At FundForum 2026, William Lopez, Head of Europe and Latin America at Jupiter Asset Management, examined the forces reshaping today’s investment landscape.
His perspective centred on how distribution power, digital access, operational scale and shifting global flows are influencing allocator behaviour across Europe. These pressures are redefining how managers reach clients, how they service them and how portfolios are being constructed in a market where volatility and structural change continue to shape decision‑making.
Distribution power and the competition for client access
Distribution is becoming one of the most decisive factors in asset management. Platforms, wealth managers and asset managers are consolidating, creating a tighter and more competitive environment for capital access. Investors increasingly expect multi‑solution relationships rather than single‑product interactions, pushing managers to broaden their offering and strengthen their presence across networks.
This shift is creating a clear divide between firms that can deliver breadth, speed and consistency across markets and those that struggle to adapt to new distribution expectations.
Digital access and the changing investor relationship
Digital access is transforming how clients engage with investment products. William highlighted the rise of digital channels and social‑media‑driven discovery, which are reshaping how investors learn, compare and select strategies. Traditional managers are adjusting their communication models to meet a buyer who expects immediacy, transparency and seamless access to information.
This evolution is not simply technological. It is redefining the tone, frequency and format of client interaction across Europe.
Operational scale and infrastructure consolidation
Operational scalability is becoming a core competitive advantage. Consolidation across transfer agents and custodians is reshaping the infrastructure that underpins client servicing. As both buyers and sellers of investment funds seek efficiency, operational setups are merging to deliver smoother experiences and greater scale.
For managers, operational strength is now directly linked to client experience, product flexibility and long‑term competitiveness.
Global equity rotation and allocator sentiment
Volatility driven by geopolitical tensions, inflation expectations and commodity dynamics has prompted investors to reassess their exposure to US equities. William noted growing appetite for emerging markets, Asia Pacific and Australia as clients diversify internationally and seek new sources of growth.
This rotation reflects a broader shift toward reducing concentration risk and exploring markets that benefit from structural themes such as technology, demographics and regional economic momentum.
Diversification beyond traditional 60/40 portfolios
Allocators continue to question the effectiveness of the traditional 60/40 mix. Demand for uncorrelated strategies is rising as investors look for diversification outside equities and fixed income. Absolute return strategies, precious metals and flexible fixed income are gaining traction as clients seek tools that can navigate volatility and deliver more stable outcomes.
Active ETF adoption across Europe
Active ETFs are gaining momentum, though the drivers differ from the United States. Europe lacks the tax advantages that fuelled US adoption, but transaction ease and operational flexibility are encouraging uptake in markets such as Italy, Germany and Switzerland. Allocator preferences vary by size and structure, with some teams still determining how active ETFs fit within their analytical frameworks.
Even so, interest is rising, and managers are actively evaluating how to expand their offerings in this segment.
