Industry News
Wealth Management
Top stories summarized by our editors
6/4/2020

The US Department of Labor has written a letter that authorizes 401(k) plans to offer private-equity exposure to savers, in response to petitioning from the alternative investment sector to include such an option. Doug Keller, head of private wealth at Pantheon and Partners Group, says the letter should resolve any lingering concerns that the option could bring litigation problems for investment managers.

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US Department of Labor
6/4/2020

Hedge fund managers are skeptical about hopes for a v-shaped economic recovery amid fears the recent market rally has failed to price in the reality of the economic situation.

6/4/2020

The latest Institutional Investor Fear Index findings suggest inventors have no immediate plans to return to normal working patterns in the immediate future. Just 15% say they plan to return to the office this month, with 31% planning to put off holding face-to-face meetings with clients and asset managers until later in the year.

6/4/2020

Hedge funds are adopting a cautious approach to the recent recovery in the industrial metals market. Despite industry data registering a steady fall in short positions in recent weeks, outright long positions have increased to just to 35,915 from 28,991 at the start of April.

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Reuters
6/4/2020

Short sellers are reducing their exposure to the gambling sector as lockdown restrictions ease and businesses prepare to resume operations, a report by analytics firm S3 Partners reveals. Although the industry was hit hard by the lockdown order, the S&P Midcap Casinos & Gaming Index has rebounded by around 230% from a record low in March.

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S3 Partners
6/4/2020

The growing risk that the European Union will fail to reach a Brexit deal with the UK represents a major downside risk to both sterling and UK equities, analysts say.

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Sterling
6/4/2020

Almost 700 investors have put $361.4 million into Griffin Capital Qualified Opportunity Zone Fund, according to a Securities and Exchange Commission filing. The fund aims to raise $445 million, after setting an initial goal of $275 million.

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The DI Wire
6/4/2020

An Ecuadorian maker of sustainable packaging has obtained a $3.3 million term loan from TriLinc Global Impact Fund. The transaction shows the fund's "commitment to businesses that have positive environmental and social impacts in Latin America," CEO Gloria Nelund says.

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The DI Wire
6/4/2020

Financial Services Institute President and CEO Dale Brown calls on leaders in Congress and the Securities and Exchange Commission to consider points made in the recent petition filed by FSI and other industry groups regarding "rulemaking by enforcement." The petition calls for "fair and transparent rulemaking" that provides clarity for advisors.

6/4/2020

Members of Generation Z are optimistic about their financial futures and prefer to receive advice from a human advisor, even though only 30% have met with one, according to a Morningstar report. This bodes well for advisors, who should seek a "a brief introduction to the adult children of existing clients, which can at least start the process of building a multigenerational relationship over time," writes Stan Treger, Morningstar's senior behavioral scientist.