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13 Investment Must Reads This Week

Fidelity has imposed a new $100 fee on ETFs issued by nine firms in order to account for the cost of listing the funds on its platform. Some asset managers are raising the alarm on the booming private credit market, reports FundFire. These are among the investment must reads we found this week for wealth advisors.

  1. Fidelity Puts Nine ETF Firms on Notice That New Fees Are Looming “Fidelity Investments will impose a new fee on ETFs issued by nine firms including Simplify Asset Management Inc. and AXS Investments in order to meet the cost of listing the products on the financial powerhouse’s platform, according to a document seen by Bloomberg News.” (Bloomberg)
  2. Asset Mgmt Execs Warn of 'Accidents Ahead' with Private Credit “Managers have been scrambling to cash in on the strategy's higher fees by expanding their own capabilities or buying up smaller private credit shops. However, some asset management executives are questioning whether a bet on private credit makes sense for investors right now.” (FundFire)
  3. BlackRock's Larry Fink: 'Portfolio of the future' includes private markets “In Fink's 2024 annual letter to investors, he noted that Blackrock's private markets strategies garnered $14bn of net inflows for the firm in 2023, which were driven partly by infrastructure.  Infrastructure was described as the "fastest-growing" segment of private markets due to high debt burdens for global governments and the heightened demand brought about by the energy transition.” (Investment Week)
  4. What the Next Bitcoin Halving Means for ETF Investors “Bitcoin halving occurs roughly every four years. April’s halving will be the fourth in the history of the currency. It means that the miners’ reward will fall by half following the approval of new blocks added to the blockchain. This will reduce the frequency of new bitcoin injected into the system as the total amount of mined bitcoin edges closer to the maximum threshold of 21 million circulating units.” (Morningstar)
  5. ETFs May Be Exciting, But Custodians Hold The Keys To Bitcoin “For digital assets ETF and ETP issuers, even when they have settled on the right custodian, the journey should not end there. Issuers partnering with a custodian with the best possible security protocols and infrastructure still have the opportunity to reduce concentration risk, either by working with more than one custodian or by working with custodians that can provide access to a network of institutional-grade suppliers and hold assets in segregated wallets, maximizing security for end-clients.” (Forbes)
  6. CIT Assets Expected to Surpass Mutual Fund Assets in TDFs in 2024, per Morningstar “In addition to the growing concentration of TDF assets in CITs, Morningstar reported that there is concentration of the TDF business with a small number of asset managers. The five largest TDF managers in 2023 managed about 80% of the market and the top 10 firms accounted for about 94%, according to the report.” (PlanSponsor)
  7. An 8% Ceiling: Investor Allocation Limits Loom over REIT, BDC Markets “In some states, those limits stand at 10%, capping the cumulative amount of all non-traded REIT or BDC assets an investor can have from any sponsor – a level that eventually could crimp sales and growth prospects. And most large advisor product platforms, including the wirehouses, have set informal caps even lower, at 8%, to provide a compliance buffer.” (FundFire)
  8. Non-Traded NAV REITs Raised a Net Total of Negative $6.2 Billion in 2023 “For all of 2023, non-traded net asset value real estate investment trusts reported nearly $10.2 billion of fundraising, $1.9 billion of dividend reinvestment, and $18.3 billion of redemptions, resulting in negative net fundraising of approximately $6.2 billion. In 2022, NAV REITs raised a net total of nearly $23.2 billion.” (The DI Wire)
  9. PGIM Bullet-Proofs Bond Portfolios Even As Traders 'Party On' “As co-head of fixed income, Peters helps guide some 16 funds. One bright spot among them is the $3.7 billion PGIM short duration fund, which has gained 6.6% in the past 12 months—outperforming 92% of peers. PGIM’s $44.4 billion total return fund has lagged a majority of peers while outperforming the Bloomberg Aggregate index over the past 12 months and on a three- and five-year basis, according to data compiled by Bloomberg. In 2023, the fund’s return was 7.7%, ahead of the benchmark’s rise of 5.5%, according to the firm’s data.” (Financial Advisor)
  10. Alternative Wealth Partners Launches $150 Million Investment Fund “Winget is the only LGBTQ+ female millennial to run a private equity fund focused on alternatives—assets outside of stocks, bonds, or cash, such as real estate, commodities, and private equity. Her company generates an average targeted annual return of 30 percent.” (D Magazine)
  11. Partners Group launches new $12 bln private equity secondaries fund “HONG KONG, March 26 (Reuters) - Swiss investment company Partners Group has launched another private equity secondary strategy fund worth up to $12 billion, betting on growing deal flows in the secondaries space, its chairman of Asia said on Tuesday.” (Reuters)
  12. Secondaries Had a Big 2023. This Year Could Be Bigger. “Overall, buyout funds got most of the love on the secondaries market in 2023, making up 83 percent of continuation fund deals (those led by general partners), and 76 percent of LP-led deals, according to Eaton Partners.” (Institutional Investor)
  13. JPMorgan bets on new wealth planning tool to draw investments “The Wealth Plan tool had about 10 million users active over the last three months, said Sam Palmer, the general manager of JPMorgan's Chase Sapphire credit card program who was previously in charge of wealth products. The total number of users is higher but undisclosed by the bank.” (Reuters)
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