State Street Global Advisors and Apollo Global Management have proposed a groundbreaking ETF that would invest in both public and private credit, pending SEC approval. While this move aims to democratize access to private markets, concerns about valuation, liquidity, and potential self-dealing remain, as the ETF would rely heavily on Apollo for asset pricing and liquidity. The initiative reflects a growing trend to merge private and public investments, despite skepticism regarding the implications for long-term investment strategies.
GMO advocates for a permanent allocation to emerging-market debt (EMD), citing that credit spreads for risky assets generally compensate for credit losses. Despite recent challenges, including pandemic-related defaults and interest rate hikes, the firm believes valuations now warrant medium-term investments, particularly in hard and local-currency debt. GMO emphasizes the potential for alpha generation in EMD, questioning the choice of passive ETFs that often underperform benchmarks.
Valiant Capital has made significant gains this month, with an increase of nearly 20 percent for the year. The firm is gaining attention as a new name in the investment landscape, particularly highlighted by Chris Hansen's top stock picks.
Health insurance premiums in Switzerland will rise by an average of 6% in 2025, with Ticino facing the highest increase at 10.5%. This surge is driven by escalating healthcare costs due to new treatments, an aging population, and inflation, prompting calls for cost containment measures from Parliament. Insurers' reserves have declined to 7.3 billion francs, reflecting a loss of 1.9 billion francs in the insurance business amid rising expenses.
The telemedicine market is experiencing significant growth, projected to reach $451.4 billion by 2032, up from $84.3 billion in 2022, with a CAGR of 18.3%. This surge is driven by the demand for remote healthcare solutions, particularly post-COVID-19, enhancing patient access to medical care through virtual consultations. Key trends include improved video conferencing technology, increased use of wearable devices, and the expansion of telemedicine services across various medical specialties.
Three Mile Island, site of the 1979 nuclear accident, is set to reopen its Unit 1 reactor, with Microsoft purchasing its entire output for the next 20 years to power data centers. This deal highlights a potential nuclear resurgence amid rising energy demands and new federal tax incentives. The plant, rebranded as the Crane Clean Energy Center, could be operational by 2028, marking a significant shift in the nuclear landscape as tech giants seek reliable energy sources.
LLB Switzerland has expanded its teams in Zurich, St. Gallen, and Winterthur, hiring nine new advisors to support its growth strategy. Key appointments include Thomas Knechtli as Regional Head of Corporate Clients in Zurich and Jonas Niggli as Head of Corporate Clients in St. Gallen. The new hires, primarily from UBS and other banks, coincide with the opening of new offices in Zurich and St. Gallen.
UBS subsidiary Fides Treasury Services has appointed François Schnyder as its new CEO, effective October 1, 2024. Following the merger of UBS Switzerland AG and Credit Suisse (Switzerland) AG, Fides becomes an independent entity wholly owned by UBS, enhancing its multibanking and payment solutions for corporate clients. Schnyder brings 30 years of banking experience, having held various senior roles at UBS and Credit Suisse, including Regional Head Valais.
The Swiss National Bank has implemented its third consecutive interest rate cut, driven by the strong appreciation of the Swiss franc and a notable decline in inflationary pressure. With inflation forecasts for 2025 revised down to a concerning 0.5 percent, the cut aims to alleviate pressure on the Swiss export industry and widen the interest rate differential with the eurozone and the US.
LLB Switzerland has expanded its presence by opening new offices in Zurich and St. Gallen, enhancing its corporate and private banking teams. Key appointments include Thomas Knechtli as Regional Head of Corporate Clients in Zurich and Maria Colicchio leading Private Banking in Winterthur/Thurgau and St. Gallen. The new teams bring extensive experience from leading financial institutions, aiming to strengthen client services in the region.
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