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...It’s moving into the customisation phase which would spread some of this [trading] out,” Armour said....
...with ruddy furrowed face, and the deathly pale young woman standing next to him, are connected by a flow of crimson drapery of cloaks and gowns, illuminated by golden highlights — his gleaming, reflective armour...
...Gilot, who died last year aged 101, gave the painting to Huffington as a gift in 1986....
...“JPMorgan customers own 80 per cent of those assets, so it likely stemmed from a shift in their internal portfolios,” Armour said....
...Etienne describes the painting as “a pure moment of the 18th century, and of poetry”....
...That’s because the works of contemporary artists such as Warhol and Jean-Michel Basquiat could now become collateral for half a billion dollars of asset-backed securities, alongside paintings by old masters...
...“A ticker symbol serves as the ‘front porch’ for an ETF, immediately painting a picture about what lies inside,” he said....
...The 1945 painting’s title references seventh-century king of the Franks Dagobert, “whose taste for sexual excess was matched by a love of luxury”, Sotheby’s says....
...In response, Armour said, State Street dropped its fee to 5 bps and then Schwab slashed its fee to 3 bps in late September....
...Emails showed Valette asking a colleague to have her client name a price for a René Magritte painting that Bouvier wanted....
...Yet for all the Caravaggio-esque chiaroscuro, there are moments of indulgence that are less evocative of an Old Master painting than a glorified perfume advert....
...But Armour said buying these ETFs shared little in common with buying into a private equity fund....
...Another factor driving the growth of ETFs is the active ETF boom, said Bryan Armour, director of passive strategies research for North America at Morningstar Research Services....
...feathers, twigs, glass, in response to the Los Angeles police beating of Rodney King in 1991; he imagined his extravagant costume-sculptures, concealing the wearer’s colour and gender, as fanciful protective armour...
...Leveraged ETFs have a negative combined rate of return over the past decade, Armour said....
...“be everything to everyone”, Vanguard’s ETF suite “takes a different take” by focusing only on stocks and bonds while leveraging the group’s reputation for low-cost, broad-based strategies, said Bryan Armour...
...In another room, Fortuny’s fascination with Wagner is channelled into high-contrast Symbolist paintings....
...“The best armour of old age is a well spent life preceding it.” What’s your favourite Munger quote?...
...The new US lawsuit is broad and detailed, painting a picture of a company that has spent years knowingly heading off competitive threats to its ecosystem, be it on the App Store, in messaging with rival...
...Asner noted that documentation Sotheby’s provided on the authenticity of the “Salvator Mundi” — which Rybolovlev cited as pivotal to his 2013 decision to buy it for $128mn — also helped him resell the painting...
...Here are Japanese woodblock prints (Anastasia von Seibold), Indian arms and armour (Runjeet Singh) and contemporary Indian tribal and folk art (Anrad Gallery)....
...“It creates competition for their existing products,” said Armour....
...During trial his lawyers pointed to documents sent to Bouvier by the auction house that emphasised high valuations for certain works, including a painting by Leonardo da Vinci, “Salvator Mundi”....
...Art heirs A Dutch panel ruled in 2007 to return a painting stolen by the Nazis to a Jewish family....
...“Advisers are going after cheaper funds so they don’t have too many layers of fees on top of their own,” Armour said....
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