The SEC Highlights the Role of Investors in Capital Formation and in Driving the U.S. Economy

  |   For  |  0 Comentarios

SEC highlights investors' role
Pixabay CC0 Public Domain

The Office of Investor Education and Advocacy (OIEA) of the U.S. Securities and Exchange Commission announced that, as part of April’s National Financial Literacy Month, it will highlight the key role that investing plays both in driving the U.S. economy and in preparing American investors for their own financial future.

“Investing is an important tool for individuals and families to achieve their financial goals, such as affording higher education, supporting retirement, or simply building wealth for the future,” the SEC said in a statement. “While building their own financial futures, investors also play a key role in driving the innovation-based U.S. economy by providing capital to businesses of all sizes,” it added.

Financial Literacy Month offers an opportunity to highlight the importance of saving and investing for the future. “From stocks, bonds, and funds to the latest market products, investment ultimately contributes to the overall economy of our country,” stated the current Acting Chair of the SEC, Mark T. Uyeda. “All investors have the opportunity to achieve their personal financial goals while playing a role in capital formation, which makes our economy so dynamic,” he added.

Throughout April, the SEC’s regional and headquarters staff will encourage investors to take advantage of free saving and investing tools and resources available at Investor.gov. The OIEA’s newsletter “Ten Investment Tips for the 2025 Investor” offers investors information on how to avoid investment scams, the importance of diversification, how to be an informed investor, and more.

“Whether you’re new to investing or an experienced investor, Investor.gov has resources that can help you build wealth for a strong financial future,” said Lori Schock, Director of the SEC’s OIEA. “Starting early and creating a diversified long-term savings and investment plan that takes into account your risk tolerance can help you accumulate wealth to live the life you want,” she added.

The SEC’s outreach events in April include financial literacy activities for teachers and high school and college students; webinars and events that provide investor education and information on fraud prevention for older investors; and presentations to service members focused on building wealth, avoiding scams, and discussing the benefits of tax-advantaged retirement plans such as the Thrift Savings Plan.

From Reacting to Headlines to Possible Tariff Negotiations: Caution Reaches Investment Portfolios

  |   For  |  0 Comentarios

Tariff negotiations impact investment portfolios

The week began in a frenzy. After a day of widespread declines in global stock markets, as well as in commodities and fixed income, and significant movements in major currencies—especially Latin American ones—the Fed called an extraordinary closed-door meeting. In addition, U.S. President Donald Trump threatened China with an additional 50% tax if it did not withdraw its 34% retaliatory tariffs, while the European Union offered Trump 0% tariffs on industrial products.

Volatility, declines, and uncertainty mixed all in one day—but calm has returned. Today, the sun has risen again and the word most often heard is “negotiation.” “Today’s session opens with optimism given the conciliatory tone of U.S. authorities toward the Land of the Rising Sun. In Europe, Monday’s Trade Ministers Summit resulted in a lukewarm response of intentions and proposals to negotiate with the United States. Meanwhile, China, aware that it is the main economic rival, remains firm in its stance to increase tariffs on U.S. products by 34% starting April 10, despite U.S. threats,” explain analysts at Banca March in their daily report.

According to experts, all attention is now focused on the countries’ ability to negotiate to limit the impact of tariffs. “Negotiations on trade agreements could be complicated and include retaliation and additional tariffs, but will ultimately culminate in agreements with lower trade barriers than those announced last week,” says David Kohl, Chief Economist at Julius Baer. In the opinion of Aline Goupil-Raguénès, strategist at Ostrum AM (Natixis IM), “it is unlikely that these tariffs will be reduced quickly, as Donald Trump seems determined to keep them high long enough to encourage foreign investors to invest in the United States.”

Trump, Tariffs, and the Fed

Andy Chorlton, CIO of Fixed Income at M&G Investments, reminds us that the major unknown of the tariff policy is its impact on inflation, which directly affects the Fed. According to Chorlton, the best example is in the Fed Chair’s comments at the beginning of April, when he stated that he considered the inflation impact of any tariff increase to be transitory—a temporary spike in prices. “Just a few days later, on Friday, he acknowledged that the impact of tariffs on both inflation and employment is uncertain and that he is taking a wait-and-see approach. With so much uncertainty about the final outlook for tariffs, the Fed’s determination to fight any rise in inflation expectations is clear. It’s worth remembering that its commonly known ‘dual mandate’ refers to employment and inflation, not to market stability or stock market rises. Nonetheless, investors clearly feel that the risk to growth is such that this mandate could be tested, and the market now expects five rate cuts by the Fed in 2025,” adds the expert from M&G.

