CEO Ali Dibadj provides an update on the three macro drivers we believe will shape markets in the second half of 2025 and how Janus Henderson is helping clients position for a brighter investment future.
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
Separating the signal from the noise may be the hardest challenge investors face. We’re all surrounded by constantly changing but mostly unimportant information. Of the small part that really is important, we must decide if it affects our investments.
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
BlackRock Inc., the world’s largest asset manager, boosted its annual revenue target for 2030 and set its first-ever firmwide target for private-markets fundraising at $400 billion by then.
Integrating volatile and illiquid assets into the ETF structure is something to be avoided, Doubleline CEO and CIO Gundlach said.
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
The push to put private assets in the hands of individual investors is breathing new life into a relatively quiet corner of the asset management industry: interval funds.
Increasing investor preference for actively managed strategies continues in this year’s tumultuous environment. With active ETFs taking increasing market share, advisors and investors have ever-expanding choices when looking to augment existing passive exposures.
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Privacore Capital, an affiliate of Janus Henderson and an open-architecture solutions provider for alternative investment products tailored to the private wealth market, and Partners Capital Investment Group, a global Investment Office, today announced the launch of the Privacore PCAAM Alternative Growth Fund (“AltsGrow”).
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
A new line of yield-chasing crypto funds is forcing the Securities and Exchange Commission to confront unresolved gaps in its regulatory framework, just as the Trump administration eases oversight of digital assets.
Private investments demand patience, but the rewards could be worth the wait.
Closed-end funds can offer stable income streams, but also have some benefits over ETFs when it comes to fund structure.
A potentially watershed effort to launch US crypto exchange-traded funds that offer staking rewards is throwing up regulatory doubts, even after the funds said they received initial SEC registration approval.
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Cantor Fitzgerald LP agreed to buy UBS Group AG’s O’Connor unit, ending more than three decades of ownership by the Swiss bank and placing the hedge fund back in control of one of its early founders.
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
Selling your real estate portfolio, especially investment properties you and your family have held for years or decades, can be a complex process.
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients.
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.
Morgan Stanley is launching a private equity fund for its widest audience yet — investors wielding a few million dollars — as asset managers help broader masses into the once-exclusive realm.
It’s quite easy to do bad deals in asset management. Option one, overpay for a private capital business in the aggressive dash for growth. Option two, defensively merge your existing fund manager with a regional peer and botch the integration as you try to make savings.
Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
Private equity investors will have to wait even longer before getting back their money back from older funds as global trade turmoil dims hopes of a deal revival, according to the head of Ares Management Corp.’s buyout business.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Swedish firm EQT AB received more than $10 billion in investor commitments for its latest pan-Asia private equity fund, putting it on track to reach its fundraising goal despite the market volatility.
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
Goldman Sachs Group Inc. is expanding its private equity offering to wealthy individuals across Wall Street and beyond, in the latest sign of investment firms gradually broadening access to the much sought-after private markets.
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
On this week’s episode of “ETF of the Week,” Chuck Jaffe of “Money Life” discussed the Invesco CEF Income Composite ETF (PCEF) with Roxanna Islam, head of sector and industry research at VettaFi. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
BlackRock Inc., fresh off a $28 billion deal spree to transform into a major player in alternative assets, is integrating complex private investments into its ready-made portfolios for individuals.
ETF Prime Host Nate Geraci is joined by Bloomberg’s Eric Balchunas, along with VettaFi’s Cinthia Murphy and Todd Rosenbluth, to spotlight the year’s most anticipated ETF event and discuss the industry’s hottest trends.
I recently celebrated another trip around the sun, which meant I couldn’t let the occasion pass without enjoying some birthday cake.
Banks’ retreat is creating opportunity for investors.
An “insurance renaissance” is quietly reshaping a traditionally sleepy industry as a surge in annuities sales fuels demand for investment products with shorter duration and less liquidity, according to AllianceBernstein, an $806 billion asset manager owned by insurer Equitable.
Three months into 2025, the U.S. IPO (initial public offering) market remains in a rut. Why? And, perhaps just as importantly, is a rebound still possible?
