Americas ETP News
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Asset managers in $300bn drive to build private lending funds
October 22, 2020-Asset managers are seeking to raise almost $300bn to plough into private lending deals with groups such as Goldman Sachs and Oaktree hoping to lure investors away from frothy public markets.
Publicly traded debt and equity securities have surged in price this year after central banks and governments across the world unleashed trillions of dollars worth of stimulus to dull the economic blow from the pandemic.
Managers argue that private credit- including funds set up to lend directly to companies- is one area that has not yet become saturated. It has also benefited from post-financial crisis regulations that pushed banks to tamp down lending to riskier clients.
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Source: technocodex.com
New Issuer Debuts CEF-Focused Income ETFs
October 21, 2020--Newcomer Rareview Capital rolled out two actively managed ETFs today that invest in fixed-income closed-end funds. The Rareview Tax Advantaged Income ETF (RTAI) and Rareview Dynamic Fixed Income ETF (RDFI) both invest in CEFs via proprietary quantitative models.
RTAI and RDFI come with expense ratios of 1.91% and 2.37%, respectively. Both funds list on Cboe Global Markets, the parent company of ETF.com.
Neil Azous, founder and chief investment officer of Rareview, says that the firm is focused on goals-based investment strategies.
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Source: autos.yahoo.com
Federal Reserve-Beige Book-October 21, 2020
October 21, 2020--National Summary
Overall Economic Activity
Economic activity continued to increase across all Districts, with the pace of growth characterized as slight to modest in most Districts. Changes in activity varied greatly by sector. Manufacturing activity generally increased at a moderate pace. Residential housing markets continued to experience steady demand for new and existing homes, with activity constrained by low inventories.
Banking contacts also cited increased demand for mortgages as the key driver of overall loan demand. Conversely, commercial real estate conditions continued to deteriorate in many Districts, with the exception being warehouse and industrial space where construction and leasing activity remained steady. Consumer spending growth remained positive, but some Districts reported a leveling off of retail sales and a slight uptick in tourism activity. Demand for autos remained steady, but low inventories have constrained sales to varying degrees. Reports on agriculture conditions were mixed, as some Districts are experiencing drought conditions.
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Source: federalreserve.gov
Can the US catch up with Europe on ESG?
October 21, 2020--A Biden win could make US climate change strategy more European
Christine Lagarde rocked markets last week when she said the European Central Bank would consider ditching its market neutrality principle for corporate bond purchases and start taking climate change risks into account when buying companies' debt.
Ms Lagarde, president of the central bank, had been under fire from environmentalists who argued that neutrality favoured polluters. It is a charge that Democrats have levelled against the Federal Reserve in the US.
Now, with Democratic presidential candidate Joe Biden leading in many polls and the election two weeks away, attention is turning to his strategies on climate change.
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Source: technocodex.com
SEC plan to cut fund disclosures faces almost unanimous opposition
October 20, 2020--The US Securities and Exchange Commission has acquired almost unanimous opposition from firms and buyers towards plans to permit most hedge funds to obscure their inventory holdings.
The change to reporting requirements, proposed this July, would permit cash managers with lower than $3.5bn of belongings to skirt quarterly disclosures of their inventory positions, up from the present threshold of $100m.
But strategists at Goldman Sachs stated that of the two, 262 letters submitted to the SEC throughout its session interval, 99 per cent opposed the brand new rule, reflecting issues that the change might permit activist buyers to quietly construct up stakes and search to power firms into new methods.
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Source: www.24x7news
BlackRock plans huge expansion in Brazilian ETF market
October 19, 2020--BlackRock is planning to cross-list "up to 100" of its overseas exchange traded funds in Brazil to take advantage of a boom in investment sparked by plunging interest rates and market liberalisation.
The world's largest asset manager said it hoped the ETFs would be available by the end of March next year, which would mark a huge expansion on its existing range of five São Paulo-listed ETFs.
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Source: technocodex.com
The costly fallacy of 'asset class' investment
October 18, 2020--Pension funds and endowments have for years been pumping ever more of their cash into so-called alternative asset classes, such as hedge funds, private equity and infrastructure.
By picking the very best managers in these opaque and high fee-paying areas, they hope to secure the increasingly demanding pension promises they have made.
The trustees certainly haven't done anything by half measures. Last year, US public sector pension schemes had 28 per cent of their $3.6tn of assets in alternatives, while for large endowments, the figure was a truly heroic 59 per cent. It has all required the recruitment of hordes of fund managers. US endowments typically now have more than 100 of these each to run their cash (up from 18 in 1994).
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Source: technocodex.com
Cryptocurrency ETFs could soon be a reality now that regulators are actively studying them, SEC chair Jay Clayton says
October 17, 2020--Cryptocurrency exchange-traded-funds are being actively considered by US regulators, the Financial Times reported chairman Jay Clayton saying at a conference.
The US Securities and Exchange Commission is working with other financial agencies to establish whose jurisdiction various crypto-products would fall under, he said.
"Our door is wide open- if you want to tokenise the ETF product in a way that adds efficiency, we want to meet with you and we want to facilitate that. Of course you have to register it and do what you would do with any other ETF," the chairman said.
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Source: markets.businessinsider.com
ProShares Launches Thematic ETF Designed to Capitalize on Transformational Changes Accelerated by COVID-19
October 16, 2020--Today, premier ETF provider ProShares launched the ProShares MSCI Transformational Changes ETF. ANEW invests in companies which may benefit from transformational changes in how we work, take care of our health, and consume and connect-changes accelerated by COVID-19.
"Many global industries are experiencing rapid transformational changes that may offer compelling investment opportunities," says ProShares CEO Michael L. Sapir. "ANEW is designed to harness the potential growth of these companies as they reshape our new world."
ANEW provides access to companies involved with one or more of four key Transformational Changes, as determined by MSCI Inc., the index provider: Future of Work, Genomics & Telehealth, Digital Consumer, and Food Revolution.
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Source: ProShares
ProShares Launches Thematic ETF Designed to Capitalize on Transformational Changes Accelerated by COVID-19
October 16, 2020--Today, premier ETF provider ProShares launched the ProShares MSCI Transformational Changes ETF (NYSE: ANEW). ANEW invests in companies which may benefit from transformational changes in how we work, take care of our health, and consume and connect-changes accelerated by COVID-19.
"Many global industries are experiencing rapid transformational changes that may offer compelling investment opportunities," says ProShares CEO Michael L. Sapir. "ANEW is designed to harness the potential growth of these companies as they reshape our new world."
ANEW provides access to companies involved with one or more of four key Transformational Changes, as determined by MSCI Inc., the index provider: Future of Work, Genomics & Telehealth, Digital Consumer, and Food Revolution.
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Source: ProShares
