BlackRock reported a net profit of USD 2.21 billion, or USD 14.06 per share, for the quarter. Its adjusted earnings were USD 12.53 a share, topping analysts’ ⁠expectations by 99 cents. Assets Under Management (AUM) stood at USD 13.89 trillion, up from USD 11.58 trillion a year earlier.

Investment advisory performance fees reached USD 272 million in the first quarter, a significant spike above USD 60 million in the same period in 2025. However, the world’s largest asset manager has a headache to deal with: its stock value is down over 2% in 2026, lagging behind its smaller rival, State Street.

Investors have closely monitored the health of BlackRock’s investments in private credit, an industry that has attracted large amounts of investor capital in recent years but has recently experienced significant outflows from some managers. The 2025 bankruptcies of US auto parts supplier First Brands and car dealership Tricolour highlighted the risks in a sector criticised for a lack of transparency.

BlackRock had USD 320.4 billion in assets in its private markets business in the first quarter, down from USD 322.6 billion at the end of 2025. The figures also included USD 9.1 billion in net inflows and USD 8.5 billion of returns of capital, along with a USD 2 billion drop in market values.

As per CEO Larry Fink, demand for private credit products has remained “structural,” reflecting the retreat of banks from some markets following the 2008 financial crisis and increasing global debt figures.

“While retail investors have pulled back from some private credit funds, institutional demand is accelerating,” Larry Fink said, as the higher returns and low leverage ⁠of private credit offerings have made these entities (the funds) a core part of how investors build portfolios.

“The wider spreads in the market point to shifting short-term sentiment that may create challenges for some providers, a situation that favours BlackRock competitively,” Larry Fink concluded.

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The strategy, named CI Morningstar International Value Index ETF (VXM), uses a factor-based approach to invest in undervalued companies in developed markets outside the United States and Canada.

“The ETF has a strong track record, ranking number one out of all mutual funds and ETFs in the Morningstar International Equity Category based on total returns over the one, five and 10-year periods ending February 28, 2026. The ETF is offered in Canadian dollar Hedged Common Units and Unhedged Common Units,” CI GAM said.

The ETF is currently available in formats like a mutual fund (CI Morningstar International Value Hedged Index Fund, which invests in Hedged Common Units of the ETF and is available in mutual fund Series A, F, I and P units) and ETF series (Unhedged USD Common Units, which have started trading on the Toronto Stock Exchange).

“Market developments over the past 15 months have underscored the importance of diversifying investor portfolios beyond the United States and Canada. CI Morningstar International Value Index ETF is a compelling choice for investors seeking robust international content for their portfolios due to its well-constructed, multi-factor approach and exceptional long-term outperformance. The ETF’s value orientation also makes it a solid complement to growth-oriented US portfolios,” said Jennifer Sinopoli, Executive Vice-President and Head of Distribution for CI GAM.

“By providing expanded access to this proven strategy, we’re giving Canadian investors more options to build resilient portfolios,” the official added.

“The VXM strategy focuses on undervalued international companies by providing diversification across regions and investment styles. A value-based international portfolio provides an excellent diversifier for growth-oriented North American large-caps. It further capitalises on current attractive valuations of select companies in international markets,” CI GAM noted.

The VXM strategy also uses a systematic factor-based approach that screens for traditional value metrics while avoiding value traps (firms with weakening fundamentals), apart from providing a portfolio well diversified by country, sector and market cap, as it includes small and medium-sized companies, along with large caps.

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“Vanguard Investor Choice continues to help improve the corporate governance ecosystem by ensuring the voices of more investors can be heard. We are proud to continue to pioneer proxy voting choice for index fund investors, empowering them to more directly express their proxy voting preferences for their proportionate share of the funds,” John Galloway, Global Head of Investor Engagement at Vanguard, said.

“In 2025, we more than doubled participation in Investor Choice, reflecting strong – and increasing – investor interest in proxy voting. Going forward, we plan to continue to make it easier for all investors in our US equity index funds to participate,” said David Reiner, Head of Investor Choice at Vanguard.

Meanwhile, the value of assets that Vanguard manages outside the United States has surpassed USD 1 trillion, with the company now planning a significant global expansion, with the goal of doubling the number of clients and assets in its portfolio in five years.

Salim Ramji, the chief executive of the world’s second-largest asset manager, told the Financial Times (FT) that globally, there would be “unbelievable opportunities” as governments seek to encourage millions of savers to put their excess cash into investments.

He said the United Kingdom and Europe were “overexposed to cash and cash deposits,” partly because investing is “too expensive, too complex, and there are lots of barriers in the way to helping people make good long-term investments.”

