Core Viewpoint - JioBlackRock Investment Advisers has launched its official website and initiated an early access campaign as it prepares to start its wealth advisory business in India, marking a significant step in its investment management strategy [1][4]. Group 1: Company Overview - JioBlackRock is a 50:50 joint venture between Jio Financial Services and BlackRock Inc, with Marc Pilgrem serving as CEO since June 2025 [1]. - The advisory service aims to provide personalized investment advice to individual investors in India by leveraging BlackRock's investment expertise and Aladdin technology platform alongside Jio Financial Services' digital infrastructure [3][4]. Group 2: Product and Services - The website offers educational resources and allows users to register for early access to product information, indicating a focus on customer engagement and awareness [2]. - The advisory business follows the earlier launch of JioBlackRock's asset management company in 2026, which introduced 10 investment products that attracted significant investor interest [3]. Group 3: Strategic Goals - Hitesh Sethia, CEO of Jio Financial Services, emphasized that the advisory launch is a crucial part of JioBlackRock's integrated investment management strategy [4]. - Rachel Lord, BlackRock's head of international, stated that the venture aims to make personalized investment advice more accessible and affordable for millions of Indians, targeting broader access to wealth management services [4].

蓝鲸新闻1月12日讯，近日，深圳证监局发布行政监管措施决定书，剑指深圳前海聚诺投资管理有限公司和其法定代表人林晓禹。 决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期 间，上述行政监管措施不停止执行。 决定书显示，深圳前海聚诺投资管理有限公司在从事私募基金业务活动中，存在以下情形：一是未按公司制定的内控机制要求控制同日反向交 易，说明公司在管理、运用私募基金财产过程中未履行谨慎勤勉义务；二是未按合同约定向投资者披露可能存在的利益冲突情况等可能影响投 资者合法权益的重大信息。 林晓禹担任深圳前海聚诺投资管理有限公司法定代表人，负责公司经营管理、信息披露工作，作为私募基金从业人员，未恪守相关行为规范。 相关行为违反了《私募投资基金监督管理暂行办法》《关于加强私募投资基金监管的若干规定》的规定。 对此，深圳证监局决定对深圳前海聚诺投资管理有限公司、林晓禹采取出具警示函的行政监管措施。 深圳证监局 2025年11月28日 ...

Core Viewpoint - The sentiment of "Sell America" has emerged in the markets following increased attacks by the Trump administration on the Federal Reserve, raising concerns about the central bank's independence in setting interest rates [1]. Market Reactions - The dollar, Treasuries, and US equities futures experienced declines after Fed Chair Jerome Powell indicated that a potential US criminal indictment was a result of disagreements over monetary policy [2]. - Bloomberg's dollar gauge fell by 0.3%, marking the largest drop since December 23, while S&P 500 futures decreased by 0.7% [4]. Investor Sentiment - Concerns regarding the Fed's independence are likely to create uncertainty around US monetary policy, prompting investors to diversify away from the dollar and consider traditional hedges like gold [3]. - Some strategists, including those from JPMorgan Asset Management, warned that the selloff could worsen if tensions escalate, predicting a steeper Treasury yield curve with long-term rates rising more than short-term rates [5]. Political Influence on Monetary Policy - The ongoing debate centers on the extent to which the US president can influence the nation's monetary policy, which has traditionally been insulated from political interference [6]. - Investors are reconsidering their exposure to US assets and the dollar, a trend reminiscent of market reactions following President Trump's announcement of universal tariffs last April [6].

