundamental pillars for driving a more inclusive and efficient economy,” said Ricardo Brito, Executive Director of Desenvolve SP.

The fund is aimed at qualified investors and seeks to invest in real assets with long-term return potential. The executive considers that optimizing land use with productive systems that regenerate the soil, capture carbon, and protect biodiversity is one of the greatest opportunities to overcome the challenges of transitioning to a low-carbon economy, according to a statement from Patria.

Juan Alcaraz Steps Down as CEO of Allfunds and Will Be Replaced by Annabel Spring

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llfunds, together with its Group CEO and founder, Juan Alcaraz, has announced that he will be leaving the company to pursue new challenges. The company highlights that, after a distinguished career at Allfunds, during which he successfully led the firm’s growth and expansion, Juan Alcaraz will take on an advisory role over the next twelve months to ensure a smooth leadership transition.

Juan Alcaraz founded Allfunds 25 years ago and has served as CEO with distinction, guiding its development into a leading global platform for wealth management businesses and their end clients. Today, Allfunds has over €1.5 trillion in assets under administration, serving 940 distributors in 66 countries. “As CEO and founder, Juan Alcaraz was a pioneer in the development of open fund architecture in Europe over three decades and built Allfunds from the spark of an idea and a small business unit within Banco Santander into a global leader in WealthTech,” the company emphasizes. In its official statement, the entire Board wishes to thank Juan Alcaraz for his significant contribution to Allfunds and extends best wishes for his future endeavors.

“Juan Alcaraz has led Allfunds with great dedication since its inception, navigating key milestones such as the IPO in 2021, and has worked tirelessly in service of the business, our clients, and shareholders. We are grateful for his exceptional leadership and entrepreneurial spirit over the years and wish him much success in his upcoming projects,” stated David Bennett, Chairman of Allfunds.

Regarding his departure, Juan Alcaraz, founder of Allfunds, said: “It has been a tremendous privilege to be part of Allfunds’ growth and to have witnessed both the business and its people thrive over more than two decades. I have agreed with the Board that this is the right time for the company to begin a transition to new leadership. It has been an honor to work with everyone at Allfunds, especially the members of the Executive Committee and the Board. I leave the company in very capable hands, well-positioned for the future and with strong business momentum heading into 2025 and beyond.”

Annabel Spring, New CEO

Following Alcaraz’s departure, the company’s Board is overseeing the succession planning and has appointed Annabel Spring as the new CEO of Allfunds, who will assume the CEO role in June.

According to the firm, Annabel Spring brings extensive experience to Allfunds after a distinguished career in wealth management and banking spanning 30 years and four continents. She joins Allfunds after six years at HSBC, where she most recently served as CEO of Global Private Banking and Wealth Management. Prior to that, she spent nearly a decade at the Commonwealth Bank of Australia, where she held the role of Group Executive for Wealth Management. Annabel began her career at Morgan Stanley, initially in investment banking before moving to Corporate Strategy, where she was Global Head of Group Strategy and Execution.

According to the announcement, under her leadership, Allfunds will continue to drive innovation and foster strong relationships with clients and asset managers, leveraging its robust business model to achieve sustainable long-term growth.

“The Board is pleased to welcome Annabel Spring as our new CEO. Her extensive experience leading global wealth management businesses, deep knowledge of international banking, and focus on people, technology, and client experience make her the ideal leader for the next stage of Allfunds’ growth. Annabel’s strong relationships with the global client base and a wide range of asset managers, built over many years, will support Allfunds’ future growth strategy,” added Bennett.

For her part, Annabel Spring, new CEO of Allfunds, stated: “Allfunds is a global leader in its field, with a strong reputation in the wealth management and banking community. The trends supporting the continued growth of global wealth are solid, and I believe Allfunds is very well positioned to seize this great opportunity. I am excited to join Allfunds and to work alongside the Board, the Allfunds teams, and our global partners to continue innovating, growing, and delivering value for our clients and shareholders.”

UBS International Adds Adelino Dias as Financial Advisor in New York

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UBS International has added Adelino Dias as a Financial Advisor in New York, according to a LinkedIn post by Michael Sarlanis, Managing Director and Market Executive of UBS New York International.