What to Do With Portfolios

The latest weekly market commentary from the BlackRock Investment Institute notes that risk assets will face greater pressure in the short term given the significant escalation of global trade tensions. Therefore, the asset manager has shortened its tactical horizon and reduced risk-taking. “The sharp increase in global trade tensions and the extreme uncertainty surrounding trade policy have triggered widespread sell-offs of risk assets. It is unclear whether the uncertainty will cloud the outlook temporarily or for longer, so we chose to reduce our tactical horizon to three months. This means giving more weight to our initial view that risk assets could come under greater pressure in the short term. For now, we are reducing equity exposure and allocating more to short-term U.S. Treasury debt, which could benefit from investors’ desire to seek shelter amid volatility,” BlackRock notes.

According to Michael Walsh, Solutions Strategist at T. Rowe Price, from a multi-asset perspective, making significant asset allocation changes during periods of intense market turbulence leaves the portfolio exposed to missing improvements in investor sentiment. “The market may respond positively to any news related to resolving the current trade uncertainty. While we remain cautious and have moved away from U.S. equities in particular in recent weeks, we have maintained risk levels close to benchmarks within our multi-asset portfolios. As markets attempt to reassess this heightened level of uncertainty, we seek potential opportunities amid the dislocation,” says Walsh.

He explains that they remain cautious, as the rise in political uncertainty affects global growth, which has so far been solid, and reverses inflation trends. “As always, holding cash during times of turbulence provides liquidity to take advantage of market opportunities amid volatility. Cash interest rates are declining but remain attractive, and we have increased our holdings since the beginning of the year, mainly at the expense of another major defensive asset, high-quality government bonds. Tariffs and other trade barriers could push prices higher, which would drive up yields on fixed income instruments as we move closer to 2025. Where we hold government debt, our bias has leaned toward inflation-linked securities,” adds the strategist at T. Rowe Price.

In fixed income, Banca March reaffirms its view: “Last week we felt it was important to shed any overexposure to longer-duration bonds in the United States after our target of a 4% yield on the 10-year U.S. Treasury was reached.” Meanwhile, the fixed income teams at M&G have been concerned for months that credit spreads had priced in too much optimism, leaving little room for negative surprises, with spreads around the most expensive levels seen since the global financial crisis.

“This optimistic view also spread to government debt markets, where almost no possibility of a slowdown was priced in, and as a result, we considered they offered attractive valuations. In short, the market was fairly complacent, so the starting point of this correction certainly contributed to the size of the moves seen in just a few days. Our value-based fixed income investment approach allowed us to position our strategies defensively heading into Liberation Day, putting us in a good position to face these volatile times,” argues Chorlton.

Vanguard argues that fixed income ETFs can be a good cushion for portfolios in these times of uncertainty. “In this environment, marked by episodes of volatility and the prospect of market downturns, broad diversified exposure to fixed income is one of the most effective tools for investors to insulate their portfolios and mitigate losses. Global bonds with currency hedging, in particular, can be a good example,” argues Joao Saraiva, Senior Investment Analyst at Vanguard Europe.

A Calm Look at What Happened

Monday’s session was marked by very high volatility in both equities and fixed income, with the VIX—the S&P 500’s implied volatility indicator—at levels not seen since COVID-19. “In this environment, markets moved based on headlines. A rumor about a potential 90-day delay in implementing tariffs caused an intraday rally of 7% in the S&P 500, worth $2.5 trillion, which evaporated in just over 15 minutes after the rumor was officially denied. Beyond the volatility, open talks with Japan helped curb the sudden setbacks that marked the start of the session, even allowing the Nasdaq to close in positive territory,” summarize analysts at Banca March.

