José Minaya, CEO and global investment leader, joined us at FundForum 2026 to discuss how volatility is reshaping client expectations and why investment businesses must rethink how they scale, reduce friction and prepare their operating models for the next era of growth.
In today’s markets, record highs sit alongside elevated tail risk, creating an environment where portfolio construction has shifted from a theoretical discipline to an urgent priority. Investors are trying to navigate sharper swings, greater uncertainty and a growing need for solutions that can withstand a wider range of outcomes. Traditional approaches to diversification and access are being tested, and firms are under pressure to modernise how they deliver investment capabilities to clients.
Volatility and the urgency of modern portfolio construction
José explains that what once felt academic has become immediate. Markets are at all‑time highs, yet uncertainty is just as elevated. Tail risk is rising, and clients are increasingly focused on how their portfolios will behave if conditions deteriorate. This shift has made portfolio construction a real‑time priority rather than a long‑term theoretical exercise.
For CEOs, the challenge is no longer just about investment capability. It is about delivering solutions that help clients manage volatility without adding complexity. José emphasises that firms must rethink how they provide access to strategies, how quickly they can deliver them and how technology can reduce friction across the entire client experience.
Friction is still the biggest barrier to private market access
Despite the growing importance of private markets in long‑term portfolio construction, most investors still hold far less exposure than model portfolios recommend. José highlights that the gap is not driven by education but by friction.
Documentation requirements, tax complexity, liquidity constraints and limited transparency continue to slow adoption. These operational barriers make private markets difficult to scale responsibly at a global level. José notes that the industry is now racing to modernise access, using technology to streamline processes and reduce the administrative burden that has historically discouraged investors.
As firms work to close this gap, the ability to deliver private market solutions efficiently is becoming a core competitive capability rather than a specialist function.
Technology and access now matter as much as investment capability
José points out that the capabilities CEOs prioritise today look very different from those of the past. Historically, investment expertise was the defining factor in how firms competed. Today, access is just as important.
Reducing friction, improving transparency and delivering solutions through modern technology platforms are now central to how global investment businesses scale. José emphasises that firms must build operating models that allow clients to reach the strategies they need quickly, clearly and with minimal administrative burden. Technology is no longer an enabler. It is a requirement.
AI will reshape operating models and talent
Looking ahead, José sees AI as one of the most significant forces shaping the future of investment firms. The disruption will be substantial, bringing both opportunity and threat. But the real differentiator, he believes, will be people.
Firms need talent that can embrace AI, adapt quickly and use technology to enhance decision‑making. Culture will determine whether organisations can capture the benefits of AI or fall behind competitors who adopt it more effectively. In José’s view, people with AI will outperform people without it, making talent strategy a central priority for CEOs.
What the next 12 to 18 months mean for investment businesses
Across global markets, firms face a convergence of structural pressures: rising volatility, operational friction, shifting investor expectations and rapid technological change. José’s message is clear. The businesses that succeed will be those that modernise access, strengthen operating models and prepare their people for an AI‑enabled future.
Portfolio construction is no longer defined by traditional diversification or long‑term theory. It is defined by the ability to deliver solutions efficiently, reduce friction and build resilience in a market where volatility is becoming a defining feature rather than an occasional event.
