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BlackRock Opening South Florida 'Snowbird' Office for Dozens of Employees
August 8, 2022--Head of fixed income and about 35 staff are expected to start working at West Palm Beach location early next year
BlackRock Inc., the world's largest money management company, is opening a satellite office in South Florida to accommodate a top executive and dozens of other employees, joining a migration of financial firms to the state.
Rick Rieder, who as BlackRock's head of fixed income oversees roughly $1.7 trillion in assets, or about 20% of the firm's total assets, owns a home in Palm Beach County and is expected to work out of the new West Palm Beach office space when he is in Florida, according to people familiar with the matter. About 35 other BlackRock employees are expected to start working there early next year, according to BlackRock.
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Source: wsj.com
First single-bond ETFs look set to revolutionise access to Treasuries
August 8, 2022--The first single-bond exchange traded funds in the world are set to list on the Nasdaq exchange on Tuesday, in a move that could revolutionise how some traders access US Treasuries.
The launches follow hot on the heels of the first single-stock ETFs in the US and illustrate a growing trend for vehicles to target ever more specific exposures, eschewing the diversification at the heart of the traditional fund structure.
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Source: ft.com
Logan Capital Launches Large Cap Growth ETF (NYSE: LCLG)
August 8, 2022--The large cap fund offers investors exposure to companies with widespread innovation
Logan Capital, an independent, privately owned Registered Investment Advisor, has launched its first exchange-traded fund (ETF), the Logan Capital Broad Innovative Growth ETF (NYSE: LCLG).
The ETF employs a multifactor ranking algorithm to analyze and select securities. It seeks companies applying innovative technologies and ideas to common business models to gain a competitive advantage. Logan looks for companies that have increasing earnings tied to pricing power, benefit from an economic tailwind, and that are trading in a way that would support a long-term upward move in price.
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Source: Logan Capital
CBO-Monthly Budget Review: July 2022
August 8, 2022--Summary
The federal budget deficit was $727 billion in the first 10 months of fiscal year 2022 (that is, from October 2021 through July 2022), the Congressional Budget Office estimates-$1.8 trillion less than it was at the same point last year.
Revenues were $789 billion (or 24 percent) higher and outlays were $1.0 trillion (or 17 percent) lower than they were during the same period a year ago. In particular, spending related to the coronavirus pandemic declined for the recovery rebates (also known as economic impact payments), unemployment compensation, pandemic relief through the Small Business Administration (SBA), and the Coronavirus Relief Fund.
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Source: CBO (Congressional Budget Office)
BlackRock to Offer Crypto for Institutional Investors Through Coinbase Prime
August 4, 2022--The asset management giant and the crypto exchange have partnered to broaden access to crypto among institutional investors.
BlackRock, the world's biggest asset manager, has formed a partnership with publicly traded crypto exchange Coinbase (COIN) to make crypto directly available to institutional investors.
Mutual customers of Coinbase and BlackRock's investment management platform, Aladdin, will have access to crypto trading, custody, prime brokerage and reporting capabilities, according to a blog post Thursday.
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Source: coindesk.com
CBO-Budgetary Costs of Higher Interest Rates and Inflation
August 3, 2022--This letter responds to the following three questions that Congressman Jason Smith asked about the budgetary costs of higher interest rates and inflation.
How have the Congressional Budget Office's projections of interest payments changed?
How does increased debt affect federal borrowing costs?
How would holding a greater portion of federal debt in short-term securities affect the budget?
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Source: CBO (Congressional Budget Office)
SEC Makes It Clear: Wall Street Must Avoid These Conflicts of Interest
August 3, 2022--The U.S. Securities and Exchange Commission is trying to make it very clear how brokers and advisors should put the best-interests of their customers first. Wednesday morning, SEC staff issued a bulletin filled with examples of conflicts that Wall Street should avoid.
Paying brokers to recommend retail investing products that earn the firm more profit? The firm had better beware.
Sales contests or quotas that reward sales of specific stocks by a deadline? Under no circumstances, said Wednesday's bulletin.
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Source: barrons.com
CME Clearing accepts short-term UST ETFs as collateral
August 2, 2022--CME Clearing has widened its collateral eligibility to accept short-term US treasury ETFs as initial margin.
By extending the range of collateral that it will receive as IM, the clearing house aims to extend the flexibility of funding solutions offered to market participants with IM requirements. CME Clearing claims that it accepts the widest range of collateral of any major clearing entity.
These short-term exchange-traded funds invest in US treasuries with less than 12 months to maturity. CME Clearing managing director and global head of clearing and post-trade services Suzanne Sprague indicates that the clearing house has worked closely with ETF sponsors to ensure that accepting short-term UST ETFs as collateral meets with its risk management standards, while offering a broader choice of collateral that users can post to the CCP.
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Source: securitiesfinancetimes.com
TD buying Cowen for US$1.3B in U.S. investment banking push
August 2, 2022--Toronto-Dominion Bank announced Tuesday morning that it has agreed to buy Cowen Inc. in its latest U.S. takeover- and some analysts warned TD could be hard pressed to hang on to Cowen's most valuable talent.
Under the terms of the deal, TD will pay US$1.3 billion, or US$39 per share, in cash to buy the New York-based investment bank. TD said it sold 28.4 million shares in The Charles Schwab Corp. to finance the transaction; as a result, TD said the deal will be neutral to its Common Equity Tier 1 capital ratio.
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Source: bnnbloomberg.ca
Horizon Kinetics Launches Blockchain Development Exchange Traded Fund (BCDF)
August 2, 2022--Horizon Kinetics LLC announced the launch of its second exchange traded fund (ETF), the Blockchain Development ETF (BCDF), an actively managed fund, which began trading on the New York Stock Exchange (NYSE) today.
This active ETF will be managed using the same long-term, value-oriented, and proprietary research-driven philosophy that has guided the management of the Firm’s other products over the more than 20 years since Horizon Kinetics' inception. The ETF seeks to invest in the equity of companies that stand to benefit, either directly or indirectly, from the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies.
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Source: Horizon Kinetics LLC
