The Daily Brief
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Trump ETF Is Beating the Market

MAGA ETF is beating the S&P 500, Northwestern Mutual invests in ClientWise and Swiss-based Falco Private Bank launches a cryptocurrency service.

The Point Bridge GOP Stock Tracker (MAGA), an ETF that invests in companies that support President Trump and Republican candidates, is up nearly 14 percent since Friday, compared to nearly 11.3 percent for the S&P 500, CNBC reports. The ETF was launched Sept. 6 and uses a rules-based approach to select the top 150 Republican/GOP stocks from the S&P 500 based on the political contribution of the company political action committees and employees during the previous two election cycles. Top holdings include Freeport-McMoRan, TechnipFMC, Halliburton and Hess Corp.

Northwestern Mutual Invests in Advisor Coaching Firm

Northwestern Mutual has become a majority investor in ClientWise, Ray Scalfani’s business and executive coaching and consulting firm. The deal allows ClientWise, which counts Merrill Lynch Wealth Management and JP Morgan as clients, to continue to operate as an independent firm while partnering with Northwestern Mutual to coach, develop and grow the businesses of its more than 6,400 financial advisors. “As more of our advisors build their wealth management practices, we want to ensure they have the strategic and operational resources they need to excel in serving their clients and running their businesses,” Northwestern Mutual President Greg Oberland said in a statement. “Our investment in ClientWise, which has a strong track record of success in coaching advisors to grow and advance their practices, allows us to bring this expertise to more of our team, while also supporting ClientWise in growing its own industry presence.” The acquisition is the latest example of Northwestern Mutual’s adding new firms to assist its financial advisor workforce. In 2015, it purchased LearnVest and later launched the Northwestern Mutual Future Ventures Fund for strategic investing. Terms of the deal were not disclosed.

Swiss Bank Opens Up to Bitcoin

Copyright George Frey, Getty Images

At least one wealth management firm is indulging its clients’ appetite for cryptocurrencies. Swiss-based Falco Private Bank has launched, “with immediate effect,” a crypto-wealth-management service that can “place their clients’ wealth originating from crypto assets and converted into fiat currency.” The bank says it applies required due diligence using “specific tools” to analyze the transaction history on the blockchain “to ensure full compliance with anti-money laundering and know your client laws and regulations.” Falcon moved into the cryptocurrency space last summer by offering clients “blockchain asset management services through an alliance with currency exchange Bitsuisse,” according to the report. “Under the arrangement, approved by Swiss regulatory body Finma, clients can exchange and hold bitcoins via Falcon using their cash holdings.”

  

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