- AllianceBernstein, Allspring Follow JPMorgan, Pimco in Quitting Climate Group “JPMorgan Asset Management, Pimco, State Street Global Advisors and Invesco all withdrew from Climate Action 100+ in the first quarter of this year, while BlackRock transferred its membership to its international arm.” (FundFire)
- BlackRock teases indexes for private markets after Preqin deal “The Preqin acquisition follows a $12.5 billion deal earlier this year to buy Global Infrastructure Partners (GIP), a bet on alternative assets that will put BlackRock at the heart of investing in infrastructure projects around the globe.” (Reuters)
- ETFs in U.S. Likely to Cross $10 Trillion By 2027 “The popularity of exchange-traded funds remains undiminished nearly 35 years after their introduction. Now, U.S. ETFs appear on a course to reach $10 trillion in AUM by 2027, according to Natixis Investment Managers.” (VettaFi)
- Model Portfolios Are Core Advisor Technology “Model portfolios are becoming a game-changer for financial advisors, with significant growth expected over the next decade due to their efficiency in diversification, risk management, and tailored financial planning.” (FINSUM)
- Chevron Ruling May ‘Hamstring’ SEC Rulemaking Agenda: Lawyers “The 6-3 ruling on the Chevron Doctrine could have a wide impact on rules already in place by multiple federal regulators. In many cases, an industry's interpretation of the law will now be viewed as just as valid as the agency that regulates it, said K&L Gates Partner Varu Chilakamarri, in an emailed comment.” (FundFire)
- Active ETFs: What Investors Need to Know “A ton of momentum into active ETFs. It’s been fast and furious. Just to kind of put it in context, you look at active ETFs at the end of May of this year compared to three years ago, today have about 4 times the amount of assets and 3 times the number of products. So, there’s been a huge proliferation, not just in the number of products available, but the money that actually sits inside of them.” (Morningstar)
- Bitcoin Investors Begin to Ponder What’s Next After ETF Mania Cools “The original cryptocurrency is down about 13% since March, a sharp contrast from the 67% and 57% surges seen, respectively, in the previous two quarters. Bitcoin, which reached a record $73,798 on March 14, is closing the quarter at around $61,000.” (Bloomberg)
- A $54 Billion Long-Bond ETF Sees Record Haul as Traders ‘Fight the Fed’ “Longer-dated bonds may gain as investors prepare for the central bank to cut interest rates, with many looking to havens should the economy slow down. An index tracking Treasuries on a total-return basis has gained about 1.7% so far in June, on track for its best monthly performance in 2024, and all but erased its losses for the year.” (Bloomberg)
- Bill Ackman's new Pershing Square USA fund wants to lure investors with no performance fees “Investors will be required to make a minimum investment of $5,000, purchasing at least 100 shares, in order to participate in Pershing Square USA's public float, the prospectus said. The fund will not be subject to any performance fees and will instead only charge a flat management fee, equivalent to 2% of the value of the investment fund's assets, which will be ‘irrevocably waived’ for the first 12 months after the float.” (Marketwatch)
- Goldman Sachs Banks $3.4 Billion for Buying Real Estate Fund Stakes “Goldman Sachs Group’s asset management arm has raised one of the largest pools of capital targeting stakes in private real-estate funds, benefiting from investors’ desire to take advantage of mounting liquidity problems among other investment managers and their limited partners.” (WSJ PRO Private Equity)
- A Real-Estate Fund Industry Is Bleeding Billions After Starwood Capped Withdrawals “The shrinking fund business is one of the most dramatic signs of the commercial-property downturn caused by the jump in interest rates and flagging demand in the office sector. Investors who enjoyed outsize returns when real estate boomed have lost money in recent months as property values have fallen.” (The Wall Street Journal)
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