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Insigneo Refreshes Its Brand to Reflect Its Accelerated Growth in the Americas

infrastructure investment boom — Photo courtesyFrom left to right: Francisco Nuñez, Chief of Staff to the CEO; George “Tres” Arnett, Chief Administrative Officer and General Counsel; Michael Averett, Chief Growth Officer; Javier Rivero, Chief Advisor Experience Officer; Giovanna Souza, Chief Marketing Officer; and Raul Henriquez, Chief Executive Officer and Chairman of the Board.

Insigneo has unveiled its new brand identity and strategic value proposition. This evolution, supported by the slogan “Your Passport to Possibilities. Building Wealth. Together,” marks a strategic turning point in the firm’s trajectory and reinforces its leadership position in the international wealth management sector.

Insigneo’s new identity was officially launched during a private event at the firm’s headquarters in Miami, broadcast live to its network of more than 12 regional offices across the Americas. The change represents a milestone in the company’s 40-year history and responds to its accelerated pace of growth. In recent years, Insigneo has expanded its presence and strengthened its infrastructure, now managing more than 33 billion dollars in assets through a network of more than 500 investment professionals — including 68 institutional firms — serving nearly 32,000 clients.

“The new brand embodies both the achievements the firm has reached to date and our aspirations for the future. However, our essence remains the same: the commitment to empowering and supporting investment professionals to better serve international clients, now under a brand that more accurately represents our mission, vision, and the unique position we occupy in the industry,” highlighted Raúl Henríquez, Chairman and CEO of Insigneo.

The new slogan clearly defines the role Insigneo plays for its different audiences. For international high-net-worth clients, especially in Latin America, the firm acts as a “passport” that opens the door to global investment options and offshore solutions beyond their local markets. For investment professionals, Insigneo offers an ecosystem that combines advanced operational and regulatory support, a team with international experience and deep local knowledge, cutting-edge technological capabilities, and an industry community that allows them to focus on strengthening their clients’ legacy and growing their business.

Finally, the closing phrase “Building Wealth. Together” reinforces the collaborative nature of Insigneo’s business model and corporate culture, where the firm’s success is directly tied to that of its professionals and clients. The visual evolution also responds to a strategic design conceived to reflect the duality of the space Insigneo occupies: the balance between traditional stability and modern innovation.

“The new brand seeks alignment and clarity. Our goal was to express our value proposition in a way that resonates with each of our core audiences, while also building a visual system that better reflects our market position. Every choice was intentional: from the introduction of the word wealth as a descriptor in the logo, to the shift to navy blue as the primary color to convey stability and trust, while maintaining our original bright blue to preserve brand equity. This is not a change in direction, but rather a clarification of our course,” explained Giovanna Souza, Chief Marketing Officer of Insigneo.

Coinciding with the launch, Insigneo also introduced its new website (insigneo.com). The new identity will be implemented gradually over the coming months across all client and professional touchpoints — including digital platforms, marketing materials, and corporate communications — ensuring a consistent transition as the firm continues consolidating its network across the Americas. The entire rebranding process was developed in collaboration with global communications consultancy LLYC. With this move, Insigneo reaffirms its commitment to the international wealth management industry, continuing its mission of simplifying the complexity of global markets for its international clients across borders and generations.

The Industry Eyes the Infrastructure Investment Boom Ahead

| By Marta Rodriguez | 0 Comentarios

FOTO (Wikipedia) Data center — Wikimedia Commons

Within the world of real assets, infrastructure has been presenting increasingly attractive prospects for investors. And the alternative asset industry is taking notice, benefiting from the favorable investment cycle for categories such as digital infrastructure and energy, among others.

Driven by a range of ongoing global trends — including digitalization and electrification — the coming years are expected to bring a boom in infrastructure investment. Consulting firm PwC projects that spending on these types of projects will rise to 6.9 trillion dollars by 2050, up from the 4.4 trillion dollars recorded in 2024.

“Throughout that period, cumulative global investment is projected to reach 151 trillion dollars, as countries modernize transportation, energy, and industrial systems to meet the demands of AI, electrification, and urbanization,” the firm said in a recent report.

