- BlackRock’s private market ETF ambitions draw scepticism “‘I can see how they’d use the Preqin data to create indexes and benchmarks for private assets. However, I’m not sure how easily that would translate into an ETF,’” said Sean Tuffy, an independent industry consultant.” (FT.com)
- SMAs Emerge as Top Growth Area in $12T Managed Account Industry “SMA platform assets surged 28.7% year-over-year to approach $2.4 trillion. Cerulli expects these programs to reach $3.6 trillion by 2027, as financial advisors seek customization and tax benefits, according to the firm's latest managed accounts report.” (FundFire)
- Private credit is growing into a $3.5 trillion industry: Meet 9 execs leading the way “Everyone in finance is talking about private credit—the term used for non-bank firms, many of them well known Wall Street names, that have created lending units that provide loans to businesses. Demand for these services has soared so much that BlackRock expects the global private debt market to hit $3.5 trillion in AUM by the end of 2028. Fortune has compiled a list of the people at the forefront of this big and fast-growing sector.” (Fortune)
- How ‘Alternative Investments’ Are Dragging Down Pension Performance “Using 15 years of data from respected sources, the analysis by Richard Ennis shows a clear trend toward increased allocations to nontraditional investment products and fund-level underperformance relative to common actuarial benchmarks caused by these products’ higher costs.” (Governing)
- Why You Shouldn’t Give Up on International Investing “Our view is that at the end of the day, corporate earnings will drive returns and if you leave US, these cycles that happen from time to time in different markets, you actually get a reasonably diverse book of investments you can have outside the US. And over the very long run, the returns patterns are remarkably similar.” (Morningstar)
- Ether Hedging Activity Picks Up as U.S. ETF Debut Nears “The hedging activity has been more pronounced in short-term contracts, as evidenced by the recent relative richness of implied volatility determined by options contracts expiring on July 19 relative to those expiring on July 26. According to Kaiko, the July 19 expiry IV rose from 53% on Saturday to 62% on Monday, topping the July 26 expiry IV.” (CoinDesk)
- Investing in real estate isn't all it's cracked up to be “This is perhaps the most consequential lesson to emerge from the new study, since in recent decades investors have become accustomed to substantial and steady capital gains from residential real estate. Indeed, some speculators look to rental income merely to breakeven on their properties, with 100% of their hoped-for profits coming from capital gains.” (Marketwatch)
- PE Firms Target Troubled U.S. Commercial Real Estate Amid Market Turmoil “Private equity firms are already positioning to take advantage. About 64% of the $400 billion of dry powder that the industry has set aside for property investment is targeted at North America, the highest share in two decades, according to data compiled by Preqin.” (Nasdaq)
- Bill Ackman tells investors his ‘notoriety’ will boost new fund “The billionaire hedge fund manager is soliciting investments for a listed fund of up to $25bn called Pershing Square USA, which if successful, would make it one of the largest initial public offerings of all time, rivalling oil major Saudi Aramco and Chinese tech group Alibaba.” (FT.com)
- The Family-Office Boom is Proving Hugely Positive for Alternative Investments “To manage all this wealth, family offices are fast becoming the solution of choice for affluent individuals and families, with some estimates suggesting that this particular structure manages more than $6 trillion in combined assets.” (International Banker)
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