“I’m pleased to announce that Adelino Dias has joined UBS International in the New York International market,” wrote Sarlanis, sharing a brief message from the bank welcoming Dias and highlighting his background serving high-net-worth and ultra-high-net-worth clients, primarily in Brazil.

Fabian Ochsner, Market Director for New York International, Wealth Management Americas at UBS International, echoed the announcement on his own LinkedIn profile. After welcoming Dias, he said: “We are thrilled to have you on board and look forward to a successful future together.”

Before joining UBS International, Adelino Dias served as Director for seven years at Citi Private Bank, following an 11-year tenure at J.P. Morgan, where he held the role of Executive Director of Private Wealth Management. Prior to that, he spent eight years at Citi, where he was VP Wealth Manager.

A Brazilian national, Dias holds a Bachelor’s degree in Business Administration from Fundação Getulio Vargas and an MBA in Finance from UNC Kenan-Flagler Business School, among other academic credentials.

BBVA Expands in the United States and Creates a Tax Credit Monetization Unit

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BBVA Corporate & Investment Banking (CIB) continues its strategic expansion in the United States and has appointed Jorge Colmenares as Managing Director of Tax Credit Monetization, based in New York. This addition to the Spanish bank reinforces BBVA’s commitment to delivering innovative financing solutions and strengthens its growing presence in the U.S. renewable energy sector.

Through this new unit, BBVA will offer specialized capital-raising and structured financing solutions tied to energy tax credits—an increasingly relevant asset class amid the evolving regulatory and investment landscape in the U.S., the bank said in a statement.

Jorge Colmenares has over 25 years of experience in project finance, renewable energy, and tax credit advisory. He joins from Citibank, where he led the clean energy financing division. Previously, he held a senior position at GE Capital and also advised on a wide range of renewable energy transactions in the United States.

In his new role at BBVA, Colmenares will lead the origination and structuring of tax equity transactions and other related financings, under the leadership of Philip Schubert, Head of Investment Banking & Finance for BBVA in the United States.

“We are pleased to welcome Jorge at a pivotal moment in our growth in the U.S.,” said Philip Schubert. “His extensive experience in tax credit monetization and deep knowledge of the renewable energy market will be essential in strengthening our strategic relationships with institutional and corporate clients, providing tailored solutions that support their investment goals,” he added.

The hiring of Colmenares aligns with BBVA’s global strategy to establish specialized teams in key global markets and to enhance its capabilities in project finance, securitized products, and balance sheet solutions.

Small Businesses Hold Steady Amid Shifting Spending

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OKX expansión EE.UU. exchange y wallet — Pixabay CC0 Public Domain

Fiserv Inc. has released its May 2025 Small Business Index, revealing a picture of resilience despite economic uncertainty and changing consumer habits. The index remained steady at 151, with small businesses posting solid year-over-year sales growth of 3.3% and a 3.8% increase in transactions.

Month-over-month, sales inched up 0.2%, but transactions fell 2.7%, the largest drop in consumer foot traffic since early 2023. Meanwhile, the average purchase size rose 2.9%, suggesting shoppers are spending more per visit even as they visit less frequently.

“The continued shift toward essential spending is now a defining trend-growing at double the rate of discretionary purchases as consumers are more intentional with their spending,” said Prasanna Dhore, Chief Data Officer of Fiserv.

The shift is visible in sector performance, services surged 3.9% year-over-year, outpacing goods at 1.9%. Monthly, services grew slightly while goods declined, reflecting a preference for experiences and necessities over material items. Transportation, warehousing, manufacturing and professional services all showed strong momentum.

Restaurants, despite a 5.6% dip in foot traffic, managed modest sales growth of 1.8% year-over-year and 0.6% month-over-month, with full-service venues feeling the biggest pinch.

Retailers saw modest yearly sales gains of 0.9%, though average spend per visit fell nearly 2%, highlighting deal-seeking behavior amid inflation. Food, beverage and clothing retailers led growth, while gasoline stations and health stores lagged.

Regionally, 30 states reported sales growth compared to April, with New Mexico (+5.9%), Maryland (+3.2%) and Rhode Island (+3.1%) leading the charge. Washington (+13.3%), South Carolina (+11.3%) and Maryland (+10.1%) showed the strongest yearly gains.

