- ETFs' Drain on Mutual Funds Shows No Sign of Slowing “Investors poured a net $69.3 billion into ETFs while pulling $43.2 billion from mutual funds. That continues a longer-term trend, including the first eight months of the year, in which ETFs raked in $588.1 billion and mutual funds bled $217 billion, the report said.” (ETF.com)
- Larry Fink’s private index dream may be holy grail “Turning the indexes into investable products brings further difficulties. Public tracker funds typically buy the underlying assets they’re supposed to track, which isn’t easy with closed-end buyout vehicles. Admittedly, there’s an increasingly lively secondary market for private fund stakes, but it’s still extremely illiquid relative to listed stocks.” (Reuters)
- The barbell tolls for fixed income investing “For traditional asset managers, the pressure to adapt has never been more acute. For some, the struggle to maintain margins and assets will drive intense cost cutting and more consolidation to increase scale. Many more deals are likely.” (Financial Times)
- How to Use Cash in a Portfolio “But holding cash isn’t usually a good way to stay ahead of inflation, as shown in the table below. Because yields on short-term securities have been so low (until recently), annualized returns for cash have fallen behind inflation over most of these trailing periods.” (Morningstar)
- Evergreen Funds: Accessing Private Markets' Alpha “As regulation evolves and new products are launched, the door to private markets is opening. Structural barriers such as longer-term capital lock up periods that limit liquidity and the complexities and time required to create a private markets portfolio are being removed.” (WealthBriefing)
- Bitcoin ETFs Hit New High of $17.7B in Inflows “Spot Bitcoin ETFs surged to a new high of $17.7 billion in net inflows last week, reflecting investors' renewed confidence in the funds' underlying asset and the wider economy. The 11 funds have generated $801.1 million in net inflows since Sept. 9, rebounding from a slump that stretched from late August into the first week of September.” (ETF.com)
- Multimanager hedge funds are stepping up external allocations to other hedge funds amid talent war “External allocation has echoes of the once dominant hedge fund-of-funds industry as well as the stand-alone seeding firms that gave a previous generation of managers their start. But these days, it is multimanager hedge funds — a sector that has seen immense growth in recent years and has cash to put to work — that are in the driver’s seat.” (Pensions & Investments)
- US bond ETF launches up 50% from year-ago levels “Nearly 120 bond ETFs have been launched so far this year, compared to 79 at the end of September 2023, data from Strategas showed. The number of launches has spiked this month, with bond products making up 46% of all ETF debuts, according to CFRA. That compares to an average of about 20% of all launches throughout 2024.” (Reuters)
- Return-to-Work Resistance Persists as Industry Adjusts Hybrid Policies “Frustration is brewing among asset management employees as firms retract workplace flexibility introduced during the pandemic, prompting many workers to consider leaving their jobs, according to an Ignites Research survey.” (FundFire)
- Private Equity’s Woes Bleed Into Other Alternative Investments “He calculated that private-equity distributions during the first quarter were down almost two-thirds from prior years. This year’s first quarter distributions came to only 8.7 percent of valuations. In contrast, between 2015 through 2019, the distribution rate averaged 23.5 percent, according to MSCI.” (Institutional Investor)
- Bernstein Private Wealth Unfazed By Tax Speculation Ahead Of US Poll “Whatever happens on the ground with tax, diversification and associated risk management are essential. For example, some alternative investments can reduce volatility and protect risk-adjusted returns. Clients, of course, must understand what they need in terms of liquidity, Meerovitch said.” (Family Wealth Report)
- Why this top fund manager says the best investment this year is ‘the hedge against political cycles’ “A major exchange-traded fund and mutual fund manager finds the winning gold trade isn’t talked about as much as the artificial intelligence trade — but maybe it should be.” (CNBC)
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