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10 Investment Must Reads This Week

Asset managers are increasingly focusing on advisor preferences when designing products, according to a Cerulli study. PGIM is the latest fund manager to seek approval to offer an ETF share class on existing mutual funds. These are among the investment must reads we found this week for wealth advisors.

  1. Advisor Preferences Loom Larger in Asset Managers’ Product Decisions “A Cerulli Associates study released last week shows that product rationalization, or the process of determining which funds a manager decides to either shutter or merge into a separate strategy, has recently become a greater priority across fund firms.” (Financial Advisor IQ)
  2. PGIM joins firms seeking green light for ETF mutual fund share class “PGIM has become the latest in a rapidly-growing list of asset management firms seeking approval from the U.S. Securities and Exchange Commission to offer a share class of existing mutual funds in the form of an exchange-traded fund (ETF).” (Reuters)
  3. First Quarter 2024 Non-Traded Alts Fundraising Up 69% Year-Over-Year “Monthly fundraising in public non-traded BDCs, interval funds, and private placements (including infrastructure and private equity) continues to outpace non-traded real estate investment trusts, which have previously dominated the space over the last seven years.” (The DI Wire)
  4. Active ETFs Gain Appeal Amid Volatility “During the year's first three months, $60 billion, or 30%, of all ETF flows went into actively managed exchange-traded funds, according to a recent Fidelity Investments report. Active ETFs punched above their weight class, since they account for just 7% of total ETF assets.” (
  5. Cliffwater Bursts into Private Equity Market with New Interval Fund “Cliffwater renamed the strategy as the Cascade Private Capital Fund, converted it into an interval fund structure and tapped into key relationships in the independent registered investment advisor, or RIA, market, said Philip Hasbrouck, senior managing director and co-head of the asset management business at the firm.” (FundFire)
  6. Despite Blackstone BREIT Issues, Liquidity Legitimizes Some Alternatives “The traditional alternatives market for advisor-sold investments is seeing some noticeable structural shifts, with BDCs benefiting at the expense of non-traded REITs at least in the short term. BDCs are expected to raise a whopping $25 billion this year, Gannon said. That would be a double-digit increase from the $21.15 billion they brought in last year, according to Stanger.” (Financial Advisor)
  7. Private-Fund Lobbyists Push Back on Expanding Money-Laundering Checks “Private-equity and hedge-fund managers are pushing back against a sweeping proposal that would force them to file suspicious-activity reports and run background checks on their investors.” (WSJ Private Equity)
  8. Anticipated Surge in Spot Bitcoin ETF Adoption Among Wealth Management Firms by Year End: Bitwise CEO “He estimates that current adoption rates might be around 15% and could rise to 40% in the near future. This indicates that while adoption is growing, there is still much room for expansion before it becomes near-universal among wealth management firms.” (CryptoGlobe)
  9. 'Change Is Never Easy': New Global X CEO “That change, which unfolded prior to the announced hiring of O’Connor in late February includes departures by Chief Investment Officer Jon Maier, head of finance Ronnie Riven, chief executive Luis Berruga, Chief Operating Officer John Belanger, head of human resource Crystal Christy and Bruno Stein, who led a small operation in Brazil.” (
  10. Blackstone’s Beleaguered Real-Estate Fund Stems Exodus “Financial advisers who work with individual investors say most of their clients remain wary of commercial real estate, citing recent turbulence in the market and the latest signals from the Federal Reserve that it might not cut interest rates this year. Investors also fret over rising default levels and over supply that is putting downward pressure on apartment rents in some markets.” (The Wall Street Journal)
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