US Asset Managers Hit M&A Spending Record
Originally Published 8 days ago — by Financial Times
US asset managers have set a new record for M&A spending, highlighting increased activity and investment in the financial sector.
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Asset Managers
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Ethereum ETFs Set to Launch Next Week, Marking New Asset Class
Originally Published 1 year ago — by Decrypt
The SEC has instructed asset managers to submit final registration statements for spot Ethereum ETFs by Wednesday, with launches expected on July 23. This follows the SEC's approval of spot Ethereum ETFs in May, and the new products could attract up to $4 billion in inflows within five months.
"ExxonMobil Faces Global Backlash Over Shareholder Activism Dispute"
Originally Published 1 year ago — by Reuters
Officials from 19 Republican U.S. states have urged major money managers not to vote against ExxonMobil's directors in an upcoming meeting, supporting the company's lawsuit against climate activists. This contrasts with Democratic officials and Norway's sovereign wealth fund, who oppose the board's actions, highlighting a divide over Exxon's climate policies and shareholder rights.
"Financial Giants Withdraw from Climate Group Amid BlackRock's Reduction"
Originally Published 1 year ago — by Financial Times
JPMorgan Asset Management and State Street Global Advisors are leaving Climate Action 100+, while BlackRock is scaling back its participation, dealing a blow to the group's efforts to pressure companies on climate issues. The departures reflect a growing divide between US-based asset managers and their European counterparts on climate initiatives. The moves come amid increasing scrutiny from Republicans and state actions against financial firms involved in climate-related efforts, with allegations of unlawful coordination within Climate Action 100+.
SEC Engages with Crypto ETF Applicants on Key Technical Details
Originally Published 2 years ago — by Cointelegraph
The United States Securities and Exchange Commission (SEC) is reportedly discussing "key technical details" with asset managers regarding the approval of spot Bitcoin exchange-traded funds (ETFs). The SEC has never approved any spot cryptocurrency ETFs, but discussions with BlackRock, Grayscale, and other firms indicate a potential shift in stance. If approved, ETFs could attract institutional investors and lead to significant growth in the crypto market. However, it remains uncertain whether the SEC will ultimately approve a spot Bitcoin ETF.
Investors Shift Away from Dollar Amid Speculation of Peaked US Rates
Originally Published 2 years ago — by Financial Times
Investors are selling dollars at the fastest rate in a year, indicating a belief that the US Federal Reserve has finished raising interest rates and will instead implement multiple cuts next year. Asset managers are on track to sell 1.6% of their open dollar positions this month, the largest monthly outflow since November 2017. This has led to the dollar's worst monthly performance in a year, with analysts warning that this trend could continue as investors reduce exposure to US assets. The weakening dollar is seen as a relief for Japan and emerging markets, making it easier for them to repay dollar-denominated debt and potentially attracting investors back to developing economies.
Biggest Asset Managers Lack Ownership of Major U.S. Corporations
Originally Published 2 years ago — by CNBC
Claims that asset managers like Vanguard, BlackRock, and State Street "own" or "control" major U.S. corporations are debunked. While these companies are top shareholders in many prominent firms, they manage index funds on behalf of investors, not for personal gain. The asset managers use proxy voting to advance the best financial interests of their shareholders, and their voting records show that the majority of votes are on routine corporate matters. Claims of a "cartel" pushing ESG initiatives are unfounded, as the asset managers often disagree on key votes and have launched pilot programs to allow shareholders to direct voting on certain issues.
Investor-Position Divergence Widens in Treasury Market
Originally Published 2 years ago — by MarketWatch
Asset managers and hedge funds are taking opposing positions in the U.S. Treasury market, with hedge funds extending short positions while asset managers are going long. This divergence in views has contributed to the volatility of the 10-year Treasury yield. Hedge funds are betting against government debt, expressing confidence in the U.S. economic outlook, while asset managers are buying Treasurys to take advantage of current yields. The short positions of hedge funds may face challenges as the economy slows down, potentially injecting further volatility into the market. Data shows that asset managers' net positioning in long-term Treasury derivatives is at an all-time high, coinciding with buy signals from JP Morgan, Goldman Sachs, and Morgan Stanley.
Bitcoin's Future in Asia: Tied to Presidential Election and Debt Ceiling Deal
Originally Published 2 years ago — by CoinDesk
Bitcoin and Ether prices have declined in East Asia, ending the post-debt ceiling rally in the crypto market. The absence of a defining narrative has made for patternless price swings and confused investors. Asset managers have increased their open long positions in Bitcoin after falling in the two prior weeks, according to the latest Commitment of Traders report. The upcoming US presidential election may be the narrative to watch for Bitcoin's success in the US.