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Franklin Templeton faces unprecedented outflows, losing over $37 billion from its troubled Western Asset Management unit amid investigations into alleged trading misconduct by co-CIO Ken Leech. The firm, once poised to benefit from falling interest rates, now struggles with reputational damage and poor performance, leading to significant client withdrawals and a projected $31 billion in net outflows for the quarter. As competitors gain traction in fixed income, Western's future remains uncertain, with many investors seeking new management options.
BlackRock Inc. urged the Federal Deposit Insurance Corp. to withdraw its proposed restrictions on money managers' stakes in banks, arguing that the changes would disrupt index funds, increase capital-raising costs for banks, and create economic uncertainty. The asset manager warned of significant risks, stating the plan could deter investments in bank securities.
Afcons Infrastructure, part of the Shapoorji Pallonji group, has raised Rs 1,621.5 crore from 80 institutional investors through its anchor book ahead of its IPO, set to launch on October 25. The Rs 5,430-crore share sale includes a fresh issuance of Rs 1,250 crore and an offer-for-sale of Rs 4,180 crore by promoter Goswami Infratech, with shares priced between Rs 440-463. Notable global investors such as Blackrock, Goldman Sachs, and the Monetary Authority of Singapore participated in the anchor investment.
Wall Street is launching new ETFs with varying exposure to major tech stocks, following a recent downturn that raised concerns about high valuations. BlackRock is introducing the iShares Nasdaq Top 30 Stocks ETF (QTOP) and the iShares Top 20 US Stocks ETF (TOPT), which will track the largest companies in the Nasdaq 100 and S&P 500 indices, respectively.
Jean Boivin of BlackRock warns that markets are underestimating the risk of a contested outcome in the upcoming US presidential election. He anticipates that a disputed victory could trigger prolonged legal battles, potentially destabilizing asset prices. Meanwhile, Treasuries are experiencing a significant selloff, with benchmark yields rising over 40 basis points this month, while stock markets remain near record highs.
Major ETF providers, including BlackRock and Amundi, are competing for a share of the anticipated $5 billion to $10 billion inflow into Indian bonds, following JPMorgan's decision to increase India's weighting in its emerging-markets bond index from 4% to 10% by March. Amundi's global head of ETF, Benoit Sorel, emphasized India's growing significance in emerging-market debt, noting that professional investors are increasingly interested in allocating to this market.
Major ETF providers, including BlackRock and Amundi, are competing for a share of the anticipated $5 billion to $10 billion influx into Indian bonds, following JPMorgan's inclusion of Indian debt in its emerging-market index. This move is expected to significantly boost investment in the sector.
Ethereum co-founder Vitalik Buterin criticized MicroStrategy's Michael Saylor for suggesting that Bitcoin holders should use large banks for custody, calling the idea "batshit insane." Buterin argued that this approach risks regulatory capture and undermines the principles of self-custody, which are essential for the integrity of the crypto network. The backlash against Saylor's comments has intensified, with other crypto advocates emphasizing the importance of individual custody to prevent centralization and corruption.
Investors are increasingly favoring emerging market funds that exclude China, driven by concerns over geopolitical tensions and the perceived risks associated with the Chinese economy. This shift has led to a surge in "ex China" funds, which have attracted $10bn in net inflows this year, as clients seek greater exposure to markets like India and Taiwan. Political motivations, particularly among US investors, are influencing this trend, with some pension funds divesting from Chinese assets due to national security concerns.
The Finance Minister met with Citibank CEO Jane Fraser to discuss advancements in India's banking system, highlighting the government's efforts to enhance the ease of doing business. Additionally, discussions with BlackRock CEO Laurence Fink focused on global investment opportunities through the NIIF and IFSC GiftCity, as well as financing for GreenTech and battery storage initiatives. Fink also mentioned BlackRock's collaboration with private partners in India to boost infrastructure development.
BlackRock, Inc.
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franklin templeton faces record outflows amid western asset management troubles
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