The global exchange-traded funds market was worth $7.3 trillion at the end of the second quarter of 2023, a rise of 5.8% from the previous quarter thanks to inflows of $136.6 billion and market appreciation worth $265 billion. Inflows included $89 billion to equity strategies, $45.9 billion to fixed income,...
Another new wealth management firm has been born in Houston, Texas, as financial advisors Ed Winegar and Gregory Berg, CPWA, CPFA, CRPC TM, CKA, launch their own firm with LPL Financial’s employee advisor channel. The duo was previously with Merrill Lynch where they served approximately $205 million in advisory, brokerage...
The US Commodity Futures Trading Commission brought enforcement actions against three decentralized finance firms and signaled that more may be coming. The CFTC alleged on Thursday that the companies Opyn Inc., ZeroEx Inc. and Deridex Inc. broke the agency’s rules by illegally allowing US customers to trade digital-asset derivatives without registering. The...
Federal Reserve Bank of Dallas President Lorie Logan said that skipping an interest-rate hike at the US central bank’s upcoming policy meeting may be appropriate, while also signaling rates may have to rise further to get inflation back to 2%. The Federal Open Market Committee, the group of Fed policymakers...
Goldman Sachs Group Inc. plans to dismiss underperformers as soon as next month, as part of the Wall Street firm’s annual evaluation of staff, the Financial Times reported. Reductions this year will be at the lower end of the bank’s usual range of 1% to 5% of its workforce, the...
Former FTX executive Ryan Salame pleaded guilty to criminal charges stemming from the collapse of the cryptocurrency exchange. Salame, who was the co-chief executive of FTX’s Bahamas subsidiary before the exchange imploded last November, appeared in Manhattan federal court on Thursday afternoon. Flanked by lawyers and wearing a blue suit and Bitcoin...
HSBC Holdings Plc has made a u-turn on its dollar forecast, predicting the world’s reserve currency will now strengthen well into next year given weaker global economic prospects. The greenback should gain as faltering growth in Europe and China weigh on risk sentiment and drive demand for assets linked to...
Global food prices resumed declines to the lowest in more than two years amid ample supplies of cooking oils and dairy, even as worries persist over flows of key staples from some regions. An index of food-commodity costs fell 2.1% last month on subdued demand and good output of vegetable...
The financial services industry has a history of furthering inequality — both within the business and the wider public — and that’s something that consumers want it to address. That’s according to a report Thursday from Veris Wealth Partners that highlighted ways for advisors to evaluate asset managers on their...
Two digitally native wealth management firms are merging into a digital family office serving entrepreneurs, professionals and retirees. Compound, a financial and tax advisory service for technology executives, is joining Alternativ Wealth, a digital registered investment advisor, to form Compound Planning. The new entity manages $1.2 billion in assets and...