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State Street

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finance1 year ago

Bridgewater and State Street Launch 'All Weather' ETF for Retail Investors

Bridgewater Associates is partnering with State Street Global Advisors to launch the SPDR Bridgewater All Weather ETF, bringing Ray Dalio's All Weather risk-parity strategy to the ETF market. This move reflects a trend of hedge funds entering the $14 trillion ETF market, known for its trading ease and lower fees. The strategy focuses on diversifying across various assets to manage volatility, though interest in such strategies has waned recently due to underperformance compared to the S&P 500. The fund's fees and tickers are yet to be announced.

via Yahoo Finance|
#all-weather-strategy#bridgewater-associates#etf
finance1 year ago

"Wall Street Exodus: Major Firms Pulling Away from Climate Initiatives"

Wall Street giants like JPMorgan, State Street, and Pimco have recently withdrawn from Climate Action 100+, a group of institutional investors pushing companies to address climate issues. This shift comes amid increasing criticism of "woke capitalism" and scrutiny of ESG investing, with concerns including regulatory scrutiny, antitrust regulations, and potential client disapproval. The departures mark a significant change for finance firms that have previously championed the fight against climate change, and other finance giants like BlackRock and Bank of America have also scaled back their environmentally friendly initiatives.

via Business Insider|
#climate-action-100#esg-investing#finance
financeeconomics1 year ago

"Major Financial Players Withdraw Trillions from Climate Action Groups in Shocking Exodus"

Financial giants JPMorgan, State Street, and Black Rock are withdrawing a total of $14 trillion from the Climate Action 100+ organization, which advocates for ESG initiatives and controls $68 trillion in assets. Republicans have praised the move, claiming that ESG initiatives harm the economy. State Street cited a misalignment with its proxy voting and engagement approach, while JPMorgan stated it no longer needs to rely on Climate Action 100+. Climate Action, with over 700 investors, engages companies to improve climate change governance and disclosure. Republican officials have lauded the withdrawals as victories against what they perceive as collusive ESG actions.

via The Daily Wire|
#black-rock#climate-action-100#esg-initiatives
businessfinance1 year ago

"Major Financial Firms Withdraw from Climate Group, Sparking Greenhushing Trend"

BlackRock, JPMorgan Chase, and State Street are withdrawing or reducing their involvement with Climate Action 100+, a global investment coalition focused on pushing companies to decarbonize. This move represents a nearly $14 trillion exit from the organization, sparking political reactions. The companies cite concerns over the coalition's shift in focus and potential legal considerations, with JPMorgan building an in-house sustainable investment team and BlackRock transferring its membership to an international entity while maintaining some ties to the coalition.

via The New York Times|
#blackrock#businessfinance#climate-action-100
financeclimate-change1 year ago

Major Financial Institutions Withdraw from Climate Alliance, BlackRock Steps Back

JPMorgan Chase, State Street, and BlackRock have all withdrawn from the global investor coalition Climate Action 100+ (CA100+), which aims to push companies to reduce climate-damaging emissions. The decisions collectively remove nearly $14 trillion in assets from the coalition's efforts, with the firms citing concerns about maintaining independence and fiduciary duty. The departures come amid growing pressure from Republican politicians and criticism from environmental groups, raising questions about the future direction of such investor groups in addressing climate change.

via Reuters|
#blackrock#climate-action-100#financeclimate-change
financeclimate-change1 year ago

"Financial Giants Withdraw from Climate Group Amid BlackRock's Reduction"

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+.

via Financial Times|
#asset-managers#blackrock#climate-action-100
finance2 years ago

House Panel Subpoenas BlackRock, State Street, Vanguard, and Arjuna in ESG Probe

The House Judiciary Committee has issued subpoenas to BlackRock and State Street as part of an ongoing investigation into their promotion of environmental, social, and governance (ESG) goals. The committee is examining whether advocating for ESG investing violates antitrust laws. Republicans on the committee are concerned that ESG goals could hinder asset managers from acting in the best interests of their clients and harm the U.S. economy. BlackRock and State Street have stated their commitment to cooperating with the committee's requests.

via Fox Business|
#blackrock#esg-investing#finance
finance2 years ago

Wall Street and State Street Drive Carbon Market Growth

State Street will provide back-office services to clients who want to invest in carbon credits, making it easier for big investors to trade the products and potentially making them a mainstream investment accessible to individuals. This move could boost the booming market for carbon credits and make it easier for financial firms to create products such as exchange-traded funds.

via The Wall Street Journal|
#carbon-markets#exchange-traded-funds#finance
finance2 years ago

State Street suffers deposit and earnings losses, impacting stock market.

Charles Schwab and State Street have both reported a decline in customer deposits, with Schwab's deposits falling 11% to $326 billion from the previous quarter and State Street's deposits totaling about $224 billion at the end of the first quarter, down 5% from December and 11% from a year ago. The drop in deposits is attributed to rising interest rates, which are putting pressure on banks to pay depositors more.

via The Wall Street Journal|
#banking#charles-schwab#deposits
finance2 years ago

Merck's $10.8B Acquisition of Prometheus Biosciences Signals Accelerating Pace of M&A in Biotech Industry.

State Street, Alphabet, Prometheus, Roblox, Moderna, and Enphase are among the stocks that are moving the most in the stock market today. State Street's shares rose after the company reported better-than-expected earnings, while Alphabet's shares fell after the company missed revenue estimates. Prometheus, Roblox, Moderna, and Enphase also saw significant movements in their stock prices.

via Barron's|
#alphabet#finance#moderna
finance2 years ago

Charles Schwab's Earnings Beat Boosts Stock, Deposits Drop as Share Repurchases Paused.

Charles Schwab reported a 20% increase in adjusted earnings and a 10% increase in revenue, causing its stock to rise after a six-week sell-off. M&T Bank also rallied after beating earnings estimates, while State Street missed earnings estimates and saw its stock drop. Investors are cautiously watching bank earnings following recent industry turmoil, with concerns about contagion from the Silicon Valley Bank and Signature Bank panics spreading to Charles Schwab.

via Investor's Business Daily|
#bank-earnings#charles-schwab#finance
finance2 years ago

Bank Deposits Decline as Savers Chase Higher Returns, Says Schwab and State Street.

Charles Schwab and State Street reported a decline in bank deposits as savers seek higher returns amid low interest rates. Schwab's bank deposits fell by $8.2bn in Q2 2021, while State Street's deposits decreased by $14bn in the same period. The trend reflects savers' growing preference for higher-yielding investments such as stocks and bonds.

via Financial Times|
#bank-deposits#finance#outflows