And it is precisely these trends that are setting the pace for the market, according to Macquarie, one of the leading managers in the asset class. “Infrastructure opportunities are increasingly defined by long-term structural changes rather than short-term economic cycles,” the firm noted.

In line with these expectations, last year brought a rebound in fundraising for the asset class, reaching 250 billion dollars and more than doubling the 99 billion dollars raised by the industry in 2024 — the lowest figure in six years — according to data from With Intelligence, a unit of S&P Global Ratings.

For the firm, these figures suggest that investor confidence remains strong. “Fund managers have seen particularly high demand for strategies such as the energy transition and data centers,” they added in their report.

They also noted that this asset class is following the path of other alternative segments by expanding its investor base. Infrastructure managers, they said, are seeking capital from private banks “with the same urgency as their private equity and private credit peers.” This has sparked a race to develop products suited to a wide range of investor profiles.

The golden promise of AI

Beyond the competitive world of private capital, the artificial intelligence boom has had its own effect on the infrastructure asset space: the rise of data centers.

The excitement generated by this technology — described by many as a true industrial revolution that could affect every aspect of the modern economy — has created strong investor demand for digital infrastructure aimed at capturing this growth.

“The AI revolution, an extraordinary level of investment in data centers, equipment, chips, energy infrastructure, and other related areas continues to drive economic growth, and we see no signs that the engine is slowing,” said Stephen Schwarzman, CEO of Blackstone, during the firm’s first-quarter earnings call with investors.

The firm — the world’s largest alternative asset manager — is betting heavily on this trend through strategic investments in artificial intelligence. “We believe Blackstone has become the world’s largest investor in AI-related infrastructure,” the executive stated, adding that this gives them “a front-row seat” to future developments.

According to Macquarie, beyond data centers, digitalization is also driving demand for fiber-optic networks and communications infrastructure. Development is expanding across different markets as well: “Supply constraints in established markets are supporting pricing power and encouraging development in new regions.”

Overall, the path appears set. PwC estimates that annual investment in data center buildings will increase from 113.8 billion dollars in 2024 to 251.8 billion dollars by 2027. That represents a 2.2-fold increase in just a few years. Looking ahead, the consultancy expects this figure to reach 1.5 trillion dollars by 2032, with a “remarkable short-term escalation” followed by a period of stock improvement.

A more electric economy

Alongside AI demand and its data centers, energy has also become a major focus, supported by the broader global trend of the energy transition.

“Electricity demand is rising at a pace we haven’t seen in decades, driven by electrification, reindustrialization, and digital infrastructure,” said Bruce Flatt, CEO of Brookfield Corporation — another major infrastructure fund — during his own investor call. Meeting this demand will require “enormous amounts of new generation capacity,” he added, creating opportunities for solar, wind, nuclear energy, and batteries.

“While digitalization, decarbonization, and deglobalization will continue evolving, each is driving significant long-term demand for new infrastructure,” the executive added.

Macquarie agrees with this assessment, arguing that energy demand is expected to keep rising, underscoring the need for reliable and low-cost energy solutions. For the firm, solar and wind assets, along with battery storage, continue gaining traction — and market share — due to falling costs and rising demand.

In this segment, PwC projects that the infrastructure investment boom in energy will lift annual spending to 1.1 trillion dollars by 2050. This marks a sharp increase from the 631 billion dollars recorded by the industry in 2024, totaling 25 trillion dollars over the period.

“Reflecting the pace of electrification, by 2025 annual investment in energy storage will reach around 91 billion dollars,” the consultancy stated in its report, equivalent to 3.7 times 2024 levels. Capital allocated to transmission and distribution, meanwhile, is expected to grow 2.6 times to 472 billion dollars.

From Stadiums to Portfolios: The 2026 World Cup Will Move Billions in Assets

| By Marta Rodriguez | 0 Comentarios

The 2026 World Cup will not only be the largest soccer event in history in terms of the number of teams and matches; it is also emerging as one of the biggest capital mobilization platforms of the decade in North America.

Behind the packed stadiums and tourism windfall, the tournament organized by FIFA is triggering a complex network of public financing, private investment, public-private partnerships (PPPs), municipal debt, and even thematic bets by institutional funds.

With 48 national teams, 104 matches, and 16 host cities spread across Mexico, the United States, and Canada, the 2026 World Cup has become a continental-scale “economic asset.”