Among major cities, San Francisco (+10.0%) and Atlanta (+9.5 %) stood out for year-over-year growth, while Dallas and Chicago led month-over-month gains, signaling healthy urban market momentum.

Overall, the data reveals small businesses adapting smartly, focusing on essentials and services, to navigate a cautious but steady economic landscape.

Conamer Publishes Draft of Amendments for AFOREs’ Alternative (Structured) Investments

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Afores alternative structured investments CONAMER draft

On May 21, the draft law amending the provisions for alternative (structured) investments by AFOREs, among other changes, was published on the website of the National Commission for Regulatory Improvement (CONAMER).

Its publication in CONAMER is part of Mexico’s regulatory improvement process, which requires draft regulations to be made transparent and submitted for public consultation before being published in the Official Gazette of the Federation (DOF).

The estimated period between publication in CONAMER and its eventual entry into force (via the DOF) is between 2 to 3 months, provided that no substantive adjustments are made to the text. Regarding alternative (structured) investments, these are the key points of the new framework, should it be published without changes in the DOF:

Predominant Investments in National Territory
Two levels are established to determine compliance:
– General Limit (Annex S of CUF): Applies to all structured instruments. Requires that at least 10% of the capital effectively invested be allocated to projects in Mexico.
– New Additional 10% (Annex S bis): Applies only to instruments issued starting in 2025.
Requirements:
– 80% of committed capital must be allocated to projects in Mexico.
– 50% of effectively invested capital must remain in national territory by year five.
Minimum National Committed Percentage
To access the additional 10%, at least 80% of the committed investment must be allocated to national projects.
Specialized Subcommittee in Structured Instruments
Mandatory. Must include at least one lawyer (not independent) and one independent expert in structured instruments.
Concentration Limits
Caps are established per project, issuance, and manager. If exceeded, the possibility of new investments is suspended until the situation is regularized.
Prior Evaluation of Structured Instruments
All investments must undergo technical evaluation in accordance with Annex B and be approved by committees, including a favorable vote from the majority of independent directors.
Maximum Fees
– Up to 200 basis points if the fund is in its initial stage.
– Up to 150 basis points if considered mature.
Any excess must be returned to the investment fund.
Monitoring and Control
Requires a technical justification, clear exit strategy, and continuous monitoring (through reports, independent valuation, or participation in technical committees).
Capital Call Computation
The invested value plus up to 35% of the notional value of pending capital calls will be computed.
Mandatory Certification
All personnel involved in structured investment decisions must hold a valid, specific certification.
Five-Year Verification
It will be verified that at least 50% of effectively invested capital remains in national territory.
Regulatory Benefit
Instruments that meet the requirements of Annex S bis will not be counted toward the global structured investment limit.
Exclusions from National Computation
Investments placed in other structured instruments and liquidity positions within the vehicle will not be considered national investments.

Final Thoughts:

– Corporate governance is reinforced with the obligation to establish a specialized subcommittee in structured instruments.
– A clear distinction is made between prior structured investments and those related to the new additional 10%.
– It is expected that AFOREs will be equally or even more stringent in using the additional 10%, predominantly within national territory.
– From our perspective, allocation of resources from the new additional 10% will be used selectively and gradually.
– The maturity of CKDs and asset growth will enable AFOREs to free up resources for the use of the 20%, allowing them to invest up to 90% globally and 10% locally.
– CKDs maturing between 2025 and 2027 have a market value of $3.8B (1.1% of AFOREs’ AUM as of March 2025), and those maturing between 2022 and 2024 total $1.8B (0.5% of AUM). The total market value of all CKDs is $16.6B.

– Assets under management, currently at $354B (as of March 2025), are projected by JPMorgan to reach $494B by 2027 (February 2024 projection).

Michael Horowitz Will Be the New Inspector General of the Fed

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Michael Horowitz new inspector general of the Fed — Pixabay CC0 Public Domain

The Federal Reserve announced that Michael Horowitz will serve as Inspector General starting June 30, 2025. He will succeed Mark Bialek, who retired in April after nearly 14 years in the position.

