The Great Transformation Of The Miami-Texas Corridor, Driven By Latin American Capital

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Historically, the outflow of Latin American capital to the United States was driven by defensive logic. Business owners and high-net-worth families transferred a portion of their wealth to safeguard it from devaluations, inflation, political uncertainty, or the financial crises that periodically hit the region. It was known as flight capital: money seeking refuge. Today, this phenomenon is undergoing a profound shift.

The flow of wealth originating from Latin America—and particularly from Mexico—is no longer driven solely by asset protection. According to the LATAM Family Office Society, business families are establishing permanent structures along the Miami-Texas corridor, turning it into a strategic hub from which they coordinate corporate governance, generational succession, international investments, private asset management, and co-investments alongside other high-net-worth families.

In other words, it is no longer about taking money out of the country, but rather about internationalizing the family business without abandoning its local operations. This shift represents one of the most significant transformations in the Americas’ wealth management and family office market over the past decade. The difference between the two models is substantial.

Whereas in the past a large portion of Latin American wealth arrived in the United States to remain relatively static—deposited in bank accounts, real estate, or financial instruments considered safe—the goal today is different.

Business families are establishing investment vehicles, international holdings, family offices, trusts, private foundations, and corporate governance structures that enable them to manage businesses spread across multiple countries, facilitate wealth succession, and involve new generations in decision-making.

Two US states are essential to these objectives: Texas has established itself as the operational hub for these structures, while Miami continues to serve as the financial and wealth gateway for Latin America.

The combination proves especially attractive to Mexican business owners due to geographic proximity, commercial integration under USMCA, the depth of the US financial system, and a growing ecosystem of specialized advisors catering to large fortunes—though, in reality, entrepreneurs and investors of many nationalities are making their way to these destinations.

The Figures Behind the Expansion and Model Shift

Capgemini’s World Wealth Report 2026 points out that the wealth of high-net-worth individuals (HNWIs) reached a record high of $98 trillion after growing 8.7% during 2025—the largest annual increase since 2018. The global population of HNWIs reached 25.3 million people, nearly two million more than the previous year.

North America once again concentrated a large portion of that expansion. The United States added 736,000 new millionaires during 2025, bringing its HNWI population to 8.7 million, while the segment’s total wealth grew by 9.2%. In contrast, Latin America showed much more modest growth.

Capgemini estimates that the wealth of Latin American high-net-worth individuals grew around 5.1%, while the HNWI population barely increased by 0.3%, reflecting that the region continues to face economic and political uncertainty. Mexico stood out within the regional context, posting a 5.4% increase in high-net-worth wealth and a 1.8% rise in the number of HNWIs.

Texas Is No Longer Just an Industrial Destination

For many years, Texas was viewed primarily as the state for manufacturing plants or US-Mexico trade-related companies; today, its role is quite different.

Houston, Dallas, and Austin have transformed into decision-making centers for Latin American family businesses, wealth planning firms, alternative investment managers, law firms, private banks, and tax advisors. Proximity to Mexico allows daily operations to run smoothly while strategic decisions regarding international investments, succession, or global expansion are made from the United States.

Furthermore, Texas offers an attractive environment due to its regulatory framework, lack of state personal income tax, lower operating costs relative to other US financial centers, and an increasing concentration of specialized talent.

Miami Retains Its Wealth Leadership

While Texas strengthens its corporate profile, Miami retains its position as the primary financial hub for Latin America’s largest fortunes.

The city hosts offices of virtually every major international bank specializing in private banking and wealth management, as well as legal, tax, and fiduciary firms tailored to Latin American clients.

According to the World’s Wealthiest Cities 2025 report by Henley & Partners and New World Wealth, Miami boasts around 38,800 millionaires, consolidating its standing as one of the world’s primary centers for mobile private wealth. The city continues to serve as a meeting point for investors, asset managers, and business families from Mexico, Brazil, Colombia, Argentina, Chile, and other Latin American markets.

Succession Becomes a Priority

One of the less visible drivers behind this transformation is the generational shift; thousands of Latin American family businesses will face wealth and corporate succession processes over the coming decade.

The challenge is no longer simply distributing assets, but preserving companies operating across multiple countries, managing private investments, coordinating different family branches, and preparing the rising generations.

In this context, family offices are evolving into comprehensive platforms capable of combining traditional investments with private assets, infrastructure, private equity, international real estate, and philanthropic strategies.

Wealth sophistication is also reshaping portfolio composition; according to Capgemini, 88% of high-net-worth individuals currently work with more than one wealth management firm, primarily to access opportunities in alternative investments, private markets, and specialized strategies.

This shift explains why Latin American family offices are demonstrating growing interest in private equity funds, private credit, infrastructure, technology, artificial intelligence, and international co-investments—they no longer seek merely to preserve wealth, but to participate directly in its creation.