Vanguard, which oversees assets worth more than USD 12 trillion globally, specialises in low-cost products and offers ready-made investment funds for “DIY” investors. The company aims to more than double its 17 million international clients within the next five years to nearly 40 million.

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Following its acquisition of AXA Investment Managers in June 2025, BNP Paribas Asset Management now manages over 1.6 trillion euro, covering all asset classes and operating with varied strategies and distribution approaches. The acquisition was done to make the BNP Paribas Group the leading manager of long-term savings for insurers and pension funds in Europe, in addition to fulfilling goals like excelling in private asset fund collection and becoming one of Europe’s top providers of exchange-traded funds (ETFs).

By integrating the expertise of AXA IM, BNP Paribas Asset Management, and BNP Paribas REIM, the new platform now offers a diverse range of traditional and alternative assets, enhanced global distribution and improved innovation capabilities.

“The business intends to use the group’s integrated model, including origination and a broad distribution network, and maintains established positions in alternatives, long-term savings, and ETFs. The new strategy centres on four areas: broadening its presence in alternatives, expanding active management and ETFs, growing insurance and institutional partnerships, and increasing its retail and wealth management footprint,” reported Private Banker International.

BNP Paribas’ asset management targets also include more than 5% annual growth in assets under management, along with ensuring a revenue growth of around 4% per year from 2025 to 2030. It further plans to keep operating expenses steady during this timeframe, aiming for a cost/income ratio below 60% by the end of 2030.

According to BNP Paribas Asset Management’s roadmap, its pre-tax income is projected to nearly double by 2030 compared with expected 2025 levels, while Return on Notional Equity is expected to rise from 48% in 2025 to over 65% by 2030. The company expects approximately 150 million euro in revenue synergies and 400 million euro in cost synergies by 2029 through steps such as fund consolidation, platform integration, and efficiency improvements.

While stating about the venture’s plans to use AI across its investment processes and client service operations, BNP Paribas Asset Management CEO Sandro Pierri told the Private Banker International, “BNP Paribas Asset Management is entering a new phase of transformation and growth driven by structurally supportive trends on savings and investments. With our 2030 Strategic Plan, our ambition is to strengthen our position as one of the most powerful European investment platforms.”

“By combining quality and scale across public and private markets and the strength of the BNP Paribas ecosystem, we are uniquely positioned to connect savers and investors with all the opportunities of the real economy. Our mission is clear: deliver sustainable and resilient results for our clients while helping finance the economic transitions shaping the future,” Sandro Pierri concluded.

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The note further echoed the bitcoin allocations recommended by other major asset managers. Recently, Bank of America greenlit wealth advisors to recommend a BTC allocation of up to 4%, while BlackRock has pointed to 2%. The guidance further emphasises Bitcoin’s role as a complementary portfolio component rather than a core holding.

Eid emphasised a measured approach, not turning crypto into the centrepiece of a portfolio but using it as a complementary asset that can help absorb shocks from currency depreciation and global volatility. It is worth mentioning that Brazilian investors experienced heightened volatility as the real strengthened approximately 17% against the dollar in 2025. This currency volatility also amplified local losses for investors holding dollar-denominated assets like Bitcoin.

Bitcoin (BTC), the virtual currency, had a turbulent 2025, which saw the cryptocurrency surge to an all-time high above USD 125,000 in October before retreating to current levels around USD 90,000.

“An asset distinct from fixed income, traditional stocks, or domestic markets, with its own dynamics, return potential, and — due to its global and decentralised nature — a currency hedging function. The idea is not to make crypto assets the core of the portfolio but to include them as a complementary component — sized appropriately to the investor’s risk profile,” Eid wrote.

Products like BITI11, a bitcoin ETF traded in Brazil, saw their performance in reais affected by the weakening fiat currency. But in periods of stress, like the one seen in late 2024, the global nature of BTC provided some insulation.

Eid, however, warned against trying to time the market and suggested a disciplined, long-term mindset. A small, steady exposure to bitcoin can act as a partial hedge and offer access to global returns, especially as traditional asset correlations become less reliable.

“It calls for moderation and discipline: set a strategic slice (for example, 1%–3% of the total portfolio), keep a long-term horizon and resist the temptation to react to short-term noise,” Eid concluded.

Talking about Itau and the crypto market, the venture, in September 2025, established a specialised unit within its asset management arm, “Itau Asset,” to develop cryptocurrency investment products. Itau Asset is currently led by Joao Marco Cunha, formerly managing director at crypto asset manager Hashdex. Itau is right now managing three regulated cryptocurrency products with combined net assets of RUSD 850 million (USD 156 million).

These include a Bitcoin exchange-traded fund, the “Itau Bitcoin Index Unit Trust Fund” and the “Itau Flexprev Bitcoin Pension Fund.” Through its “Ion Itau” investment platform, customers can directly trade ten cryptocurrencies, including Bitcoin, Ethereum and the USDC stablecoin.

