PITTSBURGH, July 14, 2026 /PRNewswire/ — XSparks, a global AI transformation firm, today named Cosmo Mariano as Chief Client Outcomes Officer. A transformation leader with more than two decades scaling and transforming technology businesses and customer operations, Mariano joins the firm to close the gap between AI pilots and real business results.

Mariano leads client AI business strategy across the XSparks portfolio. His counterpart, CTO Angad Singh Wadhwa, leads AI technology strategy. Together their teams solve complex business problems with AI that works in production, then prove it on a number the CEO can take to the board.

The mandate targets the hours and headcount a business spends to operate software instead of running the business. What Cosmo calls “the software tax.” Workers log into ten systems and spend the day operating them: hunting for data, copying it from one app to the next, and updating records by hand, just to get the output their job needs. The cost is measurable. Knowledge workers switch between applications nearly 1,200 times a day and spend just under four hours a week reorienting after each switch (Harvard Business Review, 2022). That lost time compounds across an entire workforce. Asana’s research puts about 60% of the average knowledge worker’s day on work about work rather than the job itself.

Companies have spent heavily on AI. Enterprise spending on generative AI more than tripled in a year, from $11.5 billion to $37 billion (Menlo Ventures, 2025), yet 56% of CEOs report no financial benefit and only 12% captured both revenue and cost gains (PwC, 2026).

XSparks sees the deeper reason as structural. The first wave of enterprise AI was built to assist people, not to run the work: copilots that retrieve, summarize, and suggest while a person still operates the software by hand. The procedures underneath were never redesigned, so the work never left the people. Individuals got faster at their tasks. The cost of running the business stayed, and the margin never moved.

“People blame the AI. The AI was never the problem,” said Mariano. “Companies added it on top of the way they already work, so the procedures never changed and the work never left their people. The tools sped individuals up, but the business ran the same way and the P&L never moved. And the pilots that did show promise died before production, because a pilot is not an operating model. Getting there takes redesigning the workflow, standing up the infrastructure to run AI on it, and keeping people in the loop to operate it. That is what we build. AI does the work. People direct it and own the outcome. You keep the margin.”

XSparks rebuilds a company so AI runs the work, rather than bolting AI onto legacy operations as another tool. The firm delivers through one methodology, Think. Build. Operate.: find where AI moves the P&L, deliver a first working system in four to six weeks, then operate and improve it after launch. Every engagement is guided by the AI Operating Model, or AIOM: the model XSparks deploys across consulting, technology composition, and managed operations. Its technology pillar is a seven-layer architecture that connects to the tools, data, and workflows a company already runs, so AI can move across the operation instead of stalling in a single pilot. XSparks reports the result to one quarterly number, the AI Return Multiple, measured across cost, revenue, time, capacity, quality, and risk.

Mariano’s work spans three fronts of the rebuild: business model design, product innovation, and the change management and education programs that carry a workforce through it. He helps CEOs redesign how the business makes money around what AI now makes possible, shapes the new AI-native products that come out of the rebuild, and builds the enablement that turns a plan on paper into a team that can run it.

That shift elevates people into a role XSparks calls the Agentic Leader.

“Cosmo has spent over 20 years helping operators turn technology into results they can measure,” said Harbinder Khera, Co-Founder and CEO of XSparks. “That discipline is what the AI market is missing. Vendors sell the demo and walk away. Cosmo makes sure the system reaches production and keeps paying off, quarter after quarter. His work shaped how we deliver every engagement.”

Mariano brings more than two decades of scaling and transforming technology businesses, customer operations, and partner ecosystems, where he led the integrations, the projects, and the transformations, not just the advice. He writes on practical AI strategy for senior operators at linkedin.com/in/cosmomariano.

About XSparks 

Founded in 2023, XSparks is a global AI transformation firm. The firm rebuilds operations so AI runs the work, using one methodology, Think. Build. Operate., and stays accountable for the result through the AI Operating Model and a quarterly AI Return Multiple. XSparks runs seven offices across four continents, with operational headquarters in Pittsburgh, and works across leading AI, cloud, and enterprise technology ecosystems. No AI Theater. Accountable from Idea to Outcome. Learn more at xsparks.ai.

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Strengthens Kroll’s competition, regulatory and disputes offering amid growing demand for economic expertise in complex transactions, litigation and investigations

NEW YORK, July 15, 2026 /PRNewswire/ — Kroll, the leading independent provider of global financial and risk advisory solutions, today announced that it has acquired ABC economics, a leading economics and competition advisory firm headquartered in Berlin, Germany. The deal further strengthens Kroll’s fast-growing economic and econometric capabilities to advise clients on decisions that are complex, contested or with material capital at risk.

