I previously stressed that artificial intelligence is not a tooling problem for asset managers, but an operating model problem and that strategy in the age of AI increasingly manifests itself through operating architecture rather than ambition alone. These perspectives inevitably lead to a more difficult and practical question: how does such a transformation actually unfold in a non-AI-native organisation?

2025 was marked by regulatory volatility and simplification efforts in the EU, with the European Commission announcing 10 omnibus packages to reduce regulatory burdens and boost competitiveness. These covered sustainability, chemicals, defence, digital, agriculture, and more.

Colombia enters 2026 with an economy that looks stable at first glance: growth has avoided a hard landing, the peso has surprised on the upside, and consumption remains resilient. However, these headline outcomes broadly overstate the economy’s strength. Fiscal accounts are deteriorating, security conditions are worsening in large parts of the country, and political fragmentation is complicating decision-making. The coming election cycle is unlikely to resolve these tensions on its own. At best, it will determine how they are managed.