According to estimates released by FIFA itself and prepared together with Deloitte, the tournament could generate around 5 billion dollars in economic activity for North America, in addition to millions of visitors and a multiplier effect on tourism, consumption, mobility, and services.

Infrastructure: the real financial match

Although the United States will largely rely on existing NFL and MLS stadiums, the World Cup has forced the execution of large-scale renovations, expansions, and urban projects. In Mexico, public-private investments linked to the tournament could reach up to 31 billion pesos (around 1.723 billion dollars), mainly in connectivity, mobility, tourism, and urban regeneration.

The Mexican government alone announced 6 billion pesos (334 million dollars) for mobility projects in the country’s three host cities — Mexico City, Guadalajara, and Monterrey — with public resources allocated to transportation, accessibility, and urban connectivity.

The most emblematic case is the historic Azteca Stadium — commercially renamed Estadio Banorte Ciudad de México — whose renovation has involved hundreds of millions of dollars and complex legal and financial negotiations. Various reports indicate that the refurbishment of private suites alone implied an additional cost of nearly 62 million dollars.

Beyond Mexico, U.S. and Canadian cities have also turned to municipal bonds, infrastructure funds, and hybrid financing mechanisms. Atlanta committed around 120 million dollars to urban infrastructure and mobility, while Toronto increased its initial World Cup-related budget nearly tenfold, rising from between 30 and 45 million Canadian dollars to approximately 380 million.

PPPs, debt, and private capital

The World Cup is also revitalizing public-private partnership models. FIFA itself recognizes that stadium and sports complex projects are often structured through mixed schemes in which local governments share risks and costs with private operators, sponsors, and real estate developers.

In practice, this means that construction companies, real estate funds, airport operators, hotel companies, and infrastructure managers are capturing a significant share of the tournament’s value chain.

In addition, the event is encouraging local debt issuance and financing backed by future tax revenues related to tourism and hospitality. In some U.S. cities, new hotel taxes and state reimbursement mechanisms are even being discussed to cover security and logistics costs.

The phenomenon has begun to attract the attention of thematic fund managers and institutional investment firms. Market analysts cited by financial media in the United States point out that sectors such as beverages, entertainment, media, digital payments, tourism, sports betting, and consumer goods could benefit significantly from the economic cycle associated with the World Cup.

The World Cup as an investment thesis

The World Cup is becoming an investment narrative comparable to what the Olympic Games or even some national infrastructure megaprojects once represented. For private funds and asset managers, the tournament functions as a “thematic thesis” that allows positioning in sectors with high exposure to consumption and accelerated urbanization.

The expansion of hospitality, digital payment platforms, airport modernization, and the expected increase in international travel have driven capital movements toward companies linked to tourism, airlines, urban infrastructure, and entertainment.

Even sovereign wealth funds are increasing their presence around the global soccer ecosystem. A recent example is the Public Investment Fund (PIF), which became an official sponsor of the 2026 World Cup, deepening the relationship between state capital, sports, and geopolitical positioning.

Profitable business or fiscal risk?

However, financial enthusiasm coexists with growing questions about the true economic return for host cities. Various analyses warn that much of the operational costs — security, transportation, cleaning, public services, and logistics — fall on local governments and taxpayers, while most direct commercial revenues remain under FIFA’s and global sponsors’ control.

There are also warnings about real estate pressure, rising rents, and urban displacement in several host cities. Civil organizations in the United States have warned that the explosion of short-term rentals and tourism could deepen housing problems and social inequality.

Even so, the 2026 World Cup has already ceased to be only a sporting tournament. Today, it is also a massive vehicle for capital mobilization, a continental infrastructure platform, and a financial laboratory where governments, private funds, institutional investors, and global corporations converge.

In other words, the ball will start rolling in June 2026, but the markets have been playing the real match for years.

Nouriel Roubini Bets on U.S. Resilience: “American Exceptionalism Has Not Ended”

| By Marta Rodriguez | 0 Comentarios

During the “2026 Bolton Advisor Conference,” held in Miami, renowned economist Nouriel Roubini outlined an optimistic view of the future of the U.S. economy. Throughout his presentation, first, and later during his conversation with the firm’s Managing Director and Chief Legal Officer, John Cataldo, he highlighted the growth potential and resilience of the U.S. economy in the coming years.

