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JPMorgan was losing bidder in $7bn battle for asset manager Eaton Vance
December 16, 2020--Jamie Dimon's JPMorgan Chase lost out to Morgan Stanley in the $7bn bidding battle to purchase US funding manager Eaton Vance, a revelation that highlights the fierce competitors amongst Wall Street powerhouses to beef up their asset administration arms.
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Source: FT.com
Booming IPO ETF to shuffle holdings after more than doubling this year
December 16, 2020--The high-flying Renaissance IPO exchange-traded fund (IPO) will have its quarterly rebalancing after Friday's closing bell, adding a slew of companies that recently made their public-market debut.
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Source: cnbc.com
Cboe Becomes Primary Listing Exchange for ProShares Volatility ETFs
December 16, 2020--Cboe Global Markets, Inc. (Cboe: CBOE), a market operator and global trading solutions provider, today announced that the full suite of ProShares Volatility ETFs successfully transferred to Cboe BZX Exchange from NYSE Arca for trading beginning Wednesday, December 16.
ProShares Volatility ETFs are designed to offer exposure to the S&P 500 VIX Short-Term Futures Index and the S&P 500 VIX Mid-Term Futures Index, as well as leveraged and inverse exposure to the S&P 500 VIX Short-Term Futures Index.
The ETFs include: VIX Short-Term Futures ETF (Ticker: VIXY), VIX Mid-Term Futures ETF (Ticker: VIXM), Ultra VIX Short-Term Futures ETF (Ticker: UVXY) and Short VIX Short-Term Futures ETF (Ticker: SVXY). With the addition of these four ETFs, Cboe BZX Exchange now lists a total of 22 ETFs from ProShares. These comprise of 11 ETFs which had launched on Cboe, and 11 ETFs which transferred to Cboe from competing exchanges.
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Source: CBOE
BP Boosts Its Bet on Trees
December 16, 2020--With majority ownership of Finite Carbon, the oil giant plans to take global the business of paying landowners not to cut down trees
BP has bought a controlling stake in the largest U.S. producer of carbon offsets, doubling down on a bet that preserving forests will be key to companies meeting their carbon-reduction goals.
The oil giant in late 2019 made a $5 million venture investment in Pennsylvania's Finite Carbon, which helps landowners sell their forests as carbon sinks. With majority ownership of Finite, BP plans to take global the business of paying landowners not to cut down trees.
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Source: wsj.com
CBO-Federal Net Interest Costs: A Primer
December 15, 2020--Summary
In fiscal year 2020, the government's net outlays for interest totaled $345 billion, equal to 1.6 percent of gross domestic product (GDP) and accounting for 5.3 percent of total spending. The interest the government pays on debt held by the public has remained low as a percentage of GDP, even though that debt has risen to historically high levels. Interest costs are projected to grow steadily as interest rates rise and the size of the debt increases.
Although the federal government has increased its borrowing from the public by $12 trillion (or roughly 130 percent) in the past 10 years, net annual outlays for interest rose by $149 billion (or roughly 75 percent) because interest rates fell to historically low levels.
What Is Net Interest?
The government pays and collects interest in various ways. Net interest consists of the interest it pays minus the interest it receives. The outlays largely reflect the interest paid to holders of the debt that the Treasury issues to the public. Although the Treasury also issues debt to trust funds and other government accounts, the payment of interest to those accounts is an intragovernmental transaction that has no effect on the budget deficit.
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Source: CBO(Congressional Budget Office)
Distillate Capital Launches DSTX, International Fundamental Stability & Value ETF
December 15, 2020--Value manager beating the S&P 500 launches International Fund
Distillate Capital, a fundamentals-driven Chicago-basedequity manager, today announced the launch of its second ETF, the Distillate International Fundamental Stability & Value ETF (NYSE:DSTX).
This fund seeks to distill a starting universe of around 1,500 non-U.S. large- and mid-cap stocks down to 100 attractively valued stocks that exhibit stable cash flows and healthy balance sheets. Instead of relying on short-term price volatility and outdated valuation metrics that have largely failed investors, Distillate focuses on free cash flow generation as the relevant metric to assess both valuation and risk. Distillate Capital's approach seeks to preserve capital and take advantage of pricing opportunities, returning to the most basic concepts in value-investing, now adjusted for the underlying economy of the 21st century.
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Source: Distillate Capital
MassMutual’s Bitcoin Buy May Presage $600B Institutional Flood: JPMorgan
December 14, 2020--JPMorgan analysts have said the recent bitcoin purchases by Massachusetts Mutual Life Insurance Co. are a sign of growing mainstream acceptance for the cryptocurrency.
MassMutual's bitcoin purchases represent another milestone in the bitcoin adoption by institutional investors, "JPMorgan's strategists said, according to Bloomberg on Monday.
"One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual's example,”" they added.
On Thursday, the 169-year old insurance firm announced bitcoin purchases worth $100 million, as well as a $5 million equity stake in NYDIG-a financial services firm focused on bitcoin with $2.3 billion in the asset under management.
MassMutual's move suggests insurance firms and pension funds are beginning to look at bitcoin as an investment/reserve asset alongside increased demand from wealthy investors and family offices.
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Source: yahoo.com
State Street to Explore Options for Asset Management Arm
December 11, 2020--Firm working with adviser to explore mergers for division
State Street has weighed deals with rivals like Invesco, UBS
State Street Corp. is exploring options for its asset management business, including a merger with a competitor, as it seeks to gain scale, people familiar with the matter said.
The Boston-based firm has been informally working with an adviser to review strategic alternatives for the unit, known as State Street Global Advisors, according to the people. It has evaluated potential combinations with the asset management operations of rivals including Invesco Ltd. and UBS Group AG, the people said, asking not to be identified because the information is private.
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Source: bloomberg.com
Inflation debate looms large over US market outlook
December 11, 2020--Fed's shift of strategy to tolerate rising prices above target was key signal for investors.
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Source: FT.com
Corporate America's Borrowing Binge May Be Ending
December 10, 2020--Net new supply of new bonds could hit the lowest level since 2002 next year-a potential headache for bond fund managers
Barclays research indicates bond issuance by firms with an investment-grade credit rating will fall as much as 32% next year, while Bank of America analysts predict corporate bond issuance will be the lowest since record keeping started in 2002.
The figures signal an end to this year's surge in corporate borrowing.
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Source: wsj.com