ABC economics has built a strong reputation for advising on competition matters ranging from damage quantification, national and EU-wide mergers and acquisitions, abuse of dominance cases, market definition, cartels and horizontal agreements, vertical agreements, sector inquiries and market investigations, state aid, intellectual property and international trade and commercial disputes including (international) arbitrations and securities litigation, to regulatory matters, for example in telecommunications and energy markets. The firm’s work spans multiple jurisdictions and languages, reflecting its footprint and the increasingly international nature of complex disputes.

Founded by renowned economist Frank Maier–Rigaud, ABC economics is recognized for its rigorous, academically grounded approach to competition and regulatory work, as well as its growing role in arbitration and litigation. The firm advises leading law firms, corporations and financial institutions across Europe and internationally.

The acquisition reflects a broader shift in the market, as clients increasingly seek economic expertise alongside traditional accounting and financial analysis to address complex regulatory scrutiny, damage quantification and disputes. Courts, regulators, competition authorities and arbitral tribunals are placing greater emphasis on robust economic evidence, driving demand for specialist advisory capability.

“Kroll is the definitive authority at the intersection of valuation, risk and transactions. Economic analysis is playing a central role in today’s most complex litigation, arbitration and regulatory matters,” says Michael H. Dolan, President, Financial Advisory, Kroll. “ABC economics brings exceptional intellectual depth, independence and credibility. Together, we are significantly enhancing our ability to help clients navigate high–stakes matters where economics is decisive.”

“ABC economics was built with a clear philosophy: rigorous economic thinking, scientific knowledge, intellectual honesty and a focus on substance,” says Frank Maier–Rigaud, Founder of ABC economics. “Joining Kroll allows us to take that approach further – working within a global advisory platform that values technical excellence, deep domain expertise and enables us to tackle a broader range of economic questions where we can make a difference.”

“This acquisition comes as legal and regulatory markets undergo structural change. Competition and regulatory scrutiny are intensifying globally, while litigation and arbitration increasingly embrace sophisticated economic reasoning rather than purely accounting-based analysis,” says Michael Weaver, Managing Director and International Valuation Advisory Services Leader, Kroll.

This transaction follows the successful launch of Kroll Economics and Decision Intelligence earlier this year. Devin Rochford, Managing Director, based in Atlanta, U.S., also recently joined the team.

About Kroll

As the leading independent provider of financial and risk advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex valuation demands. Kroll’s team of more than 6,500 professionals worldwide continues the firm’s nearly 100-year history of trusted expertise spanning risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.

About ABC economics

ABC economics supports clients seeking expert economic and econometric advice in competition or regulatory matters, whether in the context of (international) arbitration or litigation cases or in front of competition authorities or regulatory bodies. Combining scientific knowledge with intellectual rigour, sector expertise and a deep understanding of how competition authorities and regulators work, we develop clear and intuitive assessments based on robust economic analysis complementary to the legal arguments. This ensures effective results for our clients.

Our success rests on the firm belief that effective economic consulting results from a combination of a profound understanding and knowledge of economic concepts and methods with a detailed knowledge of the factual, legal and regulatory context within which economic questions arise and are analysed. We view ourselves as providing a bridge between academia and applied economics and are actively involved in policy discussions and in stimulating the academic debate. Our economists regularly publish in highly reputed policy and scientific journals.

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91% of Natixis strategists believe AI will be the key factor driving market performance in H2 202688% believe productivity gains from AI will translate into higher corporate profits67% expect US equities to outperform in H2, with 42% identifying US markets as likely to deliver the best returns globallyOver half (55%) say concerns about private credit have been overstated

LONDON, July 15, 2026 /PRNewswire/ — Investors are heading into the second half of 2026 faced with a wide range of potential risks, from the ongoing US-Iran conflict, to volatile energy markets to persistent inflation, yet despite this, nine out of ten (91%) Natixis strategists are optimistic that Artificial Intelligence (AI) will be the key factor driving market performance in H2 2026.

Of the 33 market strategists, portfolio managers, research analysts and economists across the Natixis Investment Managers affiliated group, (88%) expect the AI sector will accelerate, and only (12%) believe the bubble will burst in the second half of the year.

However, despite optimism, Natixis strategists are still cautious on AI given the disruptive nature of the technology, as (79%) believe volatility driven by AI fears is here to stay and could potentially spread across multiple industries. Concentration risk is also a worry, as (85%) rank it as a medium or high risk in the second half of the year, due to only six or seven AI companies driving a disproportionate level of market returns.

Inflation and geopolitical risk

Inflation remains persistent heading into H2, driven by the US-Iran related spike in energy costs. Overall, (97%) of strategist’s rank inflation among the top risks (70% medium and 27% high) in the second half of this year, a notable jump from 79% on the same question in the survey last year.

The US-Iran conflict was a key catalyst behind the inflation spike in the first half of the year, with the closure of the Strait of Hormuz doubling oil prices. While a joint memo of understanding between the US and Iran helped ease energy costs, this relief may be temporary. Natixis’ strategists do not see the Iran war as an isolated incident. In the second half of the year, (70%) say that an escalation or re-escalation of the war could represent a key risk, (64%) believe a new geopolitical conflict could arise and two thirds (67%) say it is the confirmation of a realignment of the world order. 

Nearly eight in ten strategists (79%) warn of a renewed energy crisis in the second half of the year, given the potential threat of the shipping lane closing again. Looking further ahead, the consequences may not all be negative. Over two-thirds (67%) believe the war will ultimately serve as a catalyst for increased investment in renewable energy and they do not expect energy prices to revisit the extremes seen earlier in the year. (82%) believe oil prices have already peaked, none expect prices to return to the lows seen at the start of the year.

Recession worries eased

Natixis strategists are less worried about a recession risk this year with only (3%) rating it high, (27%) saying it will be a medium risk, compared with a total of (62%) who rated recession as a medium or high risk in last year’s survey. This year, strategists are more concerned about forces reshaping the economic landscape. On monetary policy, nearly six in ten (58%) think the Fed will hold rates in H2, while more than half (52%) believe rate hikes are more likely for the Bank of England, and roughly three-quarters say the same for both the ECB (76%) and the Bank of Japan (76%). Fewer than half (45%) of Natixis’ strategists believe a central bank mistake poses a meaningful risk in the second half.

On trade, 70% of strategists say tariffs are now a long-term feature of trade assumptions, and nearly nine out of ten (88%) see opportunity emerging from deglobalisation as supply chains become increasingly regional. Nearly eight in ten (79%) believe the war in Iran will intensify competition between the US and China, yet 85% believe the Chinese economy will remain resilient.

Jack Janasiewicz, Portfolio Manager, Natixis Investment Managers Solutions, comments: “The first half of 2026 has presented a challenging environment for investors as they navigate the simultaneous pressures of geopolitical disruption, persistent inflation, and an energy shock. While recession fears have eased, inflation remains a persistent risk alongside ongoing geopolitical tensions. Yet, despite these headwinds, our strategists see clear opportunities and remain optimistic heading into the second half of the year—specifically pointing to AI, US equities, and an expected outperformance of large-caps over small-caps. Ultimately, investors must look past the near-term noise and position themselves to capture these opportunities.”

The rise of the defense sector

The defense sector has benefited from recent geopolitical uncertainties, as a result, seven in ten strategists (70%) believe the sector is poised for sustained tailwinds stemming from the US-Iran conflict. Overall, (52%) think defense stocks will benefit from increased spending globally, only slightly down from the same question last year which saw 59% having the same view on the sector.

In Europe, defense (24%) ranks as the second most favoured sector, whilst this is a drop in sentiment from the 2025 Natixis strategist survey at (47%), it is clear that there is still opportunity given the ongoing security concerns. There is also a shift in how investors define sustainability, as nearly six in ten (58%) believe defense should be considered a sustainable investment, and 88% of strategists believe the sustainable investing debate will continue to divide opinion, with over three quarters (79%) saying energy security will determine the pace of the energy transition.

New safe havens amid uncertainty

In fixed income, investors are rethinking safety, with nearly half (48%) of strategists believing Treasuries are no longer the safe haven they once were and 55% saying investment-grade credit may be better positioned to play that role.

In alternatives, two-thirds (67%) of strategists believe a 60:20:20 alternatives diversified portfolio will outperform the traditional 60:40 allocation in the second half of the year. Infrastructure stands out as the clear favourite in Europe, with three in ten (30%) of strategists expecting it to deliver the strongest returns. In a region marked by slower growth and ongoing economic uncertainty, investors appear drawn to the stable cash flows and lower correlation that infrastructure can provide. Energy/commodities follows well behind at 15%, while private credit (12%) and absolute return strategies (12%) attract interest from investors seeking additional sources of income and diversification.

In the face of geopolitical uncertainty, inflation concerns, and market volatility, investors may be driven to turn to cash as a perceived safer alternative than equity and bond markets. However, Natixis’ strategists warn that cash leaves investors exposed to inflation risk (67%),and may not offer returns sufficient to meet long term goals (52%), meaning more attractive returns elsewhere in the market which could be missed (45%).

Private credit concerns overstated

Despite the recent pressures in credit markets, over half (55%) of Natixis strategists say concerns about the asset class have been overstated, while seven in ten (70%) believe the issues are isolated rather than systemic. In addition, (45%) think markets have become overly negative on private credit.

Natixis strategists are particularly optimistic on private credit in Europe. More than half (52%) say the private credit opportunity looks better there than it does in the US and that recent liquidity concerns will have little impact on long-term demand for the asset class.

Opportunities in H2

Despite the political and macro shocks, markets proved resilient in H1 2026, with the S&P, Euro Stoxx, and FTSE all generating modest single-digit returns. While the first half is a story of geopolitical disruption and economic change, Natixis strategists are sticking with the themes that have driven markets for the past two years, with two-thirds (67%) expecting US equities to outperform, more than three-quarters (76%) believe large-caps will outperform small-caps, and 82% preferring growth over value.

Looking ahead, 42% of strategists expect US markets to deliver the best returns in H2 2026, driven by AI and large-cap growth stocks, up from 29% who held the same view last year. Conversely, sentiment in Europe has dampened slightly this year, as only 15% believe Europe will perform best in H2 2026, compared to 38% last year.

Strategists favour technology as the primary source of market returns. In both the US & Asia, nearly two thirds (61%) expect IT to be the top performing sector, all other sectors trailing with 10% or less. Europe is more balanced, financials was the top sector (27%), followed by defense (24%) and technology (18%), suggesting investors look to diversification as a means to help navigate a higher rate environment.

In contrast to other regions, Natixis strategists identify the top performance drivers in Latin America as being materials (33%) and energy (27%), reflecting the region’s global commodities and natural resources demand, alongside (12%) looking to industrials for leadership.

AI as a long-term investment theme

Natixis strategists long-term view of AI is changing, as the technology has become more widely adopted and  more deeply embedded within businesses. Overall, (97%) believe that AI will provide second and third order gains as the AI narrative expands beyond the companies that write the code, build the chips and construct the infrastructure to support it. Nearly nine in ten (88%) believe productivity gains from AI will translate into higher corporate profits.

Strategists are increasingly viewing AI as a longer-term investment, with only (45%) expecting to see return on investment on AI capital expenditure within the next year. However, there are some more immediate benefits, as over half (52%) of Natixis strategists say that IPOs in the AI sector are likely to increase liquidity in private equity.

The full survey report can be found here: 

link for INTL = https://www.im.natixis.com/en-intl/insights/investor-sentiment/2026/strategist-outlook

link for US = https://www.im.natixis.com/en-us/insights/investor-sentiment/2026/strategist-outlook 

Notes to Editors 

About the Natixis Strategist Outlook

The 2026 Natixis Strategist Outlook is based on responses from 33 experts including representatives from 12 affiliated asset managers, 6 representatives from Natixis Investment Managers Solutions, 4 representatives from Natixis Corporate & Investment Banking, and 1 representative from Natixis Wealth Management. The survey was conducted in partnership with CoreData Research in June 2026. 

CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute.

CAIA® is a registered trademark owned by the Chartered Alternative Investment Analyst Association, Inc. 

The Natixis Center for Investor Insight is a global research initiative focused on the critical issues shaping today’s investment landscape. The Center examines sentiment and behavior, market outlooks and trends, and risk perceptions of institutional investors, financial professionals and individuals around the world. Our goal is to fuel a more substantive discussion of issues with a 360° view of markets and insightful analysis of investment trends.

About Natixis Investment Managers

Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 15 active managers. Ranked among the world’s largest asset managers1 with more than $1.4 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers specializes in high-conviction active investment strategies, insurance and pension solutions, and private assets, and delivers a diverse offering across asset classes, styles, and vehicles. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.

Headquartered in Paris and Boston, Natixis Investment Managers is part of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Natixis Investment Managers’ affiliated investment management firms include AEW; DNCA Investments;3 Flexstone Partners; Gateway Investment Advisers; Harris | Oakmark; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; Naxicap Partners; Ossiam; Ostrum Asset Management; Seventure Partners; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; VEGA Investment Solutions and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.

Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various US registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.

1 Survey respondents and publicly available data ranked by Investment & Pensions Europe/Top 500 Asset Managers 2025 ranked Natixis Investment Managers as the 20th largest asset manager in the world based on assets under management as of December 31, 2024.

2 Assets under management (AUM) of affiliated entities measured as of March 31, 2026, are $1,452.8 billion (€1,261.0 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of nonregulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.

3 A brand of DNCA Finance.

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