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Islamic funds are expected to remain the dominant category. However, the AMI remains exposed to oil-price sensitivity, local, regional and global market volatility and geopolitical risks. Equity-linked fee and performance income was weighed down by a circa 13% yoy fall in equity market capitalisation by the end of August 2025.

“Saudi Arabia’s AMI is on a steady growth path, supported by ongoing reforms and deeper local capital markets. Sharia-compliant funds remain the majority, with product breadth widening across areas such as new IPOs, sukuk and bonds, ETFs and private credit. New initiatives, such as voluntary pension and savings schemes, should enhance access and liquidity. Although market volatility and oil-price sensitivity pose near-term risks, foreign participation is rising and Saudi sukuk largely carry investment-grade ratings, supporting resilience,” said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings.

Fitch Ratings further reported that PIF’s recent MoUs with global asset managers such as BlackRock, Franklin Templeton, Neuberger Berman, and Northern Trust Asset Management would amount to about USD 12 billion and facilitate foreign capital and expertise inflows.

The share of Saudi bank-affiliated asset managers was 63.5%, while international and regional institutions rose to about 15%, it said. At the end of Q1 25, the industry AUM grew 21% yoy to USD 306.1 billion, with about half in private funds, followed by discretionary portfolio management, and public funds.

“The government aims for AUM to reach 31% of GDP in 2025 and 40% by 2030, from about 23% in 1H25. Foreign investors held 7.6% of government local debt issuances in June 2025 (2023: 5.2%),” the report noted further.

Talking about the steady emergence of Saudi Arabia’s AMI industry, a recent report from S&P Global Ratings predicted the Kingdom’s total AUM to surpass USD 500 billion by 2030, while citing factors like continuous regulatory reforms, development of debt and equity markets, increasing availability of exchange-traded funds (ETFs), real estate investment trusts (REITs), and various other retail and institutional products behind the phenomenon.

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“Diversification is very important, particularly in times of current uncertainty, to make tactical decisions that could help you beat the markets. We emphasise diversity. Based on that, a well-diversified portfolio will have somewhere between 10%-15% in gold. It is an alternative currency that is uncorrelated with other assets, because when you have a crisis, it tends to go up a lot and the others go down a lot,” Ray Dalio said while attending the launch of the Abu Dhabi Financial Week (ADFW) 2025.

In July 2025, he divested his final share in Bridgewater Associates, the hedge fund he started 50 years ago. The hedge fund veteran further stated that investors need to reevaluate what a neutral portfolio is and avoid becoming too heavy on traditional debt and asset classes, diversifying appropriately.

“The world is abundant in debt. When you are holding money, you are holding a debt instrument. And one man’s debt is another man’s asset. So, when you are holding it as an asset and a store of wealth, there is a problem,” Ray Dalio said.

Taking note of the rising geopolitical tensions, the hedge fund veteran remarked, “It’s important to know whose money you’re holding.”

He pointed out that countries like China, Japan, and Russia placed their reserves in US assets, mostly bonds, which ultimately didn’t work out well for them.

“For these reasons, people should consider what a neutral portfolio looks like and should not be so biased toward traditional debt and asset classes,” he added, while noting that even though American tariffs may bring in revenue for the world’s largest economy, the country is spending even more to service its debt.

Dalio compared the credit and capital markets to the human circulatory system, as he concluded, “Credit works like nutrients. If it’s directed into investments and activities that generate income, the system stays healthy. But when it’s not, debt servicing builds up like plaque, squeezing out other spending. That’s what we’re seeing happen now.”

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Effective January 1, 2025, the amendment is expected to benefit a wide range of businesses in the real estate and capital-intensive sectors, enhancing compliance, planning flexibility, and investor confidence, according to tax experts.

Dhruva, a leading tax advisory firm in the Middle East, welcomed the UAE government’s move, as it addresses a long-standing issue for taxpayers using the fair value model, who have been unable to claim depreciation deductions for their investment properties.

“This decision is a welcome step towards aligning accounting and tax principles in the UAE. It offers businesses more options and creates consistency in the treatment of investment properties for tax purposes. Importantly, it provides companies with a one-time opportunity to elect the realisation basis of taxation — a choice that is irrevocable and requires careful evaluation,” said Sandeep Kumar, Corporate Tax Partner at Dhruva.

Following the implementation of the new amendment, a taxable person can claim depreciation at an annual rate of 4% on the investment property’s original cost. However, to take advantage of this, the entity must elect the realisation basis of taxation, a permanent decision that must be made within a specified time frame. Additionally, once the election is made, it is final and must be made at the taxable person level. Businesses that fail to elect within the allotted time will permanently lose the ability to claim depreciation on investment properties held at fair value.

