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...Grosvenor said funds for the lending business would come from “organic growth” and “strategic sales around the periphery of the [London] estate”....
...Commenting on the launch, Jane Sloan, head of global product solutions for Europe, the Middle East and Africa at BlackRock, said: “Our clients’ business models in Europe are rapidly changing — a shift to...
...But BlackRock hit back hard after the Texas fund made its announcement....
...American Express Global Business Travel has agreed to buy rival CWT for $570mn in a bet on the continued recovery of business travel....
...Gerard Crossan, wealth and asset management director for Europe, the Middle East, India and Africa at EY, said ETFs had traditionally represented a low-cost, high-scale business that has attracted flows...
...However, this trivia obscures a broader phenomenon: indexing has become a huge, profitable and influential business, utterly dominated by a small cabal of companies....
...However, a larger determinant of these products’ long-term profitability will be their ability to pass muster with the fund analysts and financial advisers who vet funds and add them to client portfolios...
...BlackRock has appointed BNY Mellon as an additional custodian for €673bn Dublin-domiciled iShares exchange traded funds, splitting custody for the business between two post-trade service providers....
...Kassan charged UTA for private jet flights, it said, that were “personal in nature and had no rational business purpose . . . in short, Kassan erased any line between his personal and business expenses”....
...MSIM launched its ETF business a year ago, and in October filed plans to carry out its first mutual fund-to-ETF conversions....
...This, I suspect, is one reason why so many fund managers are able to say they take ESG considerations into account when investing, allowing them to give their fund a whiff of sustainable sparkle for marketing...
...More than half of BlackRock’s $10tn in assets under management are retirement savings, including institutional pension funds, corporate defined contribution plans known as 401(k)s and individual accounts...
...The £500mn was the first part of a £750mn commitment made by shareholders last July, which was subject to the implementation of a new business plan....
...The firm’s ETFs, the first of which launched in 2013, would “probably cannibalise some of the mutual funds”, Johnson said, but mutual funds would remain popular in the retirement channel, she added....
...Its US business delivered its first full year of profitability last year....
...Twice a year it publishes an active/passive barometer that benchmarks active funds using a composite of passives rather than an index....
...However, advisers warn that it could lead to a concentration of business among the largest LDI managers, as they each negotiate eligible collateral....
...Money has surged into some of the new funds, with BlackRock’s bitcoin ETF the fastest ETF in history to reach $10bn....
...Her book, “Investing to Save the Planet”, is published by Penguin Business. X: @aliceemross...
...Historically, BlackRock has managed its ETF products separately from other funds, a legacy of the 2009 purchase of the iShares index fund business from Barclays....
...By comparison, the firm’s $2.49tn American Funds mutual fund line-up bled $43.1bn last year. T Rowe Price, meanwhile, debuted its first ETFs in 2020....
...And today, under BlackRock’s ownership, it is the world’s leading ETF business, by assets under management....
...One adviser to Barings said its lending team had considered spinning the business out, having seen peers make similar moves....
...Car making is a low margin business to begin with. Apple’s ebitda margin last year was 34 per cent. Tesla’s was 9 per cent. So was GM’s....
...The two Abrdn funds will continue considering “the most material” ESG factors in their security selection after dropping the sustainable leaders label but they will emphasise factors such as business model...
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