The CEO of Roubini Macro Associates, a New York-based consulting firm that provides strategic macroeconomic analysis, began his presentation with a perspective on the current global regime shift, warning about the transition “from relative political stability to relative instability, or even chaos.”

“We are now in a period in which supply shocks, especially negative ones, have become significant: covid, supply chain problems, protectionism, restrictions on migration, and geopolitical conflicts, all fragmenting and deglobalizing the world economy, generating stagflation risks,” he analyzed.

Roubini warned about the shift of the global economy toward more regulated markets and the risks of lower growth and higher inflation: “This entire set of concerns indicates that our economic regime is moving away from free markets toward regulated markets, and toward a situation where growth could be lower and inflation gradually higher, what people call stagflation,” he stated.

However, when analyzing the future of the United States, he affirmed: “American exceptionalism has not ended, the U.S. stock market is not in a bubble, our debts are not unsustainable or exorbitant. The dollar is going to remain and fluctuate, but it is not going to collapse.”

For the speaker, the key to U.S. leadership lies in its capacity for innovation and technological adaptation. “Technology, historically, is a positive supply shock that increases potential growth, productivity, and reduces the cost of producing goods and services. Artificial intelligence is just the latest manifestation of that positive shock,” he explained. In his view, the current technological revolution “is more important than the invention of fire, the introduction of agriculture, the printing press, the steam engine, or electrification.”

The economist, who also serves as Professor Emeritus of Economics at the New York University (NYU) Stern School of Business, projected that this innovation cycle will allow the United States to grow faster than other developed economies. “If the United States grows faster than Europe, eventually the dollar will be stronger, not weaker,” he stated. Roubini emphasized that the acceleration of potential growth, thanks to technology and digitalization, will be the best remedy for the country’s fiscal challenges. “Having a larger deficit and growing public debt is a problem. But if U.S. potential growth accelerates, the debt-to-GDP ratio will tend to stabilize or decline,” he argued.

Along these lines, Roubini also downplayed fears about the dollar: “The honest truth is that there is no alternative. The U.S. dollar will continue to be the world’s leading reserve currency because we remain the place to invest, among others, not the only one, but the main one.”

Referring to the financial market, he rejected the idea of a long-term bubble in U.S. assets: “If one takes a medium-term view, returns for the best private technology companies, for the Nasdaq and the S&P, will be as high as in the last twenty years, and probably much higher. We are not in a bubble. This is something secular.”

By contrast, Roubini was skeptical about the supposed cryptocurrency revolution: “Calling these things currencies is incorrect. Perhaps they are crypto assets, but they are not currencies, because anyone who knows basic monetary theory understands that for something to be money or currency it must be a unit of account. Things are priced in dollars, euros, yen; nothing is priced in Bitcoin… it has to be a stable store of value, and it is too volatile.”

Regarding Latin America, he was direct: “Latin America, like most emerging markets, is a mixed picture. One must ask which country has macroeconomic stability, because without stability there is no foundation for growth. Latin America has oscillated between booms and crises, and between right- and left-wing populism. I would say things are changing in part because many of these countries learned that loose fiscal and monetary policy is a recipe for disaster.”

In the case of Argentina, he specified: “The program (of President Javier Milei) may be radical, but the type of economic adjustment that was needed required shock therapy, and that is what is being done. It will take time and involve pain, but eventually it will produce results.”

He also addressed the rivalry between the United States and China, arguing that strategic competition will persist, but that the U.S. capacity for innovation and adaptation will be a decisive factor in maintaining global leadership: “Even before Trump, there was already a kind of cold war between the U.S. and China in economic, political, military, and security matters. That competition will continue. China is an emerging power.”

Closing his presentation, Roubini emphasized that American exceptionalism remains in force, supported by institutional strength, innovation capacity, the strength of the dollar, and the resilience of the financial system. According to his assessment, the United States is positioned to experience a cycle of accelerated growth and sustain its leadership in an increasingly fragmented and challenging world.