Core Viewpoint - Des Voeux Partners Limited has been officially included in the SFC licensed corporation list, marking a significant transition towards compliance with international asset management standards [1][10]. Group 1: Regulatory Framework - The SFC licensing process is characterized by ongoing supervision rather than a one-time approval, requiring licensed entities to maintain capital adequacy, personnel qualifications, internal controls, compliance reviews, and risk management [2][9]. - The inclusion of Des Voeux Partners in this regulatory framework indicates alignment with international asset management compliance standards, emphasizing that the license represents a long-term commitment rather than a mere promotional tool [2][10]. Group 2: License Structure and Market Positioning - Des Voeux Partners' licensed activities focus on securities dealing (Type 1), advising on securities (Type 4), and asset management (Type 9), which reflects a professional route centered on research capabilities and long-term capital allocation [5][6]. - The regulatory requirements dictate that Des Voeux Partners primarily serves professional investors, leading to a business model focused on limited clients, in-depth service, and long-term partnerships rather than mass-market expansion [7][12]. Group 3: Industry Context and Competitive Landscape - The asset management industry's competitive dynamics are shifting from performance and scale to compliance, risk control, and governance structures, making institutional credibility an essential asset in mature regulatory markets like Hong Kong [9][10]. - Des Voeux Partners' entry into the highly regulated sector exemplifies this trend, highlighting the importance of institutions that can operate sustainably within stringent regulatory environments [10][14]. Group 4: Future Outlook - The company views the licensing approval not as a signal for expansion but as an opportunity to enhance its research systems, risk management mechanisms, and service capabilities within a compliant framework [11][14]. - This restrained approach aligns with the development logic of leading international asset management firms, emphasizing longevity over speed in the current financial landscape [13][14].

Core Viewpoint - Prudential Financial Inc. is considering the sale of its loss-making asset management unit in India, a decade after acquiring it from Deutsche Bank AG [1][6]. Group 1: Company Overview - PGIM Inc., the investment management arm of Prudential Financial, has engaged EY to advise on the potential sale of its Indian asset management subsidiary [1][6]. - The asset management unit in India manages approximately 266 billion rupees ($3 billion) but has experienced minimal growth in recent years [2][6]. - PGIM's after-tax losses in India exceeded 235 million rupees for the year ending March 2025 [5]. Group 2: Market Context - PGIM's business strategy in India contrasts with competitors like BlackRock Inc., which is aggressively investing to capitalize on the growing equity culture in the country [3]. - Other firms, such as WestBridge Capital, are expanding their presence in the Indian market, as evidenced by their acquisition of a 15% stake in Edelweiss Asset Management Ltd. [3]. Group 3: Historical Context - PGIM acquired Deutsche Bank's India asset management business in 2015 and currently manages around $1.5 trillion in assets globally across various sectors including fixed income, equity, alternatives, and real estate [4].

Core Viewpoint - The company has successfully transformed from a newcomer in the asset management industry to a trusted partner for clients, serving a total of 15 million customers over four years, while focusing on customer needs and building a robust wealth service network [1] Group 1: Product Development and Innovation - The company has launched the "Rixin Yueyi" 2.0 product system, enhancing its product offerings to meet diverse investor demands by optimizing asset allocation and introducing various investment strategies [2] - The company has seen significant growth in its "fixed income+" products, with a year-on-year increase of over 500% in the scale of rights-containing products, earning multiple industry awards for product performance [3] Group 2: Strategic Focus and Mission - The company's strategic positioning serves as a connector between resident wealth and the real economy, emphasizing responsibility and governance as core elements of its development path [4] - The company has initiated the "Three-Five Special Project" to deepen its focus on key areas such as technology finance, green finance, and inclusive finance, with a 30% growth in technology finance assets by the end of 2025 [4] Group 3: Green and Inclusive Finance - The company has integrated ESG principles into its investment practices, achieving nearly 20% growth in green finance-related assets, with bonds making up nearly 80% of this portfolio [6] - The company has doubled its inclusive finance assets, launching specialized cash management products for small and micro enterprises, and developed financial products for the elderly to address aging population challenges [6] Group 4: Digital Transformation and Research - The company has implemented a digital transformation strategy, launching the "Beijing Star Intelligent Research" platform to enhance investment research efficiency and risk control [7] - The company has received recognition for its digital transformation efforts, winning the "Pioneer" award in financial institution digital transformation [7] Group 5: Future Outlook - The company aims to continue expanding its service boundaries and deepen channel collaboration, striving to make wealth management accessible to more families and contribute to the integration of finance with the real economy [8]

