- BlackRock's ETF chief says 75% of its bitcoin buyers are crypto fans new to Wall Street “13F filings, which offer quarterly reads on equity positions taken by large investors, show that 80% of the buyers of these new spot bitcoin products in the U.S. are direct investors. Of the 80% of direct investors, Cohen told CNBC that 75% had never before owned an iShare, one of the best-known and largest ETF providers on the planet.” (CNBC)
- How Tax-Management Options Are Expanding “Assets in tax-managed SMAs have soared to more than USD 500 billion as of June 30, 2024, according to a Morningstar survey of leading providers. That’s a 67% increase from the end of 2022. For comparison, mutual funds that market themselves as tax-managed grew to about USD 73 billion, up from USD 60 billion, over the same period.” (Morningstar)
- As Redemptions Surge in Semi-Liquid Alts, Net Flows Take Spotlight “To date, gross sales have been the main measure of comparison for managers sponsoring registered alts products for the advisor market, including REITs, interval funds, tender offer funds and business development companies, or BDCs. That's largely because the market – which sprouted eight years ago in the wake of a new rule changing how managers and advisors could sell the products – has been in a growth mode.” (FundFire)
- Julius Baer CIO tells rich to brace for private market 'hangover phase' “Increasingly, high net worth individuals are being targeted by asset managers who see them the next frontier, given some institutional investors such as pension funds have exhausted their capacity for ‘alternative assets’.” (Reuters)
- Blue Owl Co-CEO Sees Asset-Based Finance as ‘Next Big Boom’ “Blue Owl Capital (NYSE: OWL) sees asset-based lending as “the next big boom” in private credit as regional banks retreat from the space, according to Doug Ostrover, the firm’s co-chief executive.” (The Middle Market)
- JP Morgan Restructures Alts Unit “J.P. Morgan Asset Management has split its more than $400 billion alternative investment business into two segments. Jed Laskowitz will now serve as head of private markets and customized solutions, and Anton Pil will lead the global alternatives solutions unit.” (FundFire)
- Grayscale Files To Convert $520M Multi-Crypto Fund Into Spot ETF “The fund currently holds $520 million in assets, 76% of which is invested in Bitcoin while 18% is allocated to Ethereum. The fund also invests 4.16% of its capital in Solana (SOL), 1.76% in Ripple (XRP), and 0.66% in Avalanche (AVAX).” (The Defiant)
- It's a 'Golden Time' for Fixed Income: BlackRock “As assets flood into bond ETFs in an environment well-suited for fixed income investing, BlackRock’s Director of Fixed Income Strategy Dhruv Nagrath breaks down the risks and opportunities across the yield curve. Even at a point in the cycle Nagrath describes as a ‘golden time for investing in fixed income,’ he understands how financial advisors are challenged by the ‘inertia from clients sitting in cash.’” (ETF.com)
- With Non-Traded BDC Fundraising Up 92%, Stanger Expects Capital Formation to Surpass $34B by Year’s End “Illiquid and semi-liquid alternative investment fundraising totaled approximately $87.5 billion through September 2024 led by non-traded business development companies at an estimated $26.4 billion; interval funds at $20.6 billion; and other private placements, including infrastructure and private equity offerings, at $16 billion.” (The DI Wire)
- Goldman and Blackstone Team Up for Novel Fund Finance Bond “The pair last week sold $475 million in bonds backed by loans that banks make to investment funds, according to a person with knowledge of the matter. These loans exist because private equity and other investment vehicles raise money in the form of commitments from investors to hand over cash when the fund demands it.” (Bloomberg)
- Private Markets Are Reserved for the Rich. Should a Test Let You In? “A group of lawmakers has proposed legislation that would allow any investor capable of passing an exam to buy private securities—an array of investments like shares in pre-IPO startups or loans to private companies that are considered riskier because they have looser disclosure rules than public securities and can be harder, and sometimes impossible, to sell in a pinch.” (The Wall Street Journal)
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