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Apollo Global Management and Citadel are raising concerns about the risks associated with the growing dominance of passive funds, highlighting hidden costs such as increased volatility and reduced liquidity. Citadel argues that regulators are underestimating the importance of active managers, which hampers their growth. This comes as US exchange-traded funds, a key component of passive investing, see record net inflows of $913 billion this year, pushing total assets beyond $10 trillion amid a strong US stock market.
Ken Griffin has expressed openness to selling a minority stake in Citadel, the $65 billion multistrategy hedge fund he founded in 1990. In an interview with Bloomberg at the Economic Club of New York, he indicated that this option could be considered in the future.
Ken Griffin, founder of Citadel, expressed his anxiety regarding Donald Trump"s potential tariff policies during a speech at the Oxford Union. He described tariffs as a "long, slippery slope" that may yield short-term profits but could ultimately harm the competitiveness of US companies in the global market.
European markets are under pressure as the euro weakens and investors express skepticism about the region's ability to respond to economic challenges, particularly in light of the US's strong performance and impending trade tariffs. Despite some gains in European stocks, the disparity in competitiveness highlighted by Mario Draghi's report underscores the urgent need for decisive action to regain investor confidence. As the Eurozone grapples with sluggish growth and external pressures, tough decisions are essential to navigate this critical juncture.
Citadel has issued a warning to external recruiters against promoting fake job opportunities after allegations surfaced that a prominent headhunter misled traders from major banks into sharing confidential information. The firm has reminded recruiters to refrain from soliciting sensitive data from its employees.
In the recent elections, Arizona voters favored stricter immigration enforcement, while several states, including Republican-leaning ones, enshrined abortion rights in their constitutions. California saw a backlash against progressive criminal justice reforms, leading to the ousting of District Attorney George Gascón. Additionally, Florida's attempt to legalize recreational marijuana fell short, and most states opted to maintain their existing electoral processes.
In Florida's ongoing battle over cannabis legalization, Governor Ron DeSantis faces significant opposition from billionaire Ken Griffin, who has contributed $12 million to the campaign against a recreational marijuana referendum. DeSantis' attempts to secure additional funding for his anti-cannabis efforts have not gained traction.
Illinois politicians are considering a new tax on the wealthiest residents, reminiscent of Governor JB Pritzker's previous attempt during the pandemic, which was thwarted by billionaire Ken Griffin. Despite Griffin's departure to Florida, the proposal could further strain relations with affluent individuals in financially struggling Chicago.
Citadel, XTX, and Jane Street have emerged as dominant players on Wall Street, significantly impacting trading in equities, currencies, and bonds, areas traditionally controlled by banks. This rise of algorithmic trading firms raises questions about their origins and the reasons behind their rapid growth. In a recent discussion, experts explore these developments and the lesser-known nature of these financial titans.
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