The hiring of a veteran Miami-based executive will strengthen the offerings of Aegon, Brown Advisory and Pinebridge Investments in the offshore wealth segment.

FT's Hugo Petricioli said clients turned to mutual funds in 2020 in search of exchange-rate protection and higher returns via international equities.

The industry was not pleased with the placement of stringent caps on fees they can pass on to affiliates, but cheered plans to boost payroll contributions substantially.

Along with approving the withdrawal of funds to fend off economic hardships caused by the pandemic, deep reforms are being discussed in both countries.

To avoid a tax hit, higher earners may shift their redemptions to local mutual funds using the voluntary retirement framework.