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Precidian’s Stuart Thomas spotlights the firm’s innovative ADRhedged ETFs and explains the rationale for removing currency exposure. VettaFi’s Kirsten Chang discusses several recent ETF launches, including offerings from State Street, VistaShares, Quantify Funds, and Roundhill.
As more advisors look to private equity as an effective means of diversifying their clients’ portfolios and providing a fertile source of uncorrelated alpha, the middle market merits a closer look.
Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.
During February, Advisor Perspectives featured a number of quality articles on topics near and dear to the advisory community.
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
Bridgewater Associates founder Ray Dalio’s famous “All Weather” strategy has arrived in the exchange-traded fund market, just as the kind of macro-driven turmoil it seeks to guard against sweeps global assets.
Unlike most of the rest of the world, I will attempt to minimize all there is to say about the beginning of the next 4 years, as the persistent yack and what to make of it reverberates in all corners of the financial globe.
A holistic approach may help insurance investors navigate an expansive opportunity set.
President Trump’s nomination of Paul Atkins as the next SEC Chair signals a potential sea change in regulatory approach, one that could dramatically reshape the landscape of alternative investments.
Trend-chasing hedge funds are facing a fresh wave of competition from the ETF world, as asset managers make their latest push to open up strategies to the masses that were once reserved for the financial elite.
We recently sat down with Justin Owens, our senior director and co-head of strategic asset allocation, to discuss the next phase of liability-driven investing (LDI) and the key trends driving this evolution. Below is a recap of our conversation.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth discussed the BondBloxx Private Credit CLO ETF (PCMM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
JPMorgan Chase & Co. is dramatically ramping up its direct-lending effort, setting aside an additional $50 billion to capture a bigger chunk of the fast-growing market.
Wall Street is still awaiting regulatory approval for the first full-blown private-asset ETFs, but for now opportunistic issuers are continuing to churn out products that claim to replicate the booming asset class — and stretching the definition of “liquid private equity.”
It has been some time since the financial markets were in a position similar to where they are today.
Private credit has been one of the most talked-about segments in fixed income markets over the last few years.
Alacrity Solutions found itself in a tough spot. The Indiana-based company helps property and auto insurers manage customer claims by taking calls, sending adjusters into the field and reviewing files.
This week brought a mixed bag of economic data, yet markets continue to demonstrate impressive resilience.
Recent developments may just offer advisors and investors fresh pathways with which to attain higher yield in 2025.
Private equity firms are facing early tests to the theory that Donald Trump’s return to the White House is a net win for America’s dealmakers.
Is an M&A boom brewing?
Municipal bonds were a hot topic at last week’s VettaFi Fixed Income Symposium — more than I expected them to be.
As these two strategies evolve, financial advisors must understand their nuances to align client portfolios with current market conditions and future financial goals.
Integrating private assets may enhance target-date glide paths, but know your exposures.
Macquarie Group Ltd. is shuttering its US debt capital markets arm, a business that includes leveraged loan origination, syndication and trading, to focus resources on private credit, according to people with knowledge of the matter.
Apollo Global Management Inc.’s plan to tap wallets of rich clients is paying off, with its wealth business raking in record capital last year and boosting assets from the sector 50%.
Meme coins are just the tip of the iceberg representing unproductive uses of capital. I could write volumes on other examples. But given its current popularity, I use it to help spread the productivity gospel once again.
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.
Private Credit
Macro Drivers: Positioning for 2025’s Geopolitical Realignment
CEO Ali Dibadj provides an update on the three macro drivers we believe will shape markets in the second half of 2025 and how Janus Henderson is helping clients position for a brighter investment future.
5 Themes Defining Bond ETF Investing Today
New strategies, shifting flows, and innovative technologies are driving a more dynamic and diversified marketplace in fixed income ETFs.
Blackstone Sees $200 Billion in Potential European Credit Deals
Blackstone Inc. sees a $200 billion investment opportunity in European credit over the next 10 years, underscoring the region’s appeal to investors looking for alternatives to the US.
The Investment Signal in the Noise
Separating the signal from the noise may be the hardest challenge investors face. We’re all surrounded by constantly changing but mostly unimportant information. Of the small part that really is important, we must decide if it affects our investments.