The Ministry of Finance has also outlined specific provisions for properties transferred under Business Restructuring Relief (BRR), Qualifying Group Relief (QGR), or within Tax Groups (TG), to ensure consistency and clarity in such arrangements. Furthermore, since depreciation under the fair value model does not appear in financial accounts, claiming it for tax purposes may create a temporary difference, leading to a deferred tax liability under international accounting standards.

Importantly, according to Dhruva, the decision also clarifies the tax implications upon the realisation of such properties, including adjustments for previously claimed depreciation. Special provisions have been established for intra-group transfers, business restructurings, and tax groups when realising such properties.

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The findings demonstrate PIF’s growing contribution to Saudi Arabia’s economic development and the formation of international markets.

The total amount invested in priority sectors since 2021 has surpassed USD 171 billion, with USD 56.8 billion allocated in 2024 alone. Since 2017, the fund has seen an average annual return of 7.2% for its entire portfolio, and its cash position has remained relatively stable, indicating strong liquidity.

PIF contributed USD 243 billion to the Kingdom’s non-oil GDP between 2021 and 2024, which accounted for 10% of the country’s non-oil GDP. By the end of 2024, the fund will have established 103 businesses, increasing its portfolio to 225 companies. It also promotes innovation, localisation, and strategic sectors. Partnerships were one of the major milestones in 2024.

PIF raised USD 16.83 billion in public and private debt while obtaining credit rating upgrades from Moody’s and Fitch, further broadening its global investment footprint. With a score of 96% on Global SWF’s 2024 GSR Scoreboard and a tie for first place worldwide in 2025 with a score of 100%, governance performance also achieved a significant milestone.

Additionally, PIF saw significant brand growth; in 2024, Brand Finance named it the most valuable and rapidly expanding sovereign wealth fund brand globally.

Meanwhile, Saudi Arabia’s sovereign wealth fund has reduced the value of its investments in the Kingdom’s megaprojects, such as its flagship development Neom, by USD 8 billion as lower oil prices and budget overruns impede efforts to revamp the domestic economy.

The Public Investment Fund, the primary force behind Saudi Arabia’s efforts to transform its economy, reported that at the end of 2024, its investments in Saudi mega projects were valued at USD 56 billion (SR 211 billion), a 12% decrease from the previous year. The amount of the write-down is USD 8 billion.

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For over 70 years, La Trobe Financial, one of Australia’s best-known and most trusted alternative asset managers, has consistently been delivering strong outcomes for investors managing their capital through changing market conditions.

“The urgency of this challenge is increasing. Globally, cost-of-living pressures are intensifying, and market volatility – midway through this decade – remains among the highest observations across this century. We expect this volatility to persist, underscoring the importance of durable income solutions for retirees,” Chris Paton, CIO at La Trobe Financial told International Finance.

“La Trobe Financial aims to deliver durable income solutions for investors across every market and economic cycle. Our ability to meet this challenge has earned the trust of our investors and driven significant growth in assets under management. While the solution may sound simple, many financial providers have struggled to deliver on both fronts,” he asserted.

Why Isn’t Everyone Doing It?

Trust is the differentiator – and it’s hard-earned. Building and maintaining trust requires consistent effort and focus across every part of a business. It’s not just about portfolio performance or the expertise of the investment team. It’s about the entire organisation aligning with a shared vision and delivering with conviction, time and again.

“Trust is more than goodwill on a balance sheet. In investment management, it’s the belief that a manager will uphold their mandate across market cycles, giving investors the confidence to allocate capital. Investors invest not only in products, but in the people, institutions, and systems behind them,” Paton added.

The La Trobe Financial Advantage

La Trobe Financial exemplifies the power of trust in investment management. With over 70 years of experience in the private credit asset class, the company has consistently delivered market-leading returns.

In 2025, International Finance recognised La Trobe Financial as the “Best Alternative Asset Manager – Lending – Australia” and the “Best Wealth Management Company – Australia”. The company has remained a cornerstone of Australia’s alternative asset management industry and the home of retirement-focused income solutions.

“Today, c.120,000 investors, from individuals to institutions and family offices, support our strategies. In 2023, we expanded our global footprint by launching the La Trobe US Private Credit Fund in partnership with Morgan Stanley. In 2025, we introduced the La Trobe Private Credit Fund, offering investors access to our two best-in-class, flagship private credit strategies via the ASX,” La Trobe Financial noted.

In times of economic uncertainty, the company’s commitment to delivering durable income solutions in a friendly, human way provides its investors with confidence and trust. At La Trobe Financial, trust is not just a value – it’s a strategic advantage.

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