Greater Risk Appetite Drives Global Investment Flows Into ETPs

| By Marta Rodriguez | 0 Comentarios

Global purchases of exchange-traded products (ETPs) totaled 212.4 billion dollars in April, marking their sixth-largest month of inflows on record, according to BlackRock data. The firm points to the return of risk appetite as the main reason behind the surge in investment flows into ETPs.

This rebound was largely driven by increased inflows into equities (148.4 billion dollars), which offset a slight decline in fixed-income purchases (52.8 billion dollars). Commodity flows returned to positive territory (3.5 billion dollars) following a period of investment outflows driven by geopolitical tensions in the Middle East.

Although overall fixed-income flows were similar to the previous month (52.8 billion dollars in April versus 56.5 billion in March), the figure masked a significant rotation within the asset class, according to the firm.

The return of risk appetite caused flows into rate-sensitive fixed-income assets to fall from 38.5 billion dollars to 10.4 billion dollars — the lowest level since June 2025 — while flows into spread products increased. High-yield (HY) credit rebounded from the record outflows recorded in March (-8.9 billion dollars) to post inflows of 5.3 billion dollars in April, the highest amount since May 2025, mainly toward U.S. exposures.

Investment-grade (IG) credit ETPs and emerging-market debt ETPs recorded inflows of 10.8 billion and 8.2 billion dollars in April, respectively, following relatively stable flows for both in March. Subscriptions into inflation-linked assets also remained steady, with 2.2 billion dollars added to global inflation-linked ETPs in April.

The decline in rate-sensitive flows was largely due to the collapse in short-term rate flows, which fell from 26.6 billion dollars in March to 900 million in April, although reductions were also seen across other maturities.

In March, short-term positions accounted for 69% of total rate flows, while in April this percentage dropped to just 9%, with mixed-maturity products becoming the most popular position, accounting for more than 50% of flows.

Return to U.S. positions

Investments in U.S. assets drove the rebound in flows into equity ETPs, which rose from 39.5 billion dollars in March to 121.2 billion in April, representing the fourth-largest monthly inflow on record. Purchases of U.S. equities increased across all listing regions, with flows largely directed toward large-cap exposures.

By contrast, European equity flows (-2.5 billion dollars) and emerging-market equity flows (-26.6 billion dollars) entered negative territory, while purchases of Japanese equities fell to 1.9 billion dollars.

The global emerging-market equity flow picture was once again distorted by flows listed in the APAC region, which accounted for all outflows in April (-37.1 billion dollars) and offset increased purchases in the U.S. listing region (5.4 billion dollars) and EMEA (4.1 billion dollars).

By contrast, although European equity sales were driven mainly by U.S.-listed ETPs (76% of total European equity outflows), April also saw net sales of EMEA-listed products, marking the first month of simultaneous outflows from European equity ETPs in both listing regions since December 2024.

Vanguard Strengthens Its Offshore Push in Miami With the Addition of Mauricio Calmet

| By Marta Rodriguez | 0 Comentarios

Vanguard announced the addition of Mauricio Calmet as Sales Executive within its U.S. Offshore division, based in Miami, Florida. From this position, the executive will focus on expanding and strengthening the firm’s distribution efforts in the U.S. offshore market, one of the most competitive and strategic segments for global asset managers.

Calmet joins the firm with experience in investment distribution and relationships with international financial advisors, wealth managers, and brokerage platforms. Before joining Vanguard, he worked at Schroders, where he worked from New York on developing relationships with international wealth managers and independent financial advisors, particularly in the Latin America and U.S. offshore business.

According to his professional profile, he also holds FINRA Series 7 and Series 63 licenses, in addition to the SIE (Securities Industry Essentials), key certifications for the distribution of financial products in the United States. He is a graduate of Rutgers Business School.

Calmet’s addition comes at a time when Vanguard seeks to continue expanding its presence among international investors and offshore advisors, taking advantage of growing demand for low-cost strategies, ETFs, and global investment solutions.

The firm, founded in 1975 and headquartered in Pennsylvania, manages trillions of dollars in assets and is recognized as one of the world’s largest fund managers.