Market Performance - Market indices have started the new year positively, but many income funds are struggling due to elevated interest rates [1] Investment Strategy - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Asia Pacific (APAC)** region, specifically regarding **sustainable investing** trends among asset owners and managers as of 2026 [2][11]. Core Insights 1. **Commitment to Sustainable Investing**: - **85%** of APAC asset owners expect sustainable fund AUM to rise over the next two years, an increase from **80%** in the previous year, indicating growing confidence in sustainable investment performance [3][14]. - In contrast, only **72%** of APAC asset managers expect sustainable AUM growth, down from **88%**, reflecting a divergence in outlook between asset owners and managers [3][14]. 2. **Importance of Sustainability in Manager Relationships**: - Nearly **90%** of APAC asset owners require external managers to have a sustainable investing policy or strategy [4][15]. - **39%** of asset owners view sustainable offerings as a key differentiator in selecting or retaining asset managers [4][15]. 3. **Focus on Climate Risk and Adaptation**: - Climate adaptation and resilience are emerging as critical areas, with **50%** of investors incorporating climate resilience into long-term infrastructure and real estate decisions [5][16]. - **50%** of asset owners and managers plan to prioritize investments in water infrastructure over the next 1-3 years, followed by data & analytics tools (**46%**) and cooling/urban heat resilience (**44%**) [18][31]. 4. **Barriers to Sustainable Investing**: - Key barriers include regulatory uncertainty, lack of common market language, and insufficient data or risk models [18][36]. - Concerns regarding data availability and the difficulty in communicating the financial value of sustainable investments are prevalent among APAC investors [19][41]. 5. **Underappreciated Investment Priorities**: - While renewable energy and energy efficiency are top priorities, areas such as climate adaptation and resilience, sustainable building materials, and inclusion policies are seen as underappreciated by APAC investors [19][44]. Additional Important Insights - The report highlights a growing divergence in expectations between asset owners and managers, which may shape the future of sustainable investing in the region [2][14]. - The thematic research supports asset managers in aligning with evolving asset owner expectations, particularly in climate adaptation and inclusion themes [6][11]. - The survey conducted involved **664 asset owners** and **303 asset managers** across North America, Europe, and Asia Pacific, providing a comprehensive view of the sustainable investing landscape [13][12]. This summary encapsulates the key findings and insights from the conference call, emphasizing the trends and challenges in sustainable investing within the APAC region.

Core Viewpoint - Vanguard is entering the high-yield bond market with its new actively managed ETF, the Vanguard High-Yield Active ETF, which represents a significant shift from its traditional focus on investment-grade bonds [4][5]. Company Developments - In December 2025, Vanguard announced a policy change allowing crypto trading on its platform, marking a departure from its previous stance against cryptocurrencies [2][3]. - The Vanguard High-Yield Active ETF was launched in September 2025, indicating a new direction for the company in the junk bond space [4]. Fund Strategy and Management - The Vanguard High-Yield Active ETF aims to invest in a diversified portfolio of junk bonds, focusing on security selection, sector allocation, and market analysis to outperform the high-yield market [5]. - This ETF is actively managed, contrasting with the majority of Vanguard's ETFs, which are passively managed [6]. - The fund has a competitive expense ratio of 0.22%, significantly lower than the average of 0.59% for similar funds, which could enhance shareholder returns [7][12]. Portfolio Composition - The ETF's current asset allocation includes approximately 48% in BB-rated bonds, 36% in B-rated bonds, and about 9% in bonds rated CCC or worse, with 8% in Treasuries for liquidity [7][9]. Future Outlook - Active management is seen as crucial in the evolving junk bond market, allowing the fund to adapt to changing market conditions [11]. - Vanguard's management team aims for an annual outperformance target of 40 basis points relative to a broad high-yield bond index, supported by a well-resourced team with over 200 investment professionals and more than $2.6 trillion under management [12].

Core Viewpoint - The article discusses the shift in investment strategies for retirees as bond yields rise, particularly focusing on the implications of high-yield bonds offering around 7% returns in a higher interest rate environment [1] Group 1: Investment Environment - A few years ago, retirees faced challenges in finding income due to near-zero bond yields, forcing them to take on riskier investments [1] - Currently, high-yield bonds are providing approximately 7% returns, prompting a reevaluation of risk for retirees relying on their portfolios for income [1] Group 2: Investment Strategy - The article raises the question of whether high-yield bonds represent the appropriate type of risk for retirees, considering their income needs and risk tolerance [1] - It suggests that retirees may need to consider the balance between income generation and the safety of their investments when evaluating options like Pimco's 7% Yield Bond ETF [1]