Horowitz has more than 35 years of experience in law, public administration, and investigations. Most recently, he served as Inspector General of the Department of Justice, a role he had held since April 2012. He also chaired a committee of 21 federal inspectors general to oversee $5 trillion in pandemic relief spending, has chaired the Council of the Inspectors General on Integrity and Efficiency, and has been a member of the United States Sentencing Commission.

Earlier in his career, he was an Assistant U.S. Attorney in the Southern District of New York, where he ultimately led the office’s public corruption unit. He holds a Juris Doctor from Harvard Law School and a Bachelor of Arts from Brandeis University.

The Office of the Inspector General was established by Congress as an independent oversight authority for the Fed’s Board of Governors and the CFPB, and operates under the Inspector General Act of 1978.

Cristián Ruiz Joins AMM Capital as Managing Partner

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Cristian Ruiz joins AMM Capital as managing partner

Taking another step in a career that has already spanned more than two decades in wealth management—including just over two years at Itaú—private banker Cristián Ruiz has moved to a new company. He has joined AMM Capital, a Chile-based wealth management boutique, which recruited him for the role of Managing Director.

Ruiz announced the move on his LinkedIn professional network, expressing gratitude to the professionals who have accompanied him. “I’m grateful for the trust placed in me to take on this new challenge, which represents a valuable opportunity to continue developing in the financial world and to contribute my experience in a dynamic and demanding environment,” he stated in his post.

When consulted by Funds Society, the private banker explained that he will report directly to AMM’s CEO, Francisca Tampier, and that his main responsibilities will involve designing and developing investment strategies for high-net-worth clients in Chile and abroad.

For Ruiz, this move is another step in his journey through the investment world—a passion he has held since adolescence—and wealth management. “After growing professionally in banks, I made the decision to join a great multi-family office to have more freedom and be able to offer clients investment solutions with an open architecture,” the executive commented.

According to his professional profile, he worked at Itaú Chile from March 2023 to May of this year, serving as leader of Itaú Advisors. In that role, he headed the investment banking team for high-net-worth clients at the firm. The bulk of his career, however, was at Banco de Chile, where he spent 19 and a half years and reached the position of Wealth Management Manager at Banchile Inversiones.

AMM Capital is a financial advisory and private investment fund management company focused on clients with over $2 billion in investable liquid assets. In addition to the Chilean market, it also has a presence in Argentina, Panama, and the United States.

Sebastián Da Silva Joins Global Work Management Group

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Sebastian Da Silva joins Global Work Management Group — Photo courtesy

Sebastián Da Silva has joined the team at Global Work Management Group (GWMG) as Introductor Director. His mission will be to strengthen client asset holdings in Latin America and Europe, the firm announced in a statement.

With a distinguished academic background, Da Silva holds a degree in Business Administration from Universidad Nueva Esparta in Caracas, Venezuela, where he graduated with Cum Laude honors. He also earned recognition as a Business Administration graduate from the University of Madeira (UMA) in Funchal, Portugal. He continued his education with a Master’s in Finance from Universidad José María Vargas (UJMV) in Caracas, also graduating with Cum Laude honors, and holds a Master’s in Corporate Finance from the Instituto Superior de Contabilidade e Administração do Porto (ISCAP), Portugal.

Over the course of his 27-year professional career, Da Silva has built a solid track record in international financial markets. He began as Junior Representative for Venezuela at Banif – Banco Internacional do Funchal S.A., a role he held for seven years. He later served as Senior Wealth Manager at Citibank Capital Markets for five years. Seeking diversification in investment portfolio management, he joined VectorGlobal WMG as Senior Financial Advisor, a position he held for 15 years until November 2024.

GWMG is a firm that combines wealth management with a diversified range of alternative businesses. Its comprehensive approach includes portfolio management, brokerage of wealth, investment, and life insurance, a foundation dedicated to Financial Education, and it will soon launch an institute for market education. The firm also offers clients a network for managing physical assets, including real estate, for truly strategic and personalized wealth management.

Evelin Frangié, Managing Director of GWMG, and Sebastián Da Silva, Introductor Director at GWMG.

