Core Viewpoint - The New York City Comptroller has expressed significant concerns regarding BlackRock's approach to engaging with public companