Metaverse funds top $2bn as Fidelity, LGIM, Franklin chase ‘theme du jour’

Funds investing in the metaverse are now managing more than $2bn globally, as a flurry of launches from some of Europe’s biggest asset managers look to take advantage of a hot investment trend. Data from Morningstar, provided to Financial News, shows a sharp increase in assets managed by funds focused on immersive virtual worlds, as well as in the … Read more

Michael Lewis teases new Wall Street book: ‘You’ll learn all about crypto’

Author Michael Lewis is being coy about his next project. But, he says over a video call from his home in Berkeley, California: “I will lift my skirt a little, but not a lot here.” He then gets more animated: “I really don’t want to reveal exactly what I’m writing about,” he tells Financial News. “But I found a … Read more

Abrdn boss Stephen Bird plots digital assets push: ‘Expect to hear more from me on this’

Abrdn is on the cusp of making its first foray into digital assets — a segment of the non-traditional finance market that is fast becoming an attractive target for the global fund management sector. “You can expect more from me very shortly on this,” Abrdn CEO Stephen Bird told Financial News when asked about plans … Read more

Coinbase Stock Soars as Crypto Exchange Forms Partnership With BlackRock

Text size BlackRock is partnering with Coinbase to offer Bitcoin trading services. Michael Nagle/Bloomberg BlackRock is partnering with Coinbase Global to offer Bitcoin trading services to institutional clients, representing a push into cryptocurrencies for the world’s largest asset manager and a ringing endorsement for the embattled crypto exchange. Institutional investors who use BlackRock ’s Aladdin … Read more

PayPal Is Being Targeted by Activist Elliott. Here’s Why.

Text size PayPal shares have slid this year as people have returned to their prepandemic spending habits. Courtesy of PayPal Payments giant PayPal finally has attracted an activist. PayPal (ticker: PYPL) had been a pandemic-darling as households increasingly shopped online but shares have slid more than 60% this year as people returned to their prepandemic … Read more

LME used ‘expert judgement’ to wipe $4bn trades, defence to Elliott and Jane Street suit claims

The London Metal Exchange asked a High Court judge to respect its “specialist” judgment and refuse payment of $456m and $15.3m, respectively, sought by activist hedge fund Elliott Management and market maker Jane Street over cancelled nickel trades in early March. The view from the LME in the 13 July court filings — still in the early … Read more

Martin Gilbert: The City must cherish its older workers

Martin Gilbert, the co-founder and former CEO of Aberdeen Asset Management, is chair of AssetCo and Revolut Paul McCartney headlining the Glastonbury Festival a week after his 80th birthday is a reminder what an absolute legend he is, and also that age is no barrier. He’s still performing in front of thousands of people and … Read more

Listen: Where BlackRock iShares boss says ETFs are going next

The rise of passive investments has come to define asset management in recent years. A surge of interest has seen flows into ETFs spike. The global market could top $15tn within three years, according to some estimates. But in an increasingly crowded space, where will things head next? Few are better placed to answer that question … Read more

Crypto’s Domino Effect Is Widening, Threatening More Pain

Turmoil in the digital-assets ecosystem has grown in recent weeks, with losses in cryptocurrencies blowing holes in balance sheets and pushing firms near bankruptcy. After a pair of cryptocurrencies crashed, wiping out billions of dollars in value in May, a British Virgin Islands court this past week ordered a hedge fund that had survived several … Read more

Why BlackRock is bullish on blockchain, but not bitcoin

BlackRock has no plans to launch a bitcoin product, but is bullish on the blockchain technology that underpins cryptocurrencies, according to one of its most senior executives. “In terms of the underlying technology of blockchain, it is incredibly innovative and incredibly disruptive,” Salim Ramji, global head of iShares and index investments at BlackRock told Financial … Read more