The Florida Pension Fund Managers Who've Beaten the S&P 500 Over 50 Years
Unlike most other US public retirement plans of its size, the Tampa Fire & Police Pension Fund doesn’t invest in hedge funds, private equity or private credit.
Harvard and Yale Will Finally Lift the Veil on Private Assets
If I told someone with even a little investing experience that I own an asset that pays like stocks but is stable like bonds, they would probably think I was a huckster or a fool. Yet many of the most sophisticated investors claim to own such a thing.
BlackRock Targets $400 Billion Private-Market Haul by 2030
BlackRock Inc., the world’s largest asset manager, boosted its annual revenue target for 2030 and set its first-ever firmwide target for private-markets fundraising at $400 billion by then.
Gundlach: Illiquid Assets Don’t Belong in Liquid Vehicles
Integrating volatile and illiquid assets into the ETF structure is something to be avoided, Doubleline CEO and CIO Gundlach said.
The Fragmentation Era
With the world order in flux, investors can look to fortify portfolios by diversifying across global markets and capitalizing on attractive, high quality yields.
Wall Street Has a Hot Way to Sell Private Assets to the Masses
The push to put private assets in the hands of individual investors is breathing new life into a relatively quiet corner of the asset management industry: interval funds.
Active ETFs Gain Further Momentum in 2025
Increasing investor preference for actively managed strategies continues in this year’s tumultuous environment. With active ETFs taking increasing market share, advisors and investors have ever-expanding choices when looking to augment existing passive exposures.
Apollo Eyes Germany as Private Credit’s Crush on Europe Heats Up
In sauna-like wooden meeting huts scattered around private capital’s annual marquee event in Berlin, executives are looking for the next hot spot.
Wall Street Has a Hot Way to Sell Private Assets to the Masses
The push to put private assets in the hands of individual investors is breathing new life into a relatively quiet corner of the asset management industry: interval funds.
Private Equity in 401(k)s Isn’t as Smart as It Seems: The Editorial Board
The White House is seriously considering the proposal, at the behest of some of the country’s largest financial firms.
Privacore Capital and Partners Capital Investment Group Launch Alternative Growth Registered Fund (“AltsGrow”)
Privacore Capital, an affiliate of Janus Henderson and an open-architecture solutions provider for alternative investment products tailored to the private wealth market, and Partners Capital Investment Group, a global Investment Office, today announced the launch of the Privacore PCAAM Alternative Growth Fund (“AltsGrow”).
Home Remodeling Bond Sales Surge as Americans Avoid Moving
Wall Street is cranking up the bond machine as US homeowners — finding that buying a new house is out of reach since mortgage rates started climbing in 2022 – are instead getting home equity loans and sprucing up their current properties.
Neuberger Berman Raises $4 Billion for New Secondary Fund
Neuberger Berman has raised more than $4 billion for its latest general partner-led secondary fund, at a time when private equity firms are increasingly looking to monetize assets via continuation vehicles.
SEC’s Crypto Confusion Deepens as Next-Gen ETFs Test Boundaries
A new line of yield-chasing crypto funds is forcing the Securities and Exchange Commission to confront unresolved gaps in its regulatory framework, just as the Trump administration eases oversight of digital assets.
The Long Game: Why Private Markets May Thrive in Market Turmoil
Private investments demand patience, but the rewards could be worth the wait.
Why Some ETF Investors May Like Closed-End Funds
Closed-end funds can offer stable income streams, but also have some benefits over ETFs when it comes to fund structure.
SEC Flags Concerns on Crypto ETFs Offering Staking Rewards
A potentially watershed effort to launch US crypto exchange-traded funds that offer staking rewards is throwing up regulatory doubts, even after the funds said they received initial SEC registration approval.
Renewable Energy and Insurers: Tailor Made?
Matching assets to long-term liabilities without compromising on return potential can be a challenge for insurers with long-duration liabilities.
Cantor Fitzgerald Agrees to Buy UBS Hedge Fund Unit O’Connor
Cantor Fitzgerald LP agreed to buy UBS Group AG’s O’Connor unit, ending more than three decades of ownership by the Swiss bank and placing the hedge fund back in control of one of its early founders.
Private Credit Eyes Gap in US Infrastructure as Federal Funding Dips
Private credit firms are seeing an opportunity to finance everything from public transit systems to local utilities as the federal government and banks pull back on funding.
