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Fintech company Capitolis has secured $20 million in new investments from Citi, Morgan Stanley, State Street, and UBS, with each bank contributing $5 million. This funding round adds to Capitolis's total of approximately $300 million raised since its founding in 2017, supporting its SaaS platform aimed at optimizing financial resources in capital markets. CEO Gil Mandelzis highlighted the company's growth and commitment to enhancing the safety and strength of financial markets through partnerships with leading banks.
Rhomaios Ram, CEO of Fnality, plans to step down as the company seeks a replacement. Fnality, backed by 20 global institutions, including UBS and Goldman Sachs, operates a tokenized payment system designed for interbank transactions, with plans to expand to multiple currencies. Despite recent funding rounds, the company faces challenges, including potential competition from central bank digital currencies in both the UK and EU.
At the Global Financial Leaders’ Investment Summit in Hong Kong, Apollo CEO Marc Rowan highlighted a U.S. "industrial renaissance" driving significant capital demand, fueled by government spending on infrastructure and technology. Panelists noted a resurgence in capital raising, particularly in energy and data centers, with expectations for robust M&A activity in 2025 as economic conditions improve.
Ukraine has launched a military strike inside Russia using US-made long-range Atacms missiles for the first time, following the lifting of restrictions on their use. This significant escalation comes as Walmart reports better-than-expected third-quarter revenue, and Asian arms manufacturers experience a surge in defense stocks amid global rearmament efforts.
Apollo Global Management Inc. and State Street Corp. are facing scrutiny from the SEC over their plans to launch private-credit ETFs. Concerns arise regarding the lack of clarity on how retail investors can withdraw funds from these illiquid asset-loaded investments, drawing comparisons to past securities failures.
Morgan Stanley CEO Ted Pick declared the era of zero interest rates and inflation over, emphasizing that higher rates and geopolitical challenges will persist. He noted the transition from easy monetary policy since 2022 has made it tougher for public companies, with Wall Street executives skeptical about further rate cuts this year.
At the Future Investment Initiative in Saudi Arabia, top finance executives from firms like Goldman Sachs, Morgan Stanley, and Apollo Global Management expressed skepticism about the likelihood of two Federal Reserve interest-rate cuts this year. None of the panelists indicated support for such market expectations, suggesting that bets on rate reductions may be excessive.
The asset management industry continues to see consolidation, with the largest 20 firms controlling 85% of U.S. assets. While passive investment funds dominate, smaller firms like Alpha Architect and Simplify are experiencing significant growth, showcasing opportunities for innovation and market share recovery among active managers.
U.S. pre-market trading saw Etsy drop over 4% after a Goldman Sachs downgrade, while Coty fell more than 2% following disappointing preliminary results. In contrast, Doximity gained over 3% after an upgrade from Barclays. In corporate news, Ericsson surged over 8% on strong Q3 earnings, while Asian markets were mixed, with China's Shanghai Composite down 2.53% amid economic concerns, and Japan's Nikkei 225 up 0.77% on a weaker yen and positive Wall Street momentum.
Compenswiss has controversially shifted its custodian bank mandate from UBS to the American firm State Street, sparking political backlash and public concern over Swiss national assets being managed by a foreign entity. Critics argue the decision raises questions about compliance with federal procurement laws and the implications for asset management, despite assurances that the change is purely administrative and does not affect the location or management of the funds.
State Street Corporation
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
capitolis secures 20 million investment from leading global banks
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14:00 25.11.2024
Fnality faces leadership change and challenges in global digital currency landscape
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13:32 22.11.2024
us industrial renaissance drives capital demand and fundraising recovery
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06:32 20.11.2024
ukraine launches first strike on russia using us long-range missiles
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06:00 20.11.2024
private credit etfs face scrutiny over investor withdrawal concerns
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Morgan Stanley CEO declares end of zero interest rates and easy money era
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16:12 29.10.2024
finance leaders doubt likelihood of two federal reserve rate cuts this year
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10:46 29.10.2024
asset management landscape shifts as giants grow and small firms thrive
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Encore Capital Group, Inc.
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WisdomTree, Inc.
BlackRock, Inc.
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First Trust Advisors LP
USA
Capital Group
BlackRock
Vanguard
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20:34 16.10.2024
global markets react to economic data and corporate earnings reports
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Chinese Yuan
United States Dollar
Japanese Yen
Telefonaktiebolaget LM Ericsson (publ)
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Joe Biden
Donald Trump
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11:42 15.10.2024
Swiss pension fund controversy over shift to American custodian bank
Swiss Franc
State Street Corporation
UBS SA
CHE
USA
Eric Breval
Michael Ferber
Olivier Feller
Daniela Schneeberger
Thomas Matter
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09:00 07.10.2024
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