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The costly fallacy of 'asset class' investment
October 18, 2020--Pension funds and endowments have for years been pumping ever more of their cash into so-called alternative asset classes, such as hedge funds, private equity and infrastructure.
By picking the very best managers in these opaque and high fee-paying areas, they hope to secure the increasingly demanding pension promises they have made.
The trustees certainly haven't done anything by half measures. Last year, US public sector pension schemes had 28 per cent of their $3.6tn of assets in alternatives, while for large endowments, the figure was a truly heroic 59 per cent. It has all required the recruitment of hordes of fund managers. US endowments typically now have more than 100 of these each to run their cash (up from 18 in 1994).
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Source: technocodex.com
Cryptocurrency ETFs could soon be a reality now that regulators are actively studying them, SEC chair Jay Clayton says
October 17, 2020--Cryptocurrency exchange-traded-funds are being actively considered by US regulators, the Financial Times reported chairman Jay Clayton saying at a conference.
The US Securities and Exchange Commission is working with other financial agencies to establish whose jurisdiction various crypto-products would fall under, he said.
"Our door is wide open- if you want to tokenise the ETF product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course you have to register it and do what you would do with any other ETF," the chairman said.
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Source: markets.businessinsider.com
ProShares Launches Thematic ETF Designed to Capitalize on Transformational Changes Accelerated by COVID-19
October 16, 2020--Today, premier ETF provider ProShares launched the ProShares MSCI Transformational Changes ETF. ANEW invests in companies which may benefit from transformational changes in how we work, take care of our health, and consume and connect-changes accelerated by COVID-19.
"Many global industries are experiencing rapid transformational changes that may offer compelling investment opportunities," says ProShares CEO Michael L. Sapir. "ANEW is designed to harness the potential growth of these companies as they reshape our new world."
ANEW provides access to companies involved with one or more of four key Transformational Changes, as determined by MSCI Inc., the index provider: Future of Work, Genomics & Telehealth, Digital Consumer, and Food Revolution.
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Source: ProShares
ProShares Launches Thematic ETF Designed to Capitalize on Transformational Changes Accelerated by COVID-19
October 16, 2020--Today, premier ETF provider ProShares launched the ProShares MSCI Transformational Changes ETF (NYSE: ANEW). ANEW invests in companies which may benefit from transformational changes in how we work, take care of our health, and consume and connect-changes accelerated by COVID-19.
"Many global industries are experiencing rapid transformational changes that may offer compelling investment opportunities," says ProShares CEO Michael L. Sapir. "ANEW is designed to harness the potential growth of these companies as they reshape our new world."
ANEW provides access to companies involved with one or more of four key Transformational Changes, as determined by MSCI Inc., the index provider: Future of Work, Genomics & Telehealth, Digital Consumer, and Food Revolution.
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Source: ProShares
NYSE invites companies to test direct listing process
October 15, 2020--The New York Stock Exchange said on Thursday it has invited companies to test the direct listing process in an effort to promote the use of the budding initial public offering (IPO) alternative.
The goal of the test, scheduled for Oct. 17, is to highlight to companies looking to go public how a direct listing will function when new shares are sold and money is raised.
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Source: reuters.com
Former Alerian Leadership Team Launches Emles Advisors
October 15, 2020--Gabriel Hammond and Dave Saxena rejoin to provide retail and institutional investors access to new asset classes and strategies
Emles Advisors ("Emles"), an asset management firm built to solve the unique challenges of today's markets, announced its launch today.
The firm will invest in public and private markets, focused on providing investors of all sizes access to non-traditional asset classes and strategies designed to generate uncorrelated returns.
Emles is founded by Gabriel Hammond, CEO, and Dave Saxena, CFO, formerly of Alerian, the leading energy infrastructure data and analytics company. Both have a proven track record of financial ingenuity and specific experience in sourcing and creating new asset classes that were previously inaccessible by most investors. In addition to founding Alerian, Mr. Hammond also founded SteelPath, an investment firm exclusively focused on energy infrastructure.
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Source: Emles Advisors LLC
CBO's Current Revenue Forecast
October 15, 2020--Summary
Federal revenues are projected to fall from 16.3 percent of GDP in 2019 to 15.5 percent in 2021, primarily because of the economic disruption caused by the pandemic and the federal government's response.
Revenues rise after 2021, reaching almost 18 percent in 2030, as a result of the expiration of temporary provisions enacted in response to the pandemic, scheduled increases in taxes, and other factors.
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Source: CBO (Congressional Budget Office)
BlackRock assets climb to record $7.8tn in third quarter
October 14, 2020--Fund manager bolstered by buoyant markets and net inflows of $129bn
BlackRock's assets under management swelled to a record $7.8tn in the third quarter as the stock market rally that began in March helped the fund manager beat revenue and profit forecasts.
The world's biggest fund manager said revenue jumped 18 per cent compared with 2019 to $4.37bn, while net income climbed more than a fifth...view more
Source: FT.com
ETFGI reports net inflows into ETFs and ETPs listed in the US at the end of Q3 are US$299.86 billion significantly more than the US$196.54 billion gathered at the end of Q3 2019
October 14, 2020-- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs/ETPs ecosystem, reported today that ETFs and ETPs listed in US gained net inflows of US$35.54 billion during September, bringing year-to-date net inflows through the end of Q3 to US$299.86 billion which is significantly more than the US$196.54 billion net inflows gathered at the end of Q3 2019.
Assets invested in the US ETFs/ETPs industry have decreased by 2.5%, from US$4.85 trillion at the end of August, to US$4.73 trillion, according to ETFGI's September 2020 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
During September 2020, ETFs and ETPs listed in US attracted $35.54 billion in net inflows with Equity products being the most attractive among all asset classes.
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Source: ETFGI
CBO-An Overview of The 2020 Long-Term Budget Outlook
October 13, 2020--Summary
By the end of 2020, federal debt held by the public is projected to equal 98 percent of gross domestic product (GDP)-its highest level since shortly after World War II. If current laws governing taxes and spending generally remained unchanged, debt would first exceed 100 percent of GDP in 2021 and would reach 107 percent of GDP, its highest level in the nation's history, by 2023, CBO projects.
Debt would continue to increase in most years thereafter, reaching 195 percent of GDP by 2050.
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Source: CBO (Congressional Budget Office)
