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...Investment trusts make up 27 per cent of the companies in the FTSE 350 index....
...Recent launches from JPMorgan and State Street Global Advisors have all reached the $10bn threshold in about two years, according to Morningstar....
...“People definitely mistake the UK market for the UK economy,” says Alex Wright, manager of the £3bn Fidelity Special Situations fund....
...Fidelity has found a basement for spot bitcoin ETF fees, pricing its proposed fund at less than half most other would-be registrants....
...Wall Street’s rise....
...The three largest US ETF providers — BlackRock, Vanguard and State Street — have amassed commanding market shares predominantly through broad-based passive products....
...The inflows into 11 new bitcoin exchange traded funds that received US regulatory approval in January went into reverse this week....
...The most popular funds, those tracking the S&P 500, the total US stock market and the Bloomberg Aggregate Bond index, cost an average of just 0.03 per cent per year....
...BlackRock’s fund alone has received more than $9.2bn in inflows and Fidelity nearly $5.3bn....
...Nasdaq to promote its iShares Bitcoin Trust....
...Given its £971mn market value, it is not clear what US index it would get into....
...However, analysts at Bank of America this month warned that the earnings from custodying assets could be “quite thin” as it faced pressure from Wall Street names like BlackRock and Fidelity....
...Many of the largest fund companies, including BlackRock, have ramped up their suites of collective investment trusts and separately managed accounts over the years....
...“It’s very clear that the Australian market wants to consume low-cost passive index products.”...
...Unsurprisingly, this horrifies some financiers, who argue that making retrospective changes to the issuance frameworks would undermine market trust in the rule of law, and create an even more fragmented...
...… “The thing that gets me excited about UK equities is just the amazing value that’s on offer within the market”, said Alex Wright, a portfolio manager at Fidelity International....
...US money market fund providers — such as Fidelity, Vanguard and Charles Schwab — collectively earned $7.6bn in fees in 2023 as assets passed $6.3tn, according to government figures....
...Without them, that index has dropped by 0.3 per cent....
...He was unfazed, choosing instead to emphasise Grayscale’s longstanding record in a market where BlackRock, Fidelity, Ark, Bitwise and the rest are newcomers....
...If you can’t trust them, you can’t trust anyone in the US financial system,” he added....
...The list of risk factors has also been extended in many cases....
...But on Friday afternoon, when the index finally cleared the bar, it was being carried by just a few large tech stocks as markets more broadly struggle for direction....
...The Fundsmith Equity Fund has not outperformed the MSCI World index since 2020, returning 12.4 per cent last year compared with the index’s 16.8 per cent....
...Equity fund managers, already squeezed by years of competition from ultra-low-cost index tracker funds, could be among the losers....
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