What Comes After the Sale? Turning Real Estate Liquidity Into a Long-Term Wealth Strategy
Selling your real estate portfolio, especially investment properties you and your family have held for years or decades, can be a complex process.
Engine of Active ETF Creation: Latest Flight of Fixed Income Offerings
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
Private Equity's Big Guns Are Tearing Up the Rules on Leverage
As one of the world’s largest sovereign wealth funds warned this week that private equity is “very troubled” right now, a spate of recent buyout deals in Europe and the US points to a possible route out of the mire.
First-of-Their-Kind Innovative ETFs Launched in 2025
Innovative ETFs are making waves as investors look for fresh ways to navigate a market marked by rapid growth and ongoing volatility.
What Will Central Banks do When Tokens Replace Money?
With mainstream investment products increasingly finding a second home on the blockchain, it’s a good time to ask what role central banks would play if everything they have learned while policing double-entry bookkeeping over the last 350 years becomes irrelevant.
The Rebirth of the 60/40 Portfolio Has Been Greatly Exaggerated
The 60/40 approach has not been what it was just a few years ago. Fortunately, there are alternatives.
India Is Hot Trade Again as Funds Chase Trump-Era Winners
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
Software Recurring Revenue Lending: Flexibility and Skill Required
It may seem risky to lend against recurring revenues, not earnings. With proper underwriting, it doesn’t have to be.
Wall Street Plays Long Game as Deals Go Private
A KKR & Co. debt sale shows how far Wall Street is willing to go to keep leveraged underwriting business from slipping away to private credit after periods of turmoil.
Tension in the Sandpile
I’ve been writing about tariffs for a couple of months now, focusing mostly on the macroeconomic harm and the costs they impose on small businesses. Today I want to consider something else: the new risks they are adding to the financial system alongside the old risks.
Blackstone, Vanguard, Wellington to Launch Private Markets Fund
Blackstone Inc., Vanguard Group and Wellington Management Co are launching a fund that will invest in public equities, bonds and private markets, as part of their effort to expand private-market offerings to retail clients.
Gridlock
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
Morningstar Will Now Call Out Lackluster Private Investments
Morningstar Inc. has been rating stock and bond funds for everyday investors for years. Now it will award gold, silver and bronze medals to less-liquid private asset funds marketed to the masses.
Citi Restarts Business of Lending to Buyout Funds After Retreat
Citigroup Inc. is ramping up lending to private equity and private credit groups, working to catch up with peers like JPMorgan Chase & Co. and Goldman Sachs Group Inc. after the bank spent years on the sidelines.
Morgan Stanley Offers PE Fund for Wider Swath of Millionaires
Morgan Stanley is launching a private equity fund for its widest audience yet — investors wielding a few million dollars — as asset managers help broader masses into the once-exclusive realm.
Active Fund Management Isn't Dead Just Yet
It’s quite easy to do bad deals in asset management. Option one, overpay for a private capital business in the aggressive dash for growth. Option two, defensively merge your existing fund manager with a regional peer and botch the integration as you try to make savings.
Apollo, Blackstone Lead $4 Billion Loan for Boeing Unit
Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
Ares Says Cash-Hungry Private Equity Investors Face Big Wait
Private equity investors will have to wait even longer before getting back their money back from older funds as global trade turmoil dims hopes of a deal revival, according to the head of Ares Management Corp.’s buyout business.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
EQT’s Asia Buyout Fund Gets $10 Billion, On Track for Target
Swedish firm EQT AB received more than $10 billion in investor commitments for its latest pan-Asia private equity fund, putting it on track to reach its fundraising goal despite the market volatility.
Shadow Banks Are Too Big to Stay in the Shadows
When it’s finally completed seven years from now, Citadel LLC’s New York tower will be the second tallest building in the city, after the World Trade Center. It will also loom over the headquarters of JPMorgan Chase & Co. just a few hundred yards south along Park Avenue.
2025 Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Finance Needs to Be Prepared for the Unexpected
Ideally, nobody would have to worry about the burgeoning and multifaceted realm of nonbank finance: Let hedge funds, securities dealers and the like take whatever risks they want, as long as they bear the full consequences.
