Core Insights - Franklin Resources, Inc. (BEN) has completed the acquisition of Apera Asset Management, enhancing its global alternative platform and direct lending capabilities in Europe's lower middle market [1][8] Group 1: Acquisition Details - The acquisition increases Franklin Templeton's alternative credit assets under management (AUM) by over $90 billion, bringing the total alternative asset strategies to nearly $270 billion as of September 30, 2025 [2] - Apera's expertise in European private credit complements Franklin Templeton's existing platforms, including Benefit Street Partners in the U.S. and Alcentra in Europe, broadening the firm's geographic reach [3][4] Group 2: Strategic Partnerships and Growth - Franklin Templeton has formed a strategic partnership with Copenhagen Infrastructure Partners, DigitalBridge, and Actis to enhance its infrastructure investment offerings, targeting a $15 trillion investment opportunity in private capital by 2040 [5] - In 2024, the company expanded its partnership with Envestnet, Inc. to provide tax-managed, customized strategies through its Canvas Custom Indexing platform, reinforcing its position as a leading Separately Managed Account provider [6] Group 3: Market Performance - Over the past six months, BEN shares have increased by 41.1%, outperforming the industry average rise of 26.9% [7]

Core Insights - PayPal Holdings Inc. has entered a two-year agreement with Blue Owl Capital to sell approximately $7 billion of Buy Now, Pay Later (BNPL) receivables originated in the US [1][3] - This transaction supports PayPal's balance sheet-light model for credit while allowing the company to maintain full responsibility for customer-facing activities related to its US Pay in 4 BNPL products [2][3] - The financial implications of this deal have already been incorporated into PayPal's Q3 and full-year 2025 guidance for both GAAP and adjusted EPS, as well as adjusted transaction margin dollars [2] Company Overview - PayPal Holdings Inc. operates as a technology platform facilitating digital payments for merchants and consumers globally [4] - Blue Owl Capital Inc. is an alternative asset manager in the US, providing solutions through permanent capital vehicles and long-dated private funds [4] Industry Context - Online consumer financing has been a strategic focus for PayPal since 2008, with the introduction of the Pay in 4 product in 2020, which allows consumers to split eligible purchases into four interest-free payments over six weeks [3] - The BNPL service has shown to drive higher sales for merchants, with consumers opting for BNPL spending over 80% more per transaction compared to standard branded checkout [3]

Core Thesis - T. Rowe Price Group, Inc. is positioned for growth due to a strategic partnership with Goldman Sachs, which aims to enhance its retirement asset management offerings and access to private market assets [2][3][4] Company Overview - T. Rowe Price's share price was $104.86 as of September 17th, with trailing and forward P/E ratios of 11.74 and 10.93 respectively [1] - The company currently offers a dividend yield of 4.8%, making it attractive for income-focused investors [4] Strategic Partnership - The partnership with Goldman Sachs involves co-branded funds and retirement strategies, leveraging T. Rowe Price's asset management platform [2] - Goldman Sachs plans to acquire up to 3.5% of T. Rowe Price's stock, potentially representing a $1 billion investment [3] Market Positioning - The partnership positions both firms to capitalize on the growing trend of integrating alternative assets into retirement plans, enhancing competitiveness in the asset management space [3] - Post-transaction, insiders and institutional investors are expected to control over 87% of T. Rowe Price's float, which may create a structural floor under the stock [3] Investment Outlook - The deal is seen as a meaningful growth catalyst for T. Rowe Price, combining expanded product offerings with a concentrated shareholder base [4] - The current market price is viewed as an attractive entry point for both income-focused and strategic growth investors [4]

Core Viewpoint - Simplify Asset Management has launched the Simplify VettaFi Private Credit Strategy ETF (PCR), focusing on private credit as a significant investment theme for 2025, aiming to provide income and capital appreciation while mitigating associated risks [1][5]. Group 1: ETF Structure and Strategy - PCR tracks the VettaFi Private Credit Index (VPCIX), gaining exposure through Business Development Companies (BDCs) and Closed-End Funds (CEFs) that specialize in private credit, filling a gap for retail investors and advisors [2]. - The ETF incorporates a proprietary hedging strategy to smooth returns, building on Simplify's experience with its High Yield ETF (CDX), aiming to cushion returns during market pullbacks and provide a smoother return profile [4]. Group 2: Market Demand and Accessibility - There is a growing demand for products targeting retail and advisor interest in private credit, with the trend being structural rather than temporary, driven by the need for new sources of return and diversification [3][6]. - PCR is designed to be accessible for advisors and retail investors who have historically lacked efficient access to private credit, while also serving as a capital-efficient placeholder for institutions [6]. Group 3: Competitive Positioning - Despite concerns about PCR's 76 basis points fee, it is competitively priced within the private credit category, particularly due to its use of Total Return Swaps that help avoid additional fund fees [5]. - Simplify, managing over $10 billion in assets across more than 30 ETFs, anticipates that PCR will enhance its offerings in alternative investments, providing a systematic, hedged, and liquid entry into private credit [8].