A key point was the Fed’s emergency meeting, which put on the table the option of intervention. “In this regard, short-term rate futures indicate that the U.S. central bank will cut official rates four times this year. In our view, this reaction seems unlikely, as the Fed will not be able to take such an active role in the face of inflation that could exceed 4%, due to the tariff effect,” add the experts at the Spanish firm.

According to the MFS Market Insights team, global markets had not experienced a level of stress and volatility like this since the early days of the pandemic in 2020. “Government bond yields have dropped significantly, reflecting strong demand for safe-haven assets. U.S. 10-year Treasury yields are now around 4%, after falling about 20 basis points since April 2. Similarly, 10-year German bund yields have fallen by the same margin. Meanwhile, credit markets have begun to show signs of stress, particularly in high-yield spreads, which have widened about 85 basis points in the U.S. and 60 in Europe since last Wednesday. In currency markets, the Japanese yen and the Swiss franc have performed better in recent days, thanks to their defensive nature. Finally, in commodities, oil prices have suffered a significant correction, falling to low $60 levels due to their vulnerability to a global risk aversion shock,” summarize analysts at MFS IM.

Another striking aspect in recent days is that, as noted by Bloomberg, more and more billionaires are breaking ranks with President Donald Trump—or at least with his tariff policy. “Ken Griffin, better known outside the financial world as the man who paid $45 million for a dinosaur, stated that the latest tariffs are a ‘huge policy mistake’ and amount to a heavy tax on American families. And Larry Fink, CEO of BlackRock, was equally direct, saying that most business leaders assure him that the U.S. is already in a recession,” they mention as key examples.

Stablecoins or a Risky Business: The SEC Is Concerned About How Investors Access Them

  |   For  |  0 Comentarios

SEC concerns about stablecoins
Pixabay CC0 Public Domain

The SEC’s Division of Corporation Finance is publishing a series of releases dedicated to jurisdictional exemptions for the crypto space. Although the Trump Administration seems more willing to support this growing universe, the literature published by the SEC maintains that certain so-called “stablecoins” are not securities. For Caroline A. Crenshaw, Commissioner of the U.S. regulator, the most striking part of this statement is not so much its final conclusion, but the analysis the staff relies on to reach it. “The legal and factual errors in the statement present a distorted view of the market for U.S. dollar-pegged stablecoins, drastically underestimating their risks,” she says.

As she explains, much of the staff’s analysis is based on the actions of issuers who supposedly stabilize the price, guarantee redemption capability, and generally reduce risk. SEC experts acknowledge, albeit briefly, that some dollar stablecoins are only available to retail buyers through an intermediary and not directly from the issuer. In reality, they acknowledge that it is common—not the exception—for these coins to be available to the retail public only through intermediaries who sell them on the secondary market, such as cryptocurrency trading platforms.

Specifically, more than 90% of stablecoins in circulation are distributed in this way. “Holders of these coins can only redeem them through the intermediary. If the intermediary cannot or will not redeem the stablecoin, the holder has no contractual recourse against the issuer. The role of intermediaries—particularly unregistered trading platforms—as primary distributors of dollar-backed stablecoins poses a series of additional significant risks that the staff does not consider,” says Crenshaw.

Consequences for the Investor

In the Commissioner’s opinion, people are not thoroughly analyzing the consequences of this market structure or how it affects risk, and she argues that the fact that intermediaries handle most of the distribution and redemption of retail dollar stablecoins significantly diminishes the value of the issuer actions on which the staff relies as “risk-reducing features.”

“One of these key features is the issuer’s reserve of assets, which the staff describes as designed to fully meet its redemption obligations—that is, to have enough assets to pay $1 for every coin in circulation. But, as mentioned, issuers generally have no redemption obligations to retail coin holders. These holders have no interest in or right to access the issuer’s reserve. If they redeem coins through an intermediary, the payment comes from the intermediary, not from the issuer’s reserve. The intermediary is not obligated to redeem a coin for $1 and will pay the holder the market price. Therefore, retail holders do not have, as the staff claims, a right to dollar-for-dollar redemption,” she argues.

On the other hand, she considers it inaccurate for the staff to suggest that just because an issuer’s reserve is valued at some point above the face value of its coins in circulation, the issuer has sufficient reserves to meet unlimited redemption requests (whether from intermediaries or holders) in the future.