Goldman Is Opening Up Private Equity Deals to Rich Individuals
Goldman Sachs Group Inc. is expanding its private equity offering to wealthy individuals across Wall Street and beyond, in the latest sign of investment firms gradually broadening access to the much sought-after private markets.
Seeking Stability
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
There’s Always a Bull Market Somewhere: US ETF Launches Notch a Record
Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.
Top Takeaways from Oaktree’s Quarterly Letters – March 2025 Edition
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
A Closed-End ETF to Watch
On this week’s episode of “ETF of the Week,” Chuck Jaffe of “Money Life” discussed the Invesco CEF Income Composite ETF (PCEF) with Roxanna Islam, head of sector and industry research at VettaFi. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
Larry Fink Vows to Unlock Private Investments for the Masses
BlackRock Inc. Chief Executive Officer Larry Fink pledged to open up private markets to millions of everyday investors, not just the wealthy few, contending individuals should share more of the gains from economic growth.
Junk Bonds Win Over Investors Seeking Calm From Market Storm
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
BlackRock Adds Private Credit, Equity Funds to Model Portfolios
BlackRock Inc., fresh off a $28 billion deal spree to transform into a major player in alternative assets, is integrating complex private investments into its ready-made portfolios for individuals.
ETF Prime: Live from Exchange!
ETF Prime Host Nate Geraci is joined by Bloomberg’s Eric Balchunas, along with VettaFi’s Cinthia Murphy and Todd Rosenbluth, to spotlight the year’s most anticipated ETF event and discuss the industry’s hottest trends.
Doing More With the Same: The Power of OCIO
I recently celebrated another trip around the sun, which meant I couldn’t let the occasion pass without enjoying some birthday cake.
Europe: The Next Frontier in Asset-Based Finance
Banks’ retreat is creating opportunity for investors.
An ‘Insurance Renaissance’ Is Fueling Private Credit Surge, Says AllianceBernstein
An “insurance renaissance” is quietly reshaping a traditionally sleepy industry as a surge in annuities sales fuels demand for investment products with shorter duration and less liquidity, according to AllianceBernstein, an $806 billion asset manager owned by insurer Equitable.
Why Is the IPO Market Struggling? Here’s What Active Managers Have to Say
Three months into 2025, the U.S. IPO (initial public offering) market remains in a rut. Why? And, perhaps just as importantly, is a rebound still possible?
As Europe Rearms, Bond Funds Are Ripping Up the Rule Book
Europe’s plan to rearm in the face of Russian aggression and US detachment has already delivered a bonanza to equity investors. Credit funds are scrambling to get a share of the windfall, too.
Precidian’s Stuart Thomas Spotlights Currency Hedged Single Stock ETFs
Precidian’s Stuart Thomas spotlights the firm’s innovative ADRhedged ETFs and explains the rationale for removing currency exposure. VettaFi’s Kirsten Chang discusses several recent ETF launches, including offerings from State Street, VistaShares, Quantify Funds, and Roundhill.
Unlock Alpha in Mid-Market Private Equity
As more advisors look to private equity as an effective means of diversifying their clients’ portfolios and providing a fertile source of uncorrelated alpha, the middle market merits a closer look.
SEC Approves Retail-Friendly Blackstone Private Credit Fund
Blackstone Inc. has won approval from the US Securities and Exchange Commission to launch its newest private credit fund, one of the latest efforts to give individuals access to assets that are mostly backed by institutions.
February Featured Articles on Bitcoin, Tax-Loss Harvesting & More
During February, Advisor Perspectives featured a number of quality articles on topics near and dear to the advisory community.
Gimme Credit
Ever since interest rates got up off the floor in 2022, there’s been increased interest in credit, and that’s why I’m devoting this memo to it. It’ll come a little closer than usual to “talking my book,” but I think the subject justifies that.
Ray Dalio’s ‘All Weather’ Strategy Enters ETF Land During Turmoil
Bridgewater Associates founder Ray Dalio’s famous “All Weather” strategy has arrived in the exchange-traded fund market, just as the kind of macro-driven turmoil it seeks to guard against sweeps global assets.
Anarchy in the USA
Unlike most of the rest of the world, I will attempt to minimize all there is to say about the beginning of the next 4 years, as the persistent yack and what to make of it reverberates in all corners of the financial globe.