Core Points - A group of Republican lawmakers expressed support for the Trump administration's initiative to allow alternative assets, including cryptocurrencies, in 401(k) plans [1][2][6] - The lawmakers believe that this executive order could enhance Americans' retirement savings and have urged the SEC to collaborate with the Labor Department to revise regulations for better accessibility [2][6] - The executive order aims to provide access to alternative investments, potentially benefiting 90 million Americans currently restricted from such options [9] Legislative Support - House Financial Services Committee Chairman French Hill and Subcommittee on Capital Markets Chair Ann Wagner, along with seven other GOP lawmakers, wrote to SEC Chairman Paul Atkins in support of the initiative [1][6] - The letter emphasized the importance of allowing access to alternative assets to improve net risk-adjusted returns for retirement savings [3][6] Executive Order Details - Trump's executive order opens 401(k) plans to various alternative assets, including private market investments, real estate, digital assets, commodities, infrastructure projects, and longevity risk-sharing pools [9][10] - The Labor Department has issued an advisory opinion affirming that lifetime income investment options qualify as a default investment alternative under the Employee Retirement Income Security Act [12][14] Implementation Steps - The SEC is encouraged to expedite assistance to the Labor Department and revise its regulations to facilitate access to alternative assets in participant-directed defined-contribution retirement plans [6][12] - Labor Secretary Lori Chavez-DeRemer stated that the Department of Labor is actively working to implement the executive order, providing plan fiduciaries with more flexibility in designing retirement investment strategies [14]

Group 1: Regulatory Changes - The SEC plans to introduce a new "innovation exemption" by December, allowing crypto firms to launch products faster and comply later, aiming for a more stable platform for innovation [1] - The SEC has dropped multiple enforcement cases and established a crypto task force since the Trump administration began, and is drafting new rules to clarify how tokens and trading platforms fit under securities law [2] Group 2: Legislative Actions - The White House is driving legislative action, with a comprehensive market structure bill expected by year-end, as stated by Patrick Witt from the White House Council of Advisors on Digital Assets [3] Group 3: Retirement Plan Revisions - An executive order signed by Trump in August directs regulators to revise retirement plan rules, allowing employer-sponsored 401(k) accounts to include alternative assets like Bitcoin [4] - House Republicans are urging the SEC to act quickly, arguing that new options for about 90 million Americans could enhance diversification and reduce reliance on traditional assets [5] Group 4: Market Perspectives - Research from Deutsche Bank suggests that Bitcoin and gold may coexist as reserve assets by 2030, with decreasing volatility due to growing institutional demand [6] - Critics highlight potential risks associated with fees, liquidity mismatches, and volatility, which could expose fiduciaries to lawsuits under the Employee Retirement Income Security Act [6] - Consumer advocates express concerns that most savers lack the necessary tools to evaluate complex digital assets, raising investor protection issues [6]

Another all-time high today for gold. A record breakout drawing big interest in the ETF market as you might expect. Dom Chu is following that in today's ETF edge.Domino. All right, so Scott, alternative assets becoming a lot more popular in recent years. But now that the Fed has more or less laid out a rate path, how are all of these alts and the ETFs that track them changing.Joining me now is Paisley Nardini, managing director and head of multi-asset solutions at Simplify Funds. Scott mentioned gold. Is go ...

Group 1 - Reckoner Capital Management has appointed Richard Hoge to expand its ETF offerings, currently limited to one product [2] - The firm launched its $33 million Leveraged AAA CLO ETF (RAAA) in July, as part of a strategy to build a global credit platform [2] - CEO John Kim emphasized the importance of ETFs in making alternative assets accessible to a broader range of investors [3] Group 2 - The ETF market is experiencing significant growth, with record sales and a surge of new products, but is largely dominated by major players like BlackRock, Vanguard, and State Street [3] - Reckoner aims to differentiate its ETFs by focusing on unique strategies rather than replicating existing products, avoiding areas like private credit due to liquidity concerns [3] - Hoge's extensive experience in law and taxation is expected to contribute to innovative product development within the ETF space [4]

Core Insights - Kevin O'Leary made a record-breaking purchase of a Kobe Bryant and Michael Jordan dual-logoman collectible trading card for $12.9 million, highlighting the financial potential of rare collectibles [3][8][9] - O'Leary views collectibles as alternative investments comparable to gold and bitcoin, emphasizing their rarity and appreciation potential [3][4][10] Investment Perspective - The purchase is part of a broader trend where collectibles are seen as viable investment assets, similar to traditional alternative investments like gold and cryptocurrency [4][10] - O'Leary's interest in collectibles was sparked by his collaboration with Fanatics CEO Michael Rubin, who acquired Topps Trading Cards, leading him to explore high-value trading cards [2][4] Market Dynamics - The collectible card market is gaining traction, with O'Leary noting that the emotional connection and uniqueness of items drive their value, akin to fine art [10][11] - The card purchased is described as the "finest modern basketball card in the world," indicating a growing recognition of the collectible market's value [8][10] Collectibles as an Asset Class - O'Leary's strategy includes forming a "collector advisory board" and potentially launching a fund related to Secure Collectibles, which focuses on lending, sourcing, and private sales of collectibles [1][3] - The emotional and generational appeal of collecting is highlighted as a key factor in the market's growth, with O'Leary suggesting that it fosters entrepreneurial skills [9][10]

Investment Strategy - Bank of America will offer investments in private equity funds to its ultra-wealthy clients [1] - More financial firms are giving access to alternative assets to a broader range of millionaires [1]