“The staff also exaggerates the value of the issuer’s reserves as collateral by claiming that some issuers publish reports, called proof-of-reserves, showing that a stablecoin is backed by sufficient reserves. As the SEC and PCAOB have warned, proof-of-reserves reports do not prove such a thing,” she adds.

The SEC’s Conclusion

For the Commissioner, these legal and factual errors in the staff’s statement severely harm holders of dollar stablecoins and, given the central role of these coins in crypto markets, also harm crypto investors in general. Moreover, she highlights that they feed into a dangerous industry narrative about the supposed stability and safety of these products.

“This is especially evident with the staff’s choice to repeat a highly misleading marketing term: digital dollar, to describe U.S. dollar stablecoins. Make no mistake: there is nothing equivalent between the U.S. dollar and privately issued, unregulated, opaque (even clearly opaque to the staff itself), uncollateralized, uninsured cryptoassets loaded with risk at every stage of their multi-level distribution chain. They are a risky business,” she argues.

What Is Happening in Other Parts of the World?

Interestingly, in Latin America, interest in stablecoins has grown over recent years as a tool against inflation—as seen in countries like Argentina and Venezuela—as well as an alternative for facilitating international transactions (Mexico being a prime example) and promoting financial inclusion.

In terms of regulation, the situation varies widely by region. However, Brazil stands out, where a significant increase in stablecoin use has been observed, accounting for around 90% of cryptoasset transactions in the country. According to experts, this growth has led authorities to consider specific regulations to address challenges related to oversight and enforcement.

Across the Atlantic, the European Central Bank (ECB) continues its efforts to ensure that the digital euro meets the Eurosystem’s objectives and aligns with legislative developments within the European Union. In this regard, two major steps were taken last year. First, the ECB published its first progress report on the preparation phase of the digital euro. It highlighted the design of high privacy standards so that digital payments, both online and offline, closely resemble cash transactions. In addition, work began on a methodology to calibrate holding limits for the digital euro.

Second, in December 2024, the ECB published its second progress report, covering progress made between May and October 2024. During this period, the Regulation Development Group completed a review of the initial draft regulation, addressing approximately 2,500 comments. Furthermore, seven new working groups were launched focusing on critical areas such as minimum user experience standards, risk management, and implementation specifications.

Flows Tell the Story: Credit Investors Seek Hedges Rather Than Opportunities

  |   For  |  0 Comentarios

Credit investors seek hedges
Pixabay CC0 Public Domain

During the last week of March, high-quality credit continued to attract money, but it was the inflows into government bonds that really stood out. According to Bank of America (BofA), the good news on the macroeconomic front is that the rotation into European equities has continued, although at a slower pace.

However, the BofA report clarifies that the recent price action in credit in recent days points to a market that is seeking hedges rather than taking advantage of declines to buy. “We are watching closely for any emerging signs of outflows in high-quality credit, which would be a clear catalyst for a more negative price trend across the corporate bond market. With volatility on the rise, we highlight that fixed income investors are starting to show a preference for buying government debt again,” they indicate.

Main Trends

The BofA report shows that high-quality funds recorded significant inflows, with short-term investment-grade funds continuing to attract flows. Specifically, medium-term funds registered outflows, while long-term funds also recorded some inflows. “We continue to highlight our preference for the short end of the credit market. High-yield funds have now suffered four consecutive weeks of outflows after seven weeks of inflows,” the report states.

Similarly, high-yield ETFs also posted outflows last week, marking four consecutive weeks. Regionally, globally focused funds underperformed significantly for the second consecutive week, recording the majority of outflows, while U.S.- and Europe-focused high-yield funds saw similar levels of outflows.

Another interesting point is that government bond funds recorded another week of notable inflows after two weeks of outflows—the largest since June of last year. In addition, money market funds also saw inflows during the past week, and global emerging markets (EM) debt funds also attracted inflows. “Overall, fixed income funds recorded inflows over the past week, driven by inflows into government bonds and investment-grade funds,” BofA notes.

Finally, equity funds posted another inflow, making it eight consecutive weeks of inflows. “However, it is worth noting that, for the second consecutive week, the pace of inflows has slowed to nearly half compared to the previous week,” the experts at the firm conclude.

PPB Capital Partners Expands Access To Alternatives

  |   For  |  0 Comentarios

PPB expands access to alternatives
Pixabay CC0 Public Domain

Facing continued market uncertainty, wealth advisors are increasingly shifting toward private market strategies to protect and grow client portfolios. 

In response, PPB Capital Partners has expanded its offerings by 50% over the past year, introducing access to high-demand asset classes such as litigation finance, energy infrastructure, venture technology and digital assets. 

This expansion comes as traditional portfolios face mounting challenges – from elevated public equity valuations to rising geopolitical tensions. Advisors are seeking more resilient, uncorrelated investments and PPB is stepping in with curated, institutional-grade solutions tailored to evolving client goals. 

“By working closely with our network, we curate high-conviction strategies that help advisors build resilient, future-ready portfolios,” said Frank Burke, CFA at PPB.

The firm’s rebranded platform, Capital Markets Solutions, is built not as a product shelf but as a problem-solving model. It provides access to exclusive strategies, robust diligence, and outsourced investment consulting, giving advisors tools to manage risk and generate PPB. 

“We deliver more access to elite, distinguished managers for uncorrelated, differentiated returns with the ability to generate alpha,” said Evan Deussing, CIMA’s head of Distribution. 

Strategies are now available through platforms like CMS span Hedge Funds, Private Credit and Multi-Family Real Estate. 

By transforming direct feedback into actionable investment solutions, the firm remains committed to helping advisors navigate today’s complex market envirnonemtn while positioning portfolios for long-term success. 

Aiva and Zest Capital Sign Strategic Agreement to Boost Wealth Management in Latin America

  |   For  |  0 Comentarios

Aiva Zest Capital strategic agreement
Aiva 2025 Conference in Punta del Este | Funds Society

Aiva, a Wealth Management solutions platform with over 30 years of experience in Latin America, and Zest, a firm specialized in financial advisory and wealth planning, have formalized a strategic alliance aimed at redefining access to and the quality of financial services in the region, as announced in a joint statement.

“This agreement consolidates Aiva’s regional expertise, distribution network, and institutional backing with Zest’s technological proposition, digital focus, and direct-to-client model. The result is a comprehensive, modern, and highly competitive offering tailored to individual clients, independent financial advisors, and family offices across Latin America,” the statement adds.

Through this partnership, Aiva’s clients and strategic partners will gain access to XP International’s platform—one of the leading financial groups in Brazil and Latin America—as well as Addepar, the global solution for portfolio consolidation and wealth analysis. At the same time, Zest will incorporate into its portfolio a range of structured savings solutions, international life and health insurance, and advanced wealth planning services for high-net-worth individuals.

“This alliance marks a key strategic step in strengthening our value proposition and expanding our regional reach. By combining our strengths with Zest’s agility and digital vision, we are now positioned to offer a more efficient, comprehensive, and investor-oriented platform tailored to the needs of the modern investor,” said Elizabeth Rey, Managing Partner at Aiva.

Arthur Silva, CEO and Founder of Zest, added: “Partnering with Aiva means incorporating decades of experience, institutional prestige, and a consolidated regional network. This synergy allows us to enhance our offering with top-tier solutions while preserving our technological and independent essence. It is a solid step toward our regional expansion.”

Both firms emphasized that with more than USD 4 billion in assets under advisory, this agreement lays the groundwork for a new chapter in the development of Wealth Management in Latin America—one defined by innovation, scalability, independence, and access to world-class solutions under the backing of the XP Group.

J.P. Morgan Private Bank Adds Francisco Baixauli as Banker in Miami

  |   For  |  0 Comentarios

Francisco Baixauli J.P. Morgan Miami
LinkedIn

J.P. Morgan Private Bank has added Francisco Baixauli to its Miami team as a banker, according to an announcement by Simon Levine, Managing Director and Head of the Southeast Region of the U.S., on his personal LinkedIn profile.

“We’re pleased to welcome Francisco Baixauli to J.P. Morgan Private Bank as Vice President and Banker in our Miami office,” Levine wrote. “Throughout his more than decade-long career, Francisco has been dedicated to helping high-net-worth clients preserve generational wealth so they can enjoy a secure and rewarding future,” he added.

According to the post, Baixauli has long-standing ties to the Miami area and works closely with business owners, entrepreneurs, executives, and multigenerational, global families.

He joins from Bernstein Private Wealth Management, where he worked for five years. Previously, he was an Associate Relationship Manager at Fortune Partners for three years, and before that, he held the position of Asset Management Analyst at J.P. Morgan.

Baixauli holds a Bachelor’s degree in International Trade from the University of Valencia and earned a Bachelor of Science in Business Administration from the University of North Carolina Wilmington. According to his professional profile, he holds FINRA Series 66 and Series 7 licenses.

Argentina Lifts Currency Controls, a Turbulent Monday Expected

  |   For  |  0 Comentarios

Argentina lifts currency controls
Pixabay CC0 Public Domain

The day has finally arrived; speculation has come to an end. In a move that surprised the market, the Argentine government announced that on Monday, April 14, currency controls will be lifted. The South American country will implement a new managed floating exchange rate regime, with a band ranging from 1,000 to 1,400 pesos per dollar, expanding by 1% monthly.

The Central Bank will only intervene if the official dollar rate moves beyond those limits. In practice, this means the peso could depreciate by up to nearly 30% without direct state intervention, should the U.S. dollar approach the upper band limit of 1,400 pesos. On Friday, April 11, the official dollar closed at around 1,100 pesos.

Due to the restrictions, Argentina has long operated with multiple exchange rates. On one hand, there’s the parallel, illegal or “blue” dollar, which has risen in recent weeks. On April 11, it closed at approximately 1,370 pesos, widening the “gap” with the official dollar to nearly 30%. There are also the legal financial exchange rates—MEP and CCL (Contado con Liquidación)—which involve the buying and selling of Argentine bonds. As of April 11, both were trading close to the blue dollar at around 1,350 pesos.

A Long History

Currency controls have been in place in Argentina for many years. The so-called “cepo cambiario” was introduced during the presidency of Cristina Fernández de Kirchner in October 2011. Though her ideological opponent, former President Mauricio Macri, lifted it, the relief was short-lived: he was forced to reimpose controls in September 2019. His successor, Alberto Fernández, tightened restrictions further, with regulations that increasingly limited access to the dollar for both businesses and individuals.

Over the weekend, the so-called “crypto dollar”—which trades 24/7—served as a sort of market thermometer ahead of Monday’s opening, with quotes hovering around 1,330 pesos. This value, close to the top of the new exchange rate band, signals the volatility many economists expect at the start of the trading day.

President Javier Milei spoke in a nationwide address on Friday night, accompanied by his entire Cabinet. In a pre-recorded message, he announced that the exchange rate controls will be “eliminated forever,” that Argentina will receive a total of $32 billion, and that the Central Bank’s reserves will reach $50 billion.

“With this level of reserves, we can back every peso in our economy, providing greater monetary security to our citizens,” he stated.

That afternoon, Economy Minister Luis Caputo held a press conference following the Central Bank’s unveiling of phase 3 of the economic program: the long-awaited end to exchange rate controls.

The measures were announced on Friday after markets closed, in the context of a new agreement with the International Monetary Fund (IMF) for $20 billion, of which $12 billion will arrive immediately on Tuesday, April 15, according to Caputo. The figure cited by Milei also includes loans from private banks to the Central Bank and from international organizations.

According to Caputo, exchange controls have caused damage and “have affected the normal functioning of the economy.”

Regarding the IMF agreement, it includes quantitative and structural targets covering fiscal performance, accumulation of international reserves, GDP behavior, and inflation trajectory.

In terms of the primary surplus, the agreement with the IMF sets an accumulated target of 6.07 trillion pesos by May 31, 2025 (equivalent to 0.5% of GDP), and 10.52 trillion pesos by year-end (1.3% of GDP). In his speech, Milei raised the target to 1.6%.

On the reserves side, the goal is for the Central Bank to end 2025 with $4 billion in net positive reserves. This target is cumulative from December 2024 onward.

The Central Bank also announced a differentiated regime between “flows and stocks” for legal entities. Companies will be able to freely access the official exchange rate to pay interest on debt and dividends to parent companies, as long as these are accrued after January 1.

Market Expectations

There is high anticipation in Argentina regarding where the dollar will land on Monday, April 14, when markets open at 11 a.m. local time. While the market has welcomed Milei’s austerity policy, it has kept a close eye on the Central Bank’s dollar reserves.

According to analysts at Puente, “The government made concessions (to the IMF) to secure greater financing. The liberalization of the exchange market is stronger than expected, and we expect the exchange market to be virtually unified starting Monday.”

However, several questions linger. One is what level the unified or official exchange rate will stabilize at. “We expect it to remain within the bands and between the current official and financial dollar rates, perhaps after an initial overshooting,” they added.

“On Monday, the official dollar should open between the April ROFEX dollar (1,200 pesos) and Friday’s CCL (1,350 pesos). We expect it to open high, closer to the CCL (as happened in December 2015), and then settle around the ROFEX level of 1,200 pesos,” said a report by FMyA, the consultancy led by economist Fernando Marull.

Banco Galicia’s research team published a special report titled “Super Monday,” analyzing the government’s recent measures. According to the report, the exchange rate bands are “much wider than in the cases of Israel, Chile, Colombia, among others we’ve studied.” The bank says this “more closely resembles Peru’s dirty float, though the IMF Staff Report states there are no planned interventions within the bands.” The institution expects “some initial jump” in the exchange rate on Monday but believes that supply “should respond quickly” after recent weeks of uncertainty.

Earlier, in a frenetic Friday for market participants, March inflation was released and came in higher than expected: 3.7%. Looking ahead, a further rise in the consumer price index appears inevitable. FMyA estimates that April and May inflation will hover around 5% monthly before falling to below 2%, ending 2025 at 35%.

There is another important factor: legislative elections are scheduled in Argentina this year. The market is wondering how competitive Javier Milei will be, considering the likely impact that lifting exchange controls will have on poverty, inflation, and economic growth.

Miami Prepares for the CAIA Florida Spring 2025 Networking

  |   For  |  0 Comentarios

Photo courtesy

With Karim Aryeh, Board Member of CAIA Florida, as the main organizer, the Florida chapter of the Chartered Alternative Investment Analyst Association will host the Spring 2025 networking event for Miami’s industry to meet and build networks in South Florida. It will be next Tuesday, April 15, starting at 5 PM, at Hutong Miami, the Northern Chinese cuisine restaurant located at 600 Brickell Avenue.

The association invites industry professionals to make new connections within the investment community at a “night of drinks, appetizers, and good company.” The event is sponsored by CORPAG and Funds Society will be the media partner.

CAIA Florida, founded in 2016, has the mission to grow, strengthen, and promote education in alternative investments and network creation among local investment communities throughout the state of Florida.

To register, click here.

Apex Group Acquires FTS Tech

  |   For  |  0 Comentarios

Pixabay CC0 Public Domain

Global financial provider Apex Group has announced the acquisition of FTS Tech, Inc., a move that reinforces its commitment to digital transformation in fund management. 

The acquisition brings $17 billion in assets under administration to Apex Group and adds 15 new employees. Flow’s technology will be integrated into Apex’s suite of services, offering an all-in-one digital solution for market clients. 

“This acquisition furthers our mission to drive innovation in the private markets,” said Peter Hughes, Founder and CEO of Apex Group. “We’re delivering a superior, digital-first experience and strengthening our leadership in fund services.” 

Clients will gain a range of benefits including: 

  • End-to-end private markets infrastructure that streamlines investor onboarding, data management, entity administration and compliance. 
  • Enhanced efficiency and transparency through real-time insights, automation and improved reporting tools. 
  • Scalability for fund managers, offering a frictionless operating environment that allows GPs, LPs and platforms to scale faster with administrative burdens. 

Founded in 2018, Flow provides infrastructure software that promotes transparency and communication among fund managers and stakeholders. The acquisition builds on the firms’ existing partnership, which launched Apex Ventures. 

Brendan Marshall, Co-Founder and CEO of Flow said, “Joining Apex Group allows us to scale our vision faster and bring greater innovation to our clients.”

Flow’s clients will now gain access to Apex’s full range of services, including fund administration, ESG solutions, and capital markets support. Legal advisors included Goodwin for Flow and Kirkland & Ellis for Apex Group.