Commercial Real Estate Debt: Time for Insurers to Take a Closer Look?
A holistic approach may help insurance investors navigate an expansive opportunity set.
Atkins' SEC and the New Dawn for Alternative Investments
President Trump’s nomination of Paul Atkins as the next SEC Chair signals a potential sea change in regulatory approach, one that could dramatically reshape the landscape of alternative investments.
BlackRock, Fidelity Challenge Hedge Funds With Trend-Chaser Bets
Trend-chasing hedge funds are facing a fresh wave of competition from the ETF world, as asset managers make their latest push to open up strategies to the masses that were once reserved for the financial elite.
The Future of Liability-Driven Investing
We recently sat down with Justin Owens, our senior director and co-head of strategic asset allocation, to discuss the next phase of liability-driven investing (LDI) and the key trends driving this evolution. Below is a recap of our conversation.
BondBloxx Private Credit CLO ETF (PCMM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth discussed the BondBloxx Private Credit CLO ETF (PCMM) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
JPMorgan Earmarks $50 Billion More for Its Direct-Lending Push
JPMorgan Chase & Co. is dramatically ramping up its direct-lending effort, setting aside an additional $50 billion to capture a bigger chunk of the fast-growing market.
Wall Street Is Selling ETFs That Mimic the Private Equity Boom
Wall Street is still awaiting regulatory approval for the first full-blown private-asset ETFs, but for now opportunistic issuers are continuing to churn out products that claim to replicate the booming asset class — and stretching the definition of “liquid private equity.”
Navigating a Foggy Cycle with Value
It has been some time since the financial markets were in a position similar to where they are today.
Public vs. Private Credit: Finding Their Lanes in 2025
Private credit has been one of the most talked-about segments in fixed income markets over the last few years.
What Happens When Private Credit Loans Get in Trouble
Alacrity Solutions found itself in a tough spot. The Indiana-based company helps property and auto insurers manage customer claims by taking calls, sending adjusters into the field and reviewing files.
Markets Resilient Despite Inflation Jitters, Tariff Uncertainty
This week brought a mixed bag of economic data, yet markets continue to demonstrate impressive resilience.
Money Market ETFs: New Ways to Reach for Yield in 2025
Recent developments may just offer advisors and investors fresh pathways with which to attain higher yield in 2025.
Buyout Titans Face Early Trump Tests, From Tariffs to Taxes
Private equity firms are facing early tests to the theory that Donald Trump’s return to the White House is a net win for America’s dealmakers.
Merger Arbitrage: The Stars Could Be Aligning
Is an M&A boom brewing?
Municipal Bonds Favored by Many Advisors
Municipal bonds were a hot topic at last week’s VettaFi Fixed Income Symposium — more than I expected them to be.
Direct Lending vs. Asset-Based Lending: An Analysis of Private Credit Markets
As these two strategies evolve, financial advisors must understand their nuances to align client portfolios with current market conditions and future financial goals.
Bringing the Private-Asset Dimension to Target-Date Glide Paths
Integrating private assets may enhance target-date glide paths, but know your exposures.
Macquarie Shuts US Debt Capital Markets in Private Credit Pivot
Macquarie Group Ltd. is shuttering its US debt capital markets arm, a business that includes leveraged loan origination, syndication and trading, to focus resources on private credit, according to people with knowledge of the matter.
Apollo Raises Record From Private Wealth as Credit Grows
Apollo Global Management Inc.’s plan to tap wallets of rich clients is paying off, with its wealth business raking in record capital last year and boosting assets from the sector 50%.
Meme Coins Do Not Create Wealth, They Destroy It
Meme coins are just the tip of the iceberg representing unproductive uses of capital. I could write volumes on other examples. But given its current popularity, I use it to help spread the productivity gospel once again.
Missing the Forest For the Tree: Lumen R4A Long-Term Capital Market Assumptions
While planning for a CMA (Capital Market Assumptions) at the close of the year—and in the wake of an unexpected U.S. election result—it’s tempting to adopt a short-term perspective, focusing on the uncertainties and anxieties generated by President-elect Trump’s policies and their potentially disruptive impact on the economy and the market.