The transformation of the Miami-Texas corridor reflects a far deeper shift than a simple geographic movement of capital. It represents the evolution of major Latin American fortunes toward an international model in which the family business ceases to be tied to a single country and begins operating through global investment, succession, and corporate governance platforms.

For Mexico, this trend is particularly meaningful. Growing economic integration with the United States, the nearshoring phenomenon, the consolidation of USMCA, and the expansion of business wealth are prompting an increasing number of families to professionalize the administration of their wealth through international structures. It is here that the old concept of flight capital loses its relevance.

In its place emerges a new era in which Latin American wealth does not abandon its home countries, but builds a second platform from the United States to compete in a global market.

M&G Names John Bruen As Head Of Infracapital

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Photo courtesyJohn Bruen, Infracapital

Infracapital, M&G’s infrastructure equity investment platform—integrated within its Private Markets division with £81 billion in assets under management—has appointed John Bruen as the firm’s new head. He will join on September 1 and report to Emmanuel Deblanc, Chief Investment Officer of Private Markets at M&G Investments.

According to the company, John brings over 25 years of international infrastructure investment experience. He joins from H.I.G. Capital where, as Managing Director and partner, he helped establish the firm’s infrastructure platform and raise its first value-add infrastructure fund, which reached $1.3 billion. He also possesses extensive experience investing in and managing portfolio companies across the infrastructure sector, having previously worked at Macquarie Asset Management and Ferrovial Airports.

He will succeed Martin Lennon, who is retiring after a career of more than 36 years in the industry. Since co-founding Infracapital in 2001, he led its growth into one of Europe’s leading middle-market infrastructure investors. Under his leadership, Infracapital raised over £9 billion across a series of dedicated funds investing in essential infrastructure across Europe, through public-private partnerships, brownfield infrastructure assets, and greenfield projects spanning energy, digital infrastructure, transport, and utilities.

Infracapital notes that at a time when Europe seeks to strengthen its energy security, accelerate decarbonization, drive digitalization, and foster economic growth, the company plays a prominent role in financing and developing the essential infrastructure on which communities and businesses rely.

Key Reactions

“John is a highly respected leader in the infrastructure sector, with an outstanding track record in investing and building businesses. His combination of investment expertise and leadership capabilities, alongside his strong industry relationships, position him exceptionally well to lead Infracapital into its next phase of growth at a time when demand for investment in essential infrastructure continues to rise across Europe. I would like to thank Martin for his extraordinary contribution to the business over the past 28 years. Under his leadership, Infracapital has established itself as a trusted partner for both investors and portfolio companies, while playing a pivotal role in developing the infrastructure investment sector in Europe. Martin will remain actively involved during the leadership transition process, working closely with the team to ensure a smooth handover and continuity for clients and stakeholders,” highlighted Emmanuel Deblanc, CIO of Private Markets at M&G Investments.

For his part, John Bruen stated: “As demand for infrastructure continues to grow, driven by the energy transition, digitalization, and the need to modernize critical assets, the market presents significant long-term investment opportunities. Infracapital’s investment approach, deep sector expertise, and strong track record place it in a privileged position to capitalize on these structural trends. I am excited to work alongside the team to build on these strong foundations and continue generating value for our investors and stakeholders.”

“I am proud of what we have built at Infracapital over the past 25 years. Our success has been made possible thanks to the contributions of numerous highly talented professionals, both past and present, and the trust our clients have placed in us. Together, we have helped transform infrastructure investing from a niche strategy into an established asset class for institutional investors, and it has been a privilege to experience that evolution firsthand. I retire with peace of mind knowing that the firm is in an exceptionally strong position for the future,” added Martin Lennon regarding his departure from the firm.

My Stock Has Become A Meme: Who Is Really Moving The Stock Markets?

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Pixabay CC0 Public DomainAuthor: LoboStudioHamburg!, Pixabay

The US stock market broke all its trading records on October 8, 2025: according to SEC data, volume reached 6.26 million orders in that single session, making it the highest-volume trading day in history since data collection began in January 2012. In 2026, we could be on track to break that record (the US regulator only provides data through December 31, 2025), driven by the sharp spike in volatility brought about by the war between Iran and the United States, which has triggered severe periodic corrections. However, who is actually moving the equity markets? Have stock market dynamics changed? And, most importantly, how are active management firms adapting to this new reality?

“Twenty years ago, it was big asset managers who could engage in price discovery; they were the ones moving the market. But the market has changed a lot, and now it is retail investors and hedge funds setting the rules of the game, and we should admit it,” reflects Huseyin Turan, portfolio manager of the J Safra Sarasin Tech Disruptors fund at J. Safra Sarasin Sustainable Asset Management (JSS SAM). Various data sources confirm this manager’s impression.

According to Reuters data, retail investor flows into US equities reached record levels in 2025, topping $308 billion. This represents a 14% increase over the “meme stock” craze seen in 2021, when flows of $270 billion were recorded.

Citadel confirms the continuation of this trend in its first-half 2026 report on market structure and flows, noting that during May and June it recorded an average daily cash equity trading volume 65% higher than in 2025, and more than double the 2024 average: “Nine of the ten highest-activity trading days ever recorded on our platform took place in the last two months, including seven in the month of June alone.” In fact, they point out that June 12 registered the largest single-day net volume of retail investor purchases ever observed on the platform, exceeding the previous record by 50%. It is worth noting that Citadel is the number one market maker for retail investors in the US, executing approximately 35% of all retail orders.

One of the keys to this spectacular increase in trading relates to expanded access for retail investors who did not previously invest in the market; according to Citadel, 50% of lower-income US households—traditionally the least active investing segment—today hold more than $615 billion in stocks and mutual funds, an all-time high. Since 2010, participation in stocks and mutual funds among the bottom 50% of US households by purchasing power has grown by more than 570%, outstripping any other income group.

“Buy the Dip,” “Meme Stocks,” and “Dumb Money”

In late 2020, video game retailer GameStop was one of the most heavily shorted stocks on the US market. Everything changed following a post on a Reddit forum by a user arguing that the company was undervalued. Soon, other forum users began investing in GameStop, driven partly by this user’s thesis—US investor Keith Gill, known on the forum as @RoaringKitty or @DeepFuckingValue—but also guided by a mix of emotions, ranging from nostalgia for bygone days to defying Wall Street elites.

GameStop became the first documented meme stock in history: users began buying shares en masse, eventually triggering a short squeeze (hedge funds that had taken short positions were forced to unwind them and buy back shares to cover losses, driving the stock price up and triggering further short covers). As a result, the stock rose from trading at $1.50 per share to hitting highs of $81.25 in a matter of weeks.

Five years later, the company continues to trade at nearly 15 times above its lows and recently submitted a takeover bid for eBay that was rejected by the company. According to SEC filings, GameStop holds a 10% stake in eBay, suggesting this chapter is not yet closed.

GameStop is not the only example, though it remains the most iconic instance of these sharp speculative movements centered on individual stocks that suddenly capture all the headlines for a brief period. This behavior has also been labeled “dumb money” by various media outlets. Another high-profile case, which resulted in a regulatory probe, involved Elon Musk’s tweets recommending investments in the cryptocurrency Dogecoin.

For Hartwig Kos, Head of Multi Asset Allocation at Allianz Global Investors, the recent IPO of SpaceX was the latest major meme. In an interview with Funds Society, Kos explained that his team has started working on identifying “meme themes”: “You position yourself from a fundamental standpoint, but you must also keep in mind what the trending topics are in the market, because the weight of the retail investor is very significant today. Currently, it is a market largely dominated by ‘animal spirits,'” he detailed.

Kos and his team also track whether retail investors buy during steep downturns, a behavior termed “buy the dip.” Citadel’s report confirms that retail investors purchased nearly 3.5 times the average daily volume on days when the S&P 500 closed lower during the first half of 2026.

For Fabiana Fedeli, CIO of Equities, Multi-Asset, and Sustainability at M&G Investments, one of the major shifts in equities since COVID has been the rise in dispersion across stocks, sectors, and countries. She cited as an example that in 2025, the materials sector “was fantastic in Asian emerging markets and very mediocre across the rest of the world.”

During a media presentation at the firm’s London office, Fedeli stated: “Investors are becoming increasingly specific and idiosyncratic,” while noting that retail investor participation in markets has virtually doubled since 2019 and that today’s retail investors are far better informed than in the past thanks to broader access to diverse information sources, including social media.

The expert defended M&G’s active management approach based on fundamental analysis, though without ignoring these trends: thus, if one of the stocks they hold or have on their radar becomes a meme stock, the protocol is to review the fundamental thesis: “If we believe it is truly worth buying, we wait for that ‘meme’ trend to cause its price to plunge, and then we enter; or, if we hold that stock and the ‘meme’ trend is pushing it to levels we believe completely overvalue future earnings, then we sell it.” Fedeli emphasized that the firm does not seek to actively participate, because “narratives change too quickly.”

At JSS SAM, manager Huseyin Turan notes that, in the case of mega-cap stocks, retail investor speculation “is not going to move share prices all that much.” Turan, who identifies as an X user (formerly Twitter) and a reader of several blogs, explains regarding comments from such accounts: “We have learned many good things from some Substack bloggers, but we are very selective. I don’t believe they have the capacity to move share prices, but they can move the narrative or the debate surrounding a stock.”

The Role of Passive Management

However, attributing stock market dynamics simply to the more or less irrational behavior of retail investors means taking the part for the whole. Citadel’s own report speaks of 2026 as witnessing “the structural transformation of equity markets” and draws conclusions regarding the primary forces currently moving markets: “Concentration, passive investing, retail investor participation, leverage, and volatility are no longer independent trends. Together, they increasingly determine how capital flows, how prices are set, and how risk is transferred.”

Among this set of interconnected trends, the growing role of passive management is worth highlighting. According to ETFGI data compiled in its Global ETFs Industry Landscape Insights report, the global ETF sector reached a record $23.09 trillion in the first half of the year, with net inflows hitting an all-time high of $1.33 trillion.

From M&G, Fabiana Fedeli warns that this changing dynamic is in turn altering how institutional investors allocate capital: “We have a number of clients who have asked us to start moving some money from passive to active management in areas where we believe we can generate greater returns actively.” The expert offered the example that year to date, returns for the Magnificent Seven have ranged between 6% and 7%, whereas investing in the 300 largest constituents of the S&P 500 “would have yielded more than double.” “Forget index investing. Real alpha can be achieved through stock picking,” she asserted flatly.

Fedeli added that more sophisticated asset owners are also shifting their asset allocation, moving from a strategic asset allocation to what she described as a “total portfolio allocation”: while a traditional strategic allocation involves a series of asset blocks assigned different static weights, allocations in this new model are far more dynamic and unanchored from indexes, instead establishing absolute return targets tailored to investor needs. “It is a harder way to invest, but many of us are adapting gradually. Today’s reality is that we have moved away from passive investing and there is greater capacity to be more granular,” she concluded.

The Weight of the Momentum Factor

“We are in a momentum market: the more something rises, the more it tends to rise afterward. These markets are very lucrative because they capture major long-term trends, especially when leverage is involved… and we are currently at peak leverage levels,” says Víctor de la Morena, CIO of Amundi Iberia, clarifying that he was referring primarily to institutional money.

During an outlook presentation for the second half of the year in Madrid, De la Morena explained that this combination of momentum and leverage is helping investors multiply their gains during uptrends, “but it generates tremendous volatility, because when those trends break, the pullbacks are brutal.”

De la Morena warns that investors seem already “accustomed to this type of market” where large swings can occur—in fact, unprecedented levels of volatility are being recorded in the Nasdaq—yet this combination of momentum and leverage is creating “a great deal of distortion.”

Kriti Gupta, Global Investment Strategist at J.P. Morgan Private Banking, and Nick Roberts, portfolio manager, point out the obvious: today it is AI capturing all the momentum. “Investors are not only buying shares in companies adopting this technology, but are also capitalizing on scarcities related to its development. This includes GPUs, memory, networking equipment, power generation, grid infrastructure, cooling, transformers, copper, gas turbines, and data center capacity. This trend has come at the expense of enterprise software and commercial services.”

Both experts note that the outperformance of this winning group has been historic so far this year, pointing out that internal dispersion within the momentum factor is at its highest level since 1990: “While a basket of large-cap US non-AI stocks is up 3.5% this year, a basket tied to AI data centers has generated a 47% return. The benchmark MSCI USA Momentum Index has risen 43% since the S&P 500’s trough on March 30, representing a rally more than double that of the broader index,” they note.

The latest test for this dynamic lies in the IPOs announced for this year. SpaceX’s successful debut has already brought an extra influx of demand, although De la Morena points out that “since the year 2000, no entity had demanded so much money from the market.” The expert stressed the need to monitor these “market tests” very closely to determine “to what extent that appetite reflects tangible investment rather than speculation.”

Regarding the IPOs announced for after the summer—Anthropic and OpenAI—De la Morena concludes with this warning: “What lies ahead could be an avalanche of capital, and that money has to come from somewhere: either it exits other assets, or it comes from liquidity and savings… or credit is extended to fund it.”

From Peru to the U.S. and Latin America: Diagonal Investments’ Strategy

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Photo courtesySantiago Rey, Partner And Co-Founder Of Diagonal Investments

With the goal of going beyond typical Latin American private banking strategies designed for the short and medium term, Peruvian financial boutique Diagonal Investments is betting on financial advisory for high-net-worth families in the region. Thus, the firm acts as an arm of U.S.-based Sanctuary Wealth in Latin America, serving clients from a variety of countries—predominantly Peruvian investors—with ambitions for continued growth.

This is what Santiago Rey, partner and co-founder of Diagonal says in a interview with Funds Society : “Our main focus is investment advisory, and we firmly believe we are the best at it,”. While they do not have internal capabilities for corporate, tax, or wealth structuring matters, the firm guides investors by connecting them with those services. “We have experience seeing how different solutions perform from an investment perspective—something that tax advisors or lawyers do not necessarily handle,” he notes.

Currently, the boutique is placing emphasis on strengthening its team, which Rey describes as top-tier. Between their investment professionals and client service personnel, he explains, they are prioritizing internal training, synergy among team members, and recruiting more talent.

“We remain very selective when adding new investment advisors. Beyond technical knowledge of markets and products, our priority is ethical and moral alignment,” the co-founder emphasizes.

Four Years and Counting

Diagonal Investments launched in December 2022, leveraging the extensive experience of its two founders, Santiago Rey and Rodolfo “Rudy” Rake, in serving high-net-worth clients in the region. The turning point, according to Rey, was the pandemic. Following an extensive local career—where he worked for years as head of wealth management for BCP’s institutional clients—and on Wall Street—leading JPMorgan’s global investment desk for Mexican clients—Rey pivoted during the COVID era toward advising high-net-worth Peruvian families.

“Taking advantage of a period of significant market turbulence, where people were worried and unsettled by volatility,” he explains, Rey achieved good results with his portfolios, rotating them beyond the traditional concentration in Latin American bonds. During that time, the co-founder reconnected with Rake, who was working at Morgan Stanley at the time as Managing Director. Rake boasts a 16-year track record between New York and Miami—having also worked at Citigroup Smith Barney in addition to the investment bank—acting as a counterparty for major Latin American institutions.

Rake was subsequently recruited by Sanctuary Wealth, a U.S. platform for investment advisors, to expand middle-market business in the region. There, Rey began collaborating with him on certain client accounts, which inspired both professionals to launch a new firm: Diagonal Investments. The firm was also established as a strategic alliance with Sanctuary, which provides international muscle.

In Rey’s words, creating this financial boutique operating on a fee-on-AUM (assets under management) model responded to a “major opportunity to offer an independent advisory service, featuring portfolios more closely aligned with clients’ actual needs and long-term investment opportunities.”

Peru and the Rest of the Neighborhood

Given both founders’ ties to Peru—their country of origin—Lima has become the epicenter of Diagonal Investments, serving as the hub from which they have built the business. “Today it is our most important market, both in terms of client numbers and assets under advisory,” Rey explains, describing it as “a very interesting market” due to the opportunities it offers.

Although the country boasts abundant wealth and opportunities for growth and investment, political turbulence over the past decade has created some hesitation among local and foreign investors.

“This has translated into a two-way dynamic: on one hand, many high-net-worth families have moved money out of the country via dividend distributions instead of reinvesting in their companies; on the other, little foreign capital has entered due to a lack of visibility into long-term policies,” he notes. Looking ahead, Rey sees potential tailwinds if a climate of greater stability and growth consolidates under the presidency of Keiko Fujimori.

“If that confidence is restored, business owners may stop withdrawing dividends and start reinvesting locally, which would somewhat reduce the outflow toward offshore wealth management,” he indicates.

In addition to Peru, Diagonal has a client base in Miami—where they also maintain an office—Ecuador, and Mexico. These markets, the co-founding partner details, are where they see the greatest potential for regional growth, making them key targets for deepening their presence. However, the executive emphasizes that any expansion plans in these markets depend on finding the right people.

“We are always open to meeting expert professionals with a local presence in each of the region’s countries, as that represents a real growth opportunity for us,” Rey says.

Backed by Sanctuary

Considering Diagonal’s strong offshore capabilities, it is no surprise that its relationship with Sanctuary Wealth plays a central role for the Peruvian boutique.

“We maintain a very close relationship, focused on ensuring client service is top-notch and operates as smoothly as possible,” the co-founder highlights, noting the scale of the U.S. firm, which oversees more than $60 billion in assets. “That proximity has allowed us to jointly develop tools that give us significant differentiation compared to regional competitors today,” he adds.

Beyond leveraging Sanctuary Wealth’s network of custodian banks and infrastructure in the United States—including its broker-dealer and compliance teams—all advisory contracts are signed in the U.S. with the company under American regulation. The U.S. firm also contributes its dedicated investment strategy team, led from New York by Mary Ann Bartels, an experienced Wall Street strategist. The research and analysis they produce serve as input for Diagonal, where advisors manage client portfolios.

These portfolios are constructed based on model portfolios, which are subsequently customized to meet the specific needs of each family’s wealth. To achieve this, advisors blend the strategy from Bartels’ team with insights from the Peruvian firm’s investment committee, which meets monthly to adapt strategy recommendations coming from the U.S. “Our clients’ portfolios end up looking quite similar to one another, even if each has unique details. The recommendation for all our clients comes from that same process, because we want the experience to be consistent for everyone,” Rey concludes, clarifying that they do not perform discretionary portfolio management.

State Street to Expand Its Presence in Latin America with Santander CACEIS Latam Securities Services

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State Street Corporation announced today that it has signed an initial agreement to acquire the Santander CACEIS Latam Securities Services joint venture in Brazil, Mexico, and Colombia. The joint entity, owned by Banco Santander and CACEIS, holds approximately $470 billion in assets under custody (AUC) and around $225 billion in assets under administration (AUA). The transaction will reinforce State Street’s presence in Latin America and establish the firm as a leading provider of custody, foreign exchange, and other middle- and back-office solutions across the region’s three largest institutional investment markets.

Combining State Street’s global platform with an established local market presence, regulatory expertise, end-to-end service capabilities, and top talent in Latin America will significantly expand the company’s global asset servicing network and strengthen its ability to support institutional investors in some of the world’s fastest-growing investment markets.

“Our success in servicing the world’s largest and most sophisticated global investors is built on our deep local presence and expertise around the globe. Effectively serving global and regional clients in Brazil, Mexico, and Colombia requires that same formula of local presence and specialized knowledge,” said Ron O’Hanley, Chairman and CEO of State Street. “This transaction will enable us to better serve our global clients with cross-border and local investment needs in Latin America, while also strengthening our ability to support investors in accessing growth opportunities and managing global portfolios to deliver better outcomes,” he added.

Following the closing of the transaction, State Street expects to retain the business’s experienced local teams and continue operating the entities through their existing market licenses and regulatory frameworks.

Joerg Ambrosius, President of Investment Services at State Street, stated: “Our clients are looking for an essential partner capable of delivering seamlessly across all markets.” He concluded: “By combining State Street’s global platform, which serves clients in more than 100 markets, with established local capabilities in Latin America, we are creating a stronger, more connected service model. This expanded model will help clients navigate complexity, manage risk, and pursue growth in the region with complete confidence.”

State Street intends to enter into definitive acquisition documentation following the completion of consultation processes with relevant employee representatives. The transaction is subject to regulatory approvals and other customary closing conditions, and is not expected to close until sometime in 2027.

Goldman Sachs & Co. LLC is acting as financial advisor to State Street on the transaction, while Freshfields is serving as legal counsel.

UBS Delivers Another Record Quarter Driven by Wealth Management Business

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Photo courtesy

The largest banking integration carried out since the 2008 financial crisis is entering its final stretch. However, beyond the operational success of the Credit Suisse absorption, UBS’s second-quarter results conveyed another, far-reaching message for the global financial industry: the wealth management business continues to consolidate its position as the single most critical source of growth for major international banks.

According to its financial report, during the second quarter of 2026, UBS reported net profit of $2.8 billion and pre-tax profit of $3.6 billion, while underlying profit rose to $3.9 billion—a 45% increase compared to the prior-year period. Revenues grew by 13%, driven by solid performance across virtually all divisions.

Nevertheless, the metric observed most closely by the wealth management industry was altogether different. The Global Wealth Management division successfully attracted $36 billion in net new assets during the quarter, bringing the total to $73 billion for the first half of the year—a clear signal that the firm continues to capture wealth from high-net-worth clients even after integrating the vast majority of Credit Suisse’s legacy business.

As a result, total invested assets managed across the entire group reached a record high of $7.3 trillion, a figure that cements UBS’s position among the largest wealth managers globally.

The New Wealth Landscape

During the earnings call, executive management highlighted that growth was particularly robust in the Americas and Asia—regions where the high-net-worth population continues to expand and where demand for specialized financial advice maintains a structural upward trajectory.

In this context, client transaction revenues within the wealth management unit grew 23% year-over-year, reflecting heightened investment activity propelled by more dynamic financial markets and a renewed risk appetite throughout much of the quarter.

The combination of new inflows, higher advisory fees, and a favorable investment environment reinforces a trend recently mirrored by other financial titans such as BlackRock, Vanguard, Morgan Stanley, and JPMorgan: competition no longer centers merely on selling financial products, but on managing long-term relationships with increasingly wealthy and sophisticated clients.

Credit Suisse Fades from the Headlines

Just three years ago, UBS faced the formidable challenge of absorbing Credit Suisse following the latter’s collapse. Today, that process is virtually ceasing to be a source of uncertainty. The institution reported that over 90% of legacy technology applications have been decommissioned and nearly 70% completely decommissioned, while cumulative synergies have reached $12 billion in gross cost savings—nearing the target of $13.5 billion slated for year-end.

For investors, this signals that the bank can once again pivot toward growth rather than integration. The results also underscore how the business model of major international banks has evolved. While traditional lending activities face compressed margins and heightened regulatory burdens, wealth management offers recurring revenues, lower capital requirements, and client relationships that frequently span decades.

In UBS’s case, Global Wealth Management generated revenues of $7.1 billion—approximately half of the group’s total top-line revenue—consolidating its role as the bank’s primary growth engine.

Capital Return and Regulatory Outlook

Furthermore, this financial strength enabled UBS to announce a new $3 billion share buyback program, of which at least $1 billion is slated for execution over the coming months—though the pace of execution will also depend on forthcoming capital rules being discussed by Swiss regulators in the wake of Credit Suisse’s collapse.

For the global wealth management industry, UBS’s results yield an important conclusion. The Credit Suisse integration is fading as the central talking point. In its place emerges a structural reality: wealth creation continues to expand, high-net-worth individuals remain in pursuit of specialized advice, and institutions with global scale are the primary beneficiaries of this shift.

If a decade ago the race was to become the largest bank, today the competition appears concentrated on managing the largest possible pool of private wealth. And, for now, UBS is demonstrating that this strategy continues to pay off.

Janus Henderson Announces the Acquisition of Australian Firm Insignia Financial’s Investment Businesses

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Photo courtesyAli Dibadj, Chief Executive Officer (CEO) of Janus Henderson

Janus Henderson has entered into a strategic partnership with Insignia Financial Ltd (Insignia), one of Australia’s leading wealth management providers. The transaction includes the acquisition of three specialized investment managers: Antares Fixed Income, Antares Equities, and Fairview Equity Partners.

The three firms manage approximately AUD 33 billion in Australian fixed income, large-cap equities, and small-cap equities, “significantly reinforcing Janus Henderson’s commitment to Australia and expanding its local investment capabilities,” according to the asset manager. Furthermore, the client base is predominantly institutional—encompassing both Insignia mandates and third-party institutional clients—while also featuring a range of well-established retail investment strategies.

Post-Transaction Integration

Upon completion of the transaction, Antares Fixed Income will integrate into Janus Henderson’s existing Australian fixed income team, creating one of the largest dedicated fixed income offerings in the local market. Antares Equities will join Janus Henderson’s global equity business, continuing to offer Australian large-cap equities to institutional and retail clients.

Meanwhile, Fairview Equity Partners—in which Janus Henderson will acquire Insignia’s 40% stake—will continue to operate independently as a specialized boutique manager focused on Australian small-cap equities.

The transaction reinforces a long-term strategic partnership between Janus Henderson and Insignia, through which Janus Henderson will provide a broad suite of its global investment capabilities to Insignia’s investment solutions. The alliance supports Insignia’s objective of delivering scalable, cost-effective investment solutions for its members and clients, while providing both firms with a foundation for long-term growth.

Janus Henderson’s Strategy

According to the asset manager, the transaction aligns with Janus Henderson’s overarching strategy to partner with major institutional clients and scale its existing capabilities in high-demand areas. Additionally, it advances its strategic priorities by consolidating its core business in Australia and diversifying its capabilities through the addition of investment teams with established track records.

“We are excited to announce this partnership with Insignia, which significantly strengthens our presence in Australia and reflects our long-term commitment to a market of strategic importance for the firm. By combining the acquisition of established investment teams with a long-term partnership, we deepen our relationship with a leading wealth manager and expand the capabilities we offer to our clients,” said Ali Dibadj, Chief Executive Officer (CEO) of Janus Henderson.

Garry Mulcahy, CEO of Asset Management at Insignia Financial, added: “We are delighted to enhance our strategic partnership with Janus Henderson. Combining Janus Henderson’s global investment capabilities with the expertise of the Antares and Fairview teams establishes a strong foundation for future growth in the Australian market. We have a long-standing relationship with Janus Henderson and look forward to continuing our work with such a high-caliber global investment firm.”

The financial terms of the transaction were not disclosed. Closing is expected to occur in the fourth quarter of 2026, subject to customary closing conditions, including regulatory approval.

Lazard AM Strengthens Its Senior Leadership Team with the Appointments of Chris Bricker and Theodore P. Enders

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Photo courtesyFrom left to right: Chris Bricker, Chief Corporate Development Officer, and Theodore P. Enders, Head of Product.

Lazard Asset Management (LAM) has reinforced its senior leadership team with the appointments of Chris Bricker as Head of Corporate Development and Theodore P. Enders as Head of Product, as part of its strategic growth initiative. According to the firm, both appointments reflect LAM’s commitment to expanding its investment and solutions capabilities to meet evolving client needs and build the foundation for the firm’s next growth phase, while remaining true to its long-standing active management focus.

“These appointments bring together two complementary capabilities at a pivotal moment in LAM’s evolution. Chris and TP are highly regarded industry veterans. Chris brings more than three decades of experience with a sharp focus on identifying, structuring, and integrating strategic opportunities. TP has spent his career building premier product strategies through a rigorous, client-centric lens that aligns investment capabilities, client requirements, and business priorities. Together, they will help us make disciplined decisions on where we invest, how we scale, and how we deliver differentiated solutions to clients worldwide. I am delighted to welcome them to Lazard,” said Chris Hogbin, CEO of Lazard Asset Management.

Chris Bricker, Head of Corporate Development

Bricker will lead corporate development and LAM’s strategic growth agenda. His focus will center on opportunities that leverage the firm’s core strengths as an asset manager, enhance its client value proposition, and expand its footprint in priority areas. He will report directly to Chris Hogbin, Chief Executive Officer of Lazard Asset Management.

Bricker joins from AllianceBernstein, where he spent over three decades and most recently served as Head of Corporate Development and as a member of the Operating Committee. Throughout his tenure, he led a wide array of transactions and strategic partnerships while driving one of the firm’s largest product expansions. Previously, he oversaw AllianceBernstein’s publicly traded alternative assets business and led both product strategy and M&A.

“Opportunities to help shape how a firm of this caliber scales—rather than simply expanding existing operations—are rare. Lazard Asset Management has both the ambition and the platform required to grow and better serve its clients. That prospective outlook is what drew me here, and I look forward to working alongside Chris Hogbin and the broader Lazard team to future-proof the business,” stated Chris Bricker, incoming Head of Corporate Development.

Theodore P. “TP” Enders, Head of Product

For his part, Enders will lead LAM’s global product strategy, overseeing the development of the firm’s platform across investment strategies, vehicles, client channels, and geographic markets. Working in close collaboration with investment, distribution, and regional leadership teams, he will prioritize the capabilities and solutions best positioned to differentiate LAM and drive growth. His mandate is to enhance Lazard’s ability to translate its investment expertise into concrete, scalable, and client-relevant solutions. He will report to Rosalie Berman, Chief Operating Officer of Lazard Asset Management.

Enders joins from Goldman Sachs, where he served for over two decades as a Managing Director at Goldman Sachs Asset Management. He most recently served as CIO and previously held the role of Global Head of Product Development, managing an international team. In that capacity, he led the integration of a key European acquisition, supervised the firm’s first mutual-fund-to-ETF conversion, and launched a suite of option-based income ETFs.

Enders added: “Having spent more than two decades in the industry, I have always admired Lazard as one of the most respected houses in active management, boasting a legacy and client base that few can match. The vision and ambition the firm has outlined for the coming years are compelling, and I am excited to help shape the product strategy with the rigor and discipline that this vision demands.”

LAM’s Next Phase of Growth

Bricker and Enders will jointly work to translate LAM’s strategic priorities into a defined, client-centric agenda designed to drive profitable growth. Their efforts will underpin the firm’s evolution: identifying where it can best serve clients and determining how to efficiently deliver new capabilities to market under the Lazard 2030 strategic plan.

Andersen Iberia Opens a Strategic Hub in Miami To Connect Europe and Latin America

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Andersen Iberia has launched the Miami Hub, a strategic base through which the firm will coordinate advice for Latin American, Spanish, and international clients—including high-net-worth individuals, family businesses, investors, and corporations—with business interests spanning Spain, Latin America, the United States, and other markets.

With this initiative, Andersen Iberia reinforces its positioning as a strategic partner for clients operating internationally, drawing on its experience in cross-border transactions and the coordination of specialized teams in tax, wealth planning, real estate investment, family enterprise, and business law.

José Vicente Morote, Managing Partner of Andersen Iberia, emphasized that this opening comes in response to growing demand from the firm’s clients: “An increasing number of companies and high-net-worth individuals are asking us for advice that isn’t limited to a single jurisdiction, but rather understands their operations, tax position, and legal risks across different countries from a global perspective. With the Miami Hub, we respond to that need by offering a physical and operational benchmark that strengthens our value proposition as an integrated firm.”

The Miami Hub is led by Jorge Martínez Alemán, Counsel at Andersen, who brings a solid track record in tax and wealth advisory for family businesses and high-net-worth individuals. Holding a degree in Business Administration and Management from the University of Valencia, he completed his training with a Master’s in Taxation and a Master’s in International Taxation at the CEF (Center for Financial Studies). Beyond his specialization in international tax law, he holds extensive experience in real estate transactions in Spain and tax planning for athletes. Ranked by the Chambers High Net Worth guide for 2023, 2024, and 2025, he is an active member of the Spain-United States Chamber of Commerce in Miami, Florida.

Miami Hub: A Multidisciplinary Team Serving Transatlantic Operations

Andersen’s Miami Hub provides companies, investors, and family offices with interests in Europe, Latin America, and the United States with coordinated advisory services that combine business vision, technical expertise, and international reach.

As highlighted by the firm, when a matter requires it, the Miami Hub will work in close coordination with local teams and advisors, thereby ensuring a tailored response to the specific needs of each transaction and jurisdiction. To achieve this, it relies on the backing of Andersen Iberia’s teams in Spain and Portugal, allowing it to offer deep knowledge of the legal, regulatory, and tax frameworks applicable to transatlantic operations.

Added to this is the know-how of Andersen Global, which boasts a presence in 185 countries and over 50,000 professionals worldwide. Specifically, in Latin America, the firm operates in 18 countries, while in the U.S. it has 30 offices and 2,500 professionals.

In this way, the Miami Hub supports clients in structuring and executing cross-border investments, corporate transactions, and wealth management projects—helping identify opportunities, anticipate risks, and provide the legal certainty required for decision-making in an increasingly complex global environment.