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CBO-Monthly Budget Review for November 2019
December 8, 2019--The federal budget deficit was $342 billion for the first two months of fiscal year 2020, CBO estimates, $36 billion more than the deficit recorded during the same period last year. Revenues and outlays were higher-by 3 percent and 6 percent, respectively-than in October and November 2018.
Because December 1 fell on a weekend in 2019 and in 2018, outlays through November in each fiscal year were boosted by the shift of certain payments from December to November. If not for those timing shifts, outlays so far this year would have been $44 billion greater than those in the same period last year, and the deficit would have risen less-by $32 billion.
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Source: Congressional Budget Office (CBO)
Latin America's fund market tipped to double by 2025
December 8, 2019--Competition for region's growing assets expected to lead to fee reduction
Latin America's asset management industry is set to double by 2025, driven by the growing wealth and size of the region's middle class, as well...
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Source: FT.com
NYSE direct listings proposal rejected by SEC
December 6, 2019--Decision delivers blow to efforts to expand the flotation procedure.
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Source: FT.com
J.P. Morgan Asset Management Launches BetaBuilders International Equity ETF: BBIN
December 5, 2019--J.P. Morgan Asset Management today announced the launch of the JPMorgan BetaBuilders International Equity ETF (BBIN), providing investors with liquid, low-cost access to Developed International equities ex-North America.
The launch expands JPMorgan's innovative BetaBuilders suite of ETFs to eight strategies, offering efficient access to simple market cap-weighted building blocks priced for today's market. The new fund provides cost-efficient market-cap weighted exposure to the Morningstar Developed Markets ex-North America Target Market Exposure Index.
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Source: J.P. Morgan Asset Management
Exchange Traded Concepts Launches Uranium Mining ETF
December 4, 2019--Exchange Traded Concepts, LLC, ("ETC"), a leader in providing white label Exchange Traded Fund (ETF) solutions, in conjunction with North Shore Indices, Inc., today announced that it has launched the North Shore Global Uranium Mining ETF (NYSE ARCA: URNM).
URNM is a targeted play on the uranium mining sector, that offers efficient access to a global, basket of companies in the Uranium industry. This fund offers a thematic play on potential nuclear power demand growth and uranium supply deficits. The ETF tracks the The North Shore Global Uranium Mining Index which is a focused uranium mining index. The index holds both miners and holders of physical uranium. It is currently tilted towards junior miners.
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Source: Exchange Traded Concepts
First Trust Expands its ETF Lineup with Active Factor ETFs
December 4, 2019--ETFs that deploy a systematic, active strategy targeting four main factor exposures
First Trust Advisors L.P. ("First Trust") a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched three actively managed ETFs: the First Trust Active Factor Large Cap ETF (NYSE Arca: AFLG), the First Trust Active Factor Mid Cap ETF (NYSE Arca: AFMC) and the First Trust Active Factor Small Cap ETF (NYSE Arca: AFSM) (collectively, "the funds").
The funds seek to provide capital appreciation by investing at least 80% of their net assets (including investment borrowings) in equity securities. The funds will principally invest in the common stocks of U.S. companies that are listed and traded on a U.S. national securities exchange.
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Source: First Trust
Fidelity's head of $2.8tn asset management arm to retire
December 3, 2019--The head of Fidelity's $2.8tn asset management division is retiring from the Boston investment group after just a year in the job, to be replaced.
Steve Neff to be replaced by head of global asset management Bart Grenier
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Source: FT.com
Guinness Atkinson Asset Management, Inc., files with the SEC
November 29, 2019--Guinness Atkinson Asset Management, Inc. has filed a =n application for exemptive relief with the SEC.
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Source: SEC.gov
What the Charles Schwab-TD Ameritrade acquisition means
November 26, 2019--In our capitalist system, the supposed purposes of financial markets are twofold: To coordinate resources, getting them to their most productive economic uses, and to provide corporate governance via the votes that come with stock ownership. By trading assets and pursuing personal profit, investors on financial markets are supposed to power both goals.
This is because trading is presumably happening with some kind of strategy and intent: human beings investigate companies and industries and make their trades accordingly-or they rely on other people who specialize in giving that advice. That's why brokerage giants like Charles Schwab and the somewhat-less-gigantic TD Ameritrade traditionally provided their customers with financial advisers as a core part of their business.
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Source: theweek.com
Charles Schwab to Buy TD Ameritrade as Free Trading Takes Over
November 25, 2019--The merger would create a brokerage giant with roughly $5 trillion in assets as the industry copes with zero commissions on stock trades.
Charles Schwab, which helped pioneer discount investing in the 1970s, said Monday that it would acquire TD Ameritrade for $26 billion, a deal that underscores the dramatic changes in the business of helping people manage their money.
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Source: NY Times
