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Goldman Sachs to buy boutique wealth management custodian Folio
May 14, 2020--Goldman Sachs Group Inc plans to buy a boutique wealth management custodian and technology company called Folio Financial Inc for an undisclosed amount of money, according to a letter that Folio sent to its customers on Thursday and was viewed by Reuters.
Folio would be the second wealth management company Goldman has acquired in two years, following United Capital in 2019, and it fulfills Chief Executive David Solomon's goals to build out the bank's other businesses.
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Source: reuters.com
Indxx goes mainstream with global benchmark series
May 12, 2020--New York-based Indxx has launched the Indxx Global Benchmark series, a suite of regular, market-cap-weighted indices covering major equity markets.
The series currently comprises eight indices providing broad market exposure to global, developed market, developed ex-US, US, Europe, Japan, Asia Pacific, and emerging market equities.
They are the Indxx Global Markets Index, the Indxx Developed Markets Index, the Indxx Developed Markets ex-US Index, the Indxx USA Index, the Indxx Developed Europe Index, the Indxx Japan Index, the Indxx Developed Asia-Pacific Index and the Indxx Emerging Markets Index.
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Source: etfstrategy.com
BlackRock throws weight behind new NYSE and Nasdaq challenger MEMX
May 12, 2020--The Members Exchange on Tuesday said BlackRock Inc (BLK.N), the world's biggest asset manager, was among its latest financial and strategic backers as the new bourse gears up to take on the New York Stock Exchange and Nasdaq Inc (NDAQ.O) with a third-quarter launch.
MEMX, which was founded by some of the biggest customers of Intercontinental Exchange Inc's (ICE.N) NYSE and Nasdaq, said Wells Fargo (WFC.N), Flow Traders, Manikay Partners and Williams Trading, also took part in its recent $65 million financing round.
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Source: reuters.com
Trump administration orders federal pension fund to scrap plan to invest in Chinese stocks
May 12, 2020--White House officials say $4 billion investment presents national security risk
The Trump administration has directed the U.S. federal employee retirement fund to scrap its plan to place more than $4 billion into Chinese investments, a move that comes as the president blames Beijing almost daily for not doing more to stop COVID-19 from spreading around the world.
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Source: marketwatch.com
Big Money Managers Take Lead Role in Managing Coronavirus Stimulus
May 11, 2020--BlackRock is about to start buying billions of dollars in corporate bonds for the Fed, reflecting the firm’s rise to financial might but also opening it to scrutiny
The Federal Reserve's giant program of corporate bond buying is about to kick in. It will hand a critical new role in propping the struggling economy to a business with increasing clout in the financial world: money management.
The central bank has tapped BlackRock Inc. to help it direct money into both new and already-issued corporate bonds, assisting the Fed in its recently adopted role as lender of last resort for businesses. The Fed is expected to launch the program in coming days.
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Source: wsj.com
BlackRock's largest shareholder sells 22% stake
May 11. 2020--PNC puts $17bn shareholding on market to raise cash for deals and to weather coronavirus
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Source: FT.com
Renaissance Capital IPO Market Newsletter
May 8, 2020--Scheduled U.S. IPOs-Week of 05/11/20
There are no IPOs scheduled this week.
IPO Commentary
Llamas vs. Bats: Llama antibodies, the coronavirus, and the biotechs that benefit
Could llamas be the key to containing the coronavirus?
Scientists from several institutions have developed a...
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IPO Index Performance
The Renaissance IPO Index has returned 4.5% so far this year,
compared to -10.8% for the S&P 500.
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Source: Renaissance Capital
CBO-Monthly Budget Review for April 2020
May 8, 2020--The federal budget typically records a surplus in April because final tax payments for the prior year and estimated payments for the current year are usually due on April 15. But this year, the government incurred a deficit of $737 billion in April, CBO estimates, compared with a surplus of $160 billion last year.
That substantial difference stems from the economic disruption caused by the novel coronavirus pandemic and from the federal government's response to it, including actions by the Administration and enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA).
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Source: CBO (Congressional Budget Office)
Water Island Capital Launches AltShares Merger Arbitrage ETF
May 7, 2020--Water Island Capital is pleased to announce the launch of AltShares Merger Arbitrage ETF (NYSE:ARB), the first ETF offered in AltShares Trust. ARB seeks to provide passive exposure to the Water Island Merger Arbitrage USD Hedged Index (WIMARBH).
The ETF aims to profit from the successful completion of definitive, publicly announced mergers and acquisitions.
The Water Island Merger Arbitrage USD Hedged Index employs a proprietary rules-based framework that was derived using research from Water Island Capital over its 20-year investment history. The index, and by extension ARB, offer exposure to select definitive, publicly announced mergers and acquisitions across developed markets globally. The deals that are selected for inclusion in the index and the ETF are weighted according to a risk-constrained, liquidity-based methodology and are rebalanced twice per month.
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Source: Water Island Capital, LLC
CFTC.gov Swaps Report Update
May 6, 2020--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