GWMG: Global Work Management Group is a wealth management services firm that, in partnership with Pro Capital, manages investment portfolios. One of its main custodians is Pershing LLC, a subsidiary of Bank of New York Mellon.

Pro Capital is a privately held Broker Dealer based in Uruguay with an international focus and reach. It is rated AA+ Uy by Fitch Ratings and has a track record of nearly two decades.

Pro Capital maintains strategic alliances with Pershing LLC (a BNY subsidiary), Morgan Stanley, SAFRA New York, and SAFRA Geneva, providing access infrastructure to the markets under the best conditions with strong, recognized firms—further strengthening both Da Silva’s position and that of GWMG – Global Work Management Group.

“I focus on capital preservation across generations, managing our clients’ wealth with due diligence and strategic vision. We always prioritize their interests and benefits, implementing strategies designed to minimize the inherent risks of market volatility. We aim not only to protect their wealth but also to drive it forward sustainably, managing long-term growth in alignment with their profile, needs, and financial objectives. In doing so, we strengthen lasting relationships and seek to ensure our clients’ legacy transcends generations,” stated Sebastián Da Silva Correia.

The SEC Will Advocate for Greater Retail Investor Access to Private Markets and Digital Assets

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SEC greater access for retail investors — Pixabay CC0 Public Domain

The asset management industry is undergoing an era of innovation, with new products and emerging trends appearing in the investment universe. In this new scenario, the SEC will promote greater retail access to private markets, as these, together with tokenization, will expand the menu of investment options available to investors, according to Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission, in the speech she delivered to attendees at the Third Annual Conference on Emerging Trends in Asset Management.

Peirce referred to the importance of portfolio diversification, noting that retail investors need access to a broad range of investment opportunities. “The breadth of the public markets, where most retail investors invest,” she stated, “has been affected by the decline in the number of listed companies, the delay in companies going public, and the dominance of several large companies in market indexes.”

“The Commission should work on reforming public company regulation to help reverse this trend. But some asset classes are not suitable for public markets. Therefore, retail investors and the professionals who advise them also seek additional diversification in private markets,” she added.

The Commissioner then stated that the Commission’s rules and regulations, along with staff positions, have contributed to excluding retail investors from private markets. “We should consider amending the definition of ‘accredited investor’ in the Commission’s rules so that more people are eligible to invest in these markets.”

In August 2020, the Commission slightly expanded the existing income and net worth categories for individuals, a change that the Commission itself acknowledged was marginal, Peirce recalled. “I would like to see more significant expansions, just like many retail investors who resent being excluded from an ever-growing segment of the market,” she admitted.

The official advocated for the elimination of the initial $25,000 limit that exists for closed-end funds that invest 15% or more of their assets in private funds, and the restriction on sales to accredited investors. “Neither the law nor the Commission’s rules require such limitations. Eliminating them would allow greater retail access to private investments through a closed-end fund vehicle with the benefit of professional management,” she asserted, also stating that SEC staff should ensure that funds make appropriate disclosures on conflicts of interest, illiquidity, and fees for exchange-listed closed-end funds. “We should also work with fund sponsors interested in experimenting with interval funds,” she announced.

Digital Investments
According to the official, the staff of Trading and Markets is working diligently on many applications to list a variety of digital asset ETPs. “A standardized approach to these ETPs could ease the burden for both the industry and SEC staff, and greater guidance could open the door to a broader range of options and diversification for investors,” she noted.

The Commission should also address—she asserted—whether registered investment companies can have exposure to cryptoassets through investments that are not traded on regulated exchanges in the U.S. and through the tokenization of securities issued by such companies.

When speaking about the “proliferation” of investment products, she referred to the growth and variety of exchange-traded funds (ETFs). On this topic, she pointed out that the breadth of offerings meets diverse investor needs and often does so very cost-effectively. However, she objected that some of these products “are complex and not suitable for all portfolios. Some are designed to be held only for a day. They are tools for managing risk and volatility, boosting returns, and limiting losses. If misused, they can have the opposite effect.”

Peirce concluded her speech by saying that she “would like the Commission to consider whether overly conservative regulatory limits on fund marketing are unintentionally inhibiting educational efforts by fund sponsors toward financial professionals and investors.”