Pibank US Accelerates Its Digital Expansion in the U.S. With a Platform Developed Alongside VASS

| By Marta Rodriguez | 0 Comentarios

ETF industry wealth growth — Photo courtesy

Pibank US strengthened its expansion strategy in the U.S. market alongside VASS, a global firm specialized in digital transformation, following the development of a new digital banking platform designed to operate in one of the most complex and competitive regulatory environments in the world.

The project allowed the institution to launch a functional digital banking model in just six months under an MVP (Minimum Viable Product) framework, supported by a technological architecture built on Amazon Web Services and Salesforce solutions. According to both companies, the implementation also helped quadruple the initial client acquisition targets projected for this stage of growth.

Pibank US’s entry into the U.S. financial system required simultaneously addressing technological, regulatory, and operational challenges. The institution needed a platform capable of offering an agile and simple digital experience for users without compromising key aspects such as cybersecurity, scalability, and regulatory compliance.

To meet these needs, VASS designed a flexible infrastructure aimed at integrating different banking systems and enabling the gradual expansion of the institution’s digital operations.

“The collaboration with Pibank US focused on building a solid foundation of digital trust from the outset,” explained Javier Perez García, Global Head of Solutions & Delivery at VASS. The executive highlighted that the project was conceived to combine speed of deployment with high standards of security and user experience.

The platform incorporates biometric authentication tools, instant connectivity, and simplified digital processes to facilitate account opening and improve interaction with clients from the first point of contact.

For her part, María Peuriot, Executive Director of Pibank US, noted that the technology company quickly aligned itself with the institution’s strategic vision and supported the project’s execution through all its phases.

“Its ability to combine agility, technological expertise, and execution has been fundamental in building a robust and reliable application,” she stated.

The operation takes place in an environment of growing competition among digital banks and fintech platforms in the United States, where financial institutions are seeking to accelerate technological transformation processes to improve operational efficiency, user experience, and scalability.

VASS currently has more than 4,100 professionals and a presence in more than 50 countries. The company participates in digital transformation projects in sectors such as financial services, insurance, energy, telecommunications, retail, and public administration, specializing in areas such as artificial intelligence, process automation, digital experience, and data analytics.

Laura Valdez (Franklin Templeton): “A Large Part of the Growth of the ETF Industry Will Come From the Wealth Segment”

| By Marta Rodriguez | 0 Comentarios

Photo courtesyLaura Valdez, Vice President of the ETF Business Development Team at Franklin Templeton.

Franklin Templeton closed the first quarter of the year with more than $61 billion in global assets on its ETF platform. The firm proudly highlights this figure as an example of its growth and track record in the exchange-traded fund business, which began in 2013 with the launch of its first ETF and gained further momentum in 2016 with the launch of an official platform under the Franklin LibertyShares brand.

In 2025, the firm’s ETF business experienced strong growth, surpassing projected targets. This momentum was accompanied by significant expansion in the active ETF segment and an important milestone: ETF AUM surpassed $50 billion. Overall, assets grew by approximately 60% during the year, reflecting strong client demand and the continued expansion of capabilities globally. This positive trend has continued into the beginning of the new fiscal year. Currently, Franklin Templeton’s ETF platform stands at around $70 billion in global AUM, highlighting both the pace of growth and the scale achieved.

According to Laura Valdez, Vice President of the ETF Business Development Team at Franklin Templeton, the asset manager is prepared to maintain this pace of growth and, looking ahead, the firm’s ambition is to establish itself as one of the leading global ETF platforms. To achieve this, it is committed to a differentiated approach that combines active ETFs, indexed solutions, and outcome-oriented strategies, while also facilitating access to its investment capabilities across multiple global asset classes. We discussed all of this in our interview with her.

Why do you believe this growth will come from certain regions?

We are seeing growth globally across EMEA, Asia, LatAm, and the United States. The United States is our largest market, and that is obviously a reflection of the reality of the global industry. In fact, at the end of last year, there were $13.5 trillion in assets in the U.S., while UCITS ETFs represented more than $3 trillion. Consequently, the greatest growth we have observed has taken place in the United States, where the platform is larger. However, our teams are highly motivated to grow the global ETF platform with specialists based throughout Europe. Looking toward LatAm, the team has also been highly motivated because we have seen growth in the use of UCITS ETFs.

Do you see an opportunity in Europe’s recent active UCITS ETF market?

I believe Franklin Templeton entered this market at the right time. Initially, we saw many product launches, so it took some time to understand where investor flows were heading. We launched our first vehicle in 2013, and it was directly an active ETF, because we were building on the experience and track record acquired in the U.S. market. Then, formally, our ETF platform in Europe arrived in 2017 with the launch of passive and factor-based products. Since then, we have seen significant growth in assets under management, especially over the last two years. Our view is that active ETFs are the part of the business where the greatest growth can be achieved, not only in Europe, but globally.

What explains the increase in ETF flows you mention?

On the one hand, we have seen a trend toward active ETFs with global exposure, including regional and country exposures. On the other hand, and I consider this almost the most relevant factor, ETFs used to be viewed as a passive tool, but investors no longer interpret them that way. They have become a more sophisticated tool through which we can offer different investment strategies, from equities to multi-assets, including thematic and alternative investments. This shift in investors’ interpretation and use of the vehicle is significant in Europe, even though the tax ecosystem is different.

What changes have you seen in the ETF selection process among platforms, advisors, and selectors over the last 18 months?

First, I should clarify that I focus exclusively on platforms in the United States, working with banks and broker-dealers. That said, what I am seeing is that as there are more products, there is more due diligence and more competition. For example, we have seen an increase in requirements in terms of assets because analysts are concerned that a product could close. It is striking that the asset-size requirements for ETFs have continued to increase.

On the other hand, it is important to understand that the objective is not to replicate a successful product — notwithstanding structural and regulatory differences — but to recognize that these players are not looking for the same thing in every market. For example, U.S. advisors often build portfolios using U.S.-style model portfolios because they work for larger American banks and wealth managers. However, when they build portfolios, they are reflecting the U.S. investor and not what a European or Latin American investor demands. This means that launching UCITS ETFs is not about replicating what we already have or know works; it must be something specific and tailored to the investors who use UCITS.

Regarding the wealth segment, how do you think ETFs are being interpreted and used?

Globally, within the wealth segment, this shift in perception of ETFs as something merely passive is taking place. Additionally, this is a segment that appreciates the cost efficiency and transparency offered by ETFs, both in pricing and, in the case of the United States, because of tax advantages. This leads me to believe that a large part of the growth of the ETF industry will come from the wealth segment.

What does the word innovation mean in the ETF business?

I think a very interesting reflection — and one we do not make often enough — is that ETFs are being used as a real innovation tool. For example, in 2024 in the United States, we saw the launch of all the ETFs in the crypto and digital assets space. In other words, the mutual fund structure was not used to design how to invest in this new asset class. That is something significant. In addition, the SEC continues approving different digital currencies and new products, and we know this serves as a benchmark for other markets around the world. Over the past two years, we have seen new innovations, such as private fixed-income ETFs and ETF share classes for mutual funds. I believe all of this is very interesting, although I think there is still development needed in terms of market infrastructure.

Tokenized ETFs or private market ETFs: which do you believe will be the next frontier crossed by this type of vehicle?

As an employee of Franklin Templeton, I will tell you that I feel fortunate to have a CEO who has dedicated many resources to exploring blockchain technology. As a result, we have developed very interesting products such as Benji, which is a money market mutual fund that exists on the blockchain and is a tokenized product. In this sense, we already have ETFs that have been tokenized and are being distributed. On the other hand, I believe we must be very cautious when talking about private market ETFs because the foundation of the ETF is that it has a fully liquid structure.

Finally, how do you plan to compete for your place among the major ETF providers?

We are in a market with a high concentration of large players, but with market evolution and innovation, we are seeing a reduction in that concentration. For example, the growth of active ETFs has created an opportunity for Franklin Templeton to bring all its specialized portfolio management teams into the ETF space, a vehicle that offers a broad range of strategies. What is interesting is that if you analyze what is happening in the active ETF segment, that reality has begun to change. In the United States, the market share of the top 10 active ETF providers has been declining. In 2020, they held 82% of the assets, and by the end of the first quarter of 2026, that figure had fallen to 67%.

Bci Securities Celebrates 10 Years in the United States Driven by the Support of Chile’s Largest Bank

| By Marta Rodriguez | 0 Comentarios

banca mexicana era post cuántica — Photo courtesyFrom left to right: Carlos Martin, CEO of Bci Securities; Ignacio Yarur, President of Bci; and Javier Moraga, Chief Investment and Corporate Finance Division at Bci.

Bci Securities, the brokerage and wealth management firm of Grupo Bci in the United States, celebrates its tenth anniversary of operations in the country, consolidated as one of the leading financial platforms for Latin American clients seeking access to global markets from Miami.

The company closed 2025 with the best financial results in its history, recording an 842% increase in net profit, a performance that reflects the strength of its business model and the strategic support of Banco Bci, Chile’s largest banking institution and the Latin American financial institution with the greatest presence in the United States.

With its sights set on the future, Grupo Bci has defined an ambitious roadmap for its international expansion. Among its main objectives is doubling its client base in Florida before 2029, with a special focus on high-net-worth individuals and companies from across Latin America. To support this new stage, the group will allocate more than $600 million to investment in technology and artificial intelligence over the next five years, with the goal of optimizing its operational capabilities, improving the client experience, and strengthening its financial advisory services.

Bci Securities was founded in 2016 as an international extension of Bci’s brokerage and wealth management divisions. Its initial purpose was to offer Latin American investors direct access to international financial instruments from the United States. What at the time represented a strategic bet in a context of high uncertainty is now a consolidated platform with active participation in sovereign debt markets, equities, and international mutual funds.

The firm is part of Grupo Bci’s regional financial solutions platform, which also includes Bci Miami and City National Bank of Florida (CNB). The latter has multiplied its assets fivefold over the past decade, reaching $28 billion, contributing to the group’s operations in Florida currently representing 40% of its total assets.

“Bci Securities has connected clients and partners with global markets over the past decade, providing a global perspective with local expertise. We are an advisory platform that facilitates direct access to global liquidity and institutional-level execution, complementing the value proposition that Grupo Bci offers its clients,” said Carlos Martin, CEO of Bci Securities.

Behind this expansion is the trajectory of an institution with nearly 90 years of history. Founded in 1937, Banco Bci currently manages more than $90 billion in assets, serves nearly six million clients in Chile, Peru, and the United States, and maintains some of the strongest credit ratings in Latin American banking, with ratings of A2 by Moody’s and A- by S&P Global and Fitch Ratings.

Access to Co-Investments Becomes a Key Factor in Manager Selection

| By Marta Rodriguez | 0 Comentarios

Co-investments are becoming an increasingly important route through which U.S. institutional investors access private markets, according to the latest edition of Cerulli Edge—U.S. Institutional Edition.

According to its analysis, as demand continues to grow, co-investment capabilities are no longer simply an option for asset managers: they are becoming a standard expectation and a key factor in attracting institutional interest.

“Within private markets, co-investments have emerged as a highly relevant alternative for institutions seeking to reduce the distance between pooled fund structures and direct asset ownership,” Cerulli notes. Its analysis concludes that a net 16% of asset owners expect to increase their allocation to co-investments over the next 24 months; 19% anticipate increasing it, compared with only 3% who expect to reduce it.

Cerulli points out that institutions use co-investments not only to reduce fees, but also to gain direct visibility into transaction analysis and structuring, as well as to strengthen their relationships with managers. According to Cerulli, management firms state that 42% of co-investment partnerships originated through direct relationships with asset owners, while nearly a quarter (24%) emerged through investment consultants and outsourced chief investment officer (OCIO) service providers.

Key findings

Its conclusion is that co-investments have become a fundamental mechanism for creating and strengthening these relationships. “Access to co-investments is now part of the initial manager evaluation process, rather than something negotiated separately after the investment has been made. Managers unable to offer this type of access are reducing their potential universe of limited partners, and not as a future risk, but as a present reality,” said Gloria Pais, Research analyst at Cerulli.

Another conclusion of the analysis is that intermediaries, consultants and OCIOs, deserve increasing attention. “Mid-sized institutions are increasingly accessing co-investments through intermediaries, gaining both cost advantages and access to transactions they likely could not originate on their own,” Pais added.

The expert noted that “proactively developing these intermediary relationships, rather than treating them as secondary to direct institutional contact, is increasingly becoming a smarter allocation of business development resources.”