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10 Investment Must Reads for This Week

Blackrock’s Chief Investment Officer reported that while hedge funds and brokerages have dipped into spot bitcoin ETFs, RIAs have been slower to embrace them. Morgan Stanley is adding more manager-traded SMAs to its UMA platform, reports FundFire. These are among the investment must reads we found this week for wealth advisors.

  1. Advisors ‘wary’ of bitcoin ETFs are on a slow adoption journey, says BlackRock exec “Cohen, BlackRock’s chief investment officer of ETF and index investments, noted that hedge funds and brokerages have also been buyers, based on last quarter’s 13-F filings, but registered investment advisors have been a little more ‘wary.’” (CNBC)
  2. Morgan Stanley Plans to Add More Manager-Traded SMAs to UMA Platform “Right now, the firm's UMA platform boasts over 330 model-delivered strategies and more than 590 manager-traded SMAs, including 220 fixed income strategies. While Morgan Stanley declined to provide an asset figure for the platform, the UMA program has long-been one of the wirehouse's fastest growing investment advice offerings. Morgan Stanley's wealth division had $5.4 trillion in investment advisory assets as of March 31, 2024.” (FundFire)
  3. Why Front-Page News Can Mislead Investors “Put simply, shorting stocks is hard. Even if you’re right, there’s potential to lose significant money along the way. The other side of the coin is extreme pessimism. This often presents a backdrop where stocks can become cheap, a scenario that is often more compelling.” (Morningstar)
  4. Navigating the future of crypto compliance: The impact of IRS form 1099-DA “The form will require detailed disclosure of information such as wallet addresses, taxpayer identification numbers, and the dates and costs associated with the acquisition and disposal of digital assets. This regulatory change prompts an enhanced advisory role, ensuring compliance while optimizing service offerings to clients.” (
  5. Fund selectors eye active bond ETFs to play inefficiencies “However, investors are ready for the floodgates to open with demand growing for ‘high conviction’ active bond ETFs as they look to gain an edge by playing the idiosyncrasies of fixed income, while addressing some of the challenges passive bond ETFs have in fully replicating indices.” (ETF Stream)
  6. A buyout gone wrong creates fireworks in the private credit market “But the burgeoning private credit market has been pitched as more collegial, with private equity sponsors perceived to have tighter relationships with a smaller group of lenders. What is more, the documents underpinning the loans have typically had stricter terms, preventing mischief. The Pluralsight conflict is testing that assumption.” (Financial Times)
  7. The Future of Mutual Funds Amidst CIT Growth “A recent report from Morningstar found that CITs are currently on pace to overtake mutual funds as the most popular target-date vehicle in 2024, as they now represent 49% of the 401(k) market. CITs could also soon be expected in the 403(b) plan system, as The Expanding Access to Capital Act, which would authorize the use of collective investment trusts in 403(b) plans, heads to the Senate for passage.” (401K Specialist)
  8. Asset Allocation With Alternative Investment: The Significance of Pacing in Portfolio Construction “As part of this process, investors need to consider the unique aspects of alternative investments, including allocation targets, uncertain timing of capitals calls and distributions, liquidity contingencies, manager selection process, limited access to information, fee structures, and the optimal specific portfolio pacing.” (
  9. SEC Chair Gary Gensler Envisions US Spot Ether ETFs Launching This Summer “The SEC approved 19b-4 filings for eight spot ether ETFs in May. However, the agency has not yet greenlighted the S-1 (registration statement) filings, which must be completed and declared effective before the spot ether ETFs can launch.” (
  10. If Not 60/40, What? Managers and FAs Weigh In “There's a huge range of strategies within private assets and alternative investments. For high-net-worth investors who are just wading into the asset class, there isn't a single, well-trodden path or introduction to alternatives.” (FundFire)
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