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...All these efforts failed, until a remarkable turn of events in 2012....
...The assets had been frozen by authorities in the wake of the western sanctions. The dispute centres on $439mn in funds that VTB held in a JPMorgan account in the US....
...Its US holdings have increased in the past decade while its European ones have declined. US shares account for almost half of all its equities compared with 32 per cent in 2013....
...What many don’t realise is that, legally, all money held in a joint bank account is owned by anyone named as an account holder....
...Tracker funds now account for more than half of all US pooled investments....
...The 10 largest stocks in the MSCI All Country World Index now account for 19.5 per cent of the widely followed benchmark of 23 developed and 24 emerging countries....
...Across the US market as a whole, ETFs only account for 31 per cent of the $26.5tn held in collective vehicles....
...There are, however, ways of moving money out of a bank account without going through the courts. Set-off allows a bank automatically to collect money that an account owner owes it....
...Meanwhile, people are stashing more and more of their money into investment funds rather than bank accounts....
...The court said it had ordered the seizure of all funds in JPMorgan’s accounts in Russia but not securities and other property including the domain jpmorgan.ru. VTB filed its lawsuit on April 17....
...On the latter, this cohort holds about $1.5tn in assets and $1.1tn in net loans (~3%); by major sector they account for 1-2% of C&I and mortgage debt, less than 1% of consumer, and 10-25% of CRE loans (dependent...
...At the end of January, prime funds held more than $310bn in unsecured and asset-backed paper, or roughly one-quarter of the entire market, according to Federal Reserve data....
...More than 70 per cent of the titles eligible for Tuesday’s debt swap were held by public sector entities, including the central bank and Argentina’s social security agency, almost all of which accepted the...
...Active ETFs may account for only up to around 7 per cent of assets in ETFs, he said, but about a fifth of the inflows....
...The yen hit a 34-year low after the Bank of Japan held interest rates near zero despite rising pressure on the central bank to tighten its policy and prop up the currency....
...At the end of December, passive US mutual funds and ETFs held about $13.3tn in assets while active ETFs and mutual funds had just over $13.2tn, according to data released by Morningstar....
...Despite those challenges, the assets held in European crypto-related ETPs have risen by 300 per cent since the end of 2022, Morningstar data shows....
...Many recordkeepers still do not offer ETFs in 401(k) accounts because of operational issues. But it is not just ETFs that are taking money from mutual funds....
...In the US market, where JPMAM is the number two player to Dimensional Fund Advisors, active ETFs held $530bn of assets at the end of 2023, according to Morningstar, 8.5 per cent of a broader ETF market once...
...“The banks have done a really good job over the last couple of years in terms of positioning themselves — they all cleaned up their balance sheets, they were in a position to do consolidation and that did...
...Salameh, who has denied all allegations of misconduct, was charged by prosecutors in Beirut in 2022 with embezzling more than $330mn in public funds....
...The Financial Reporting Council, reviewing 263 mainly FTSE350 companies as part of its latest annual review, found 25 requiring restatements of their accounts....
...Bills are more liquid and there’s been an absolute ton of demand; you know how everyone has been moving cash out of their bank accounts and into money-market funds? That’s on my list of things to do....
...at all....
...Letter in response to this article: Russia’s embrace of China’s currency says it all / From Roger W Kirby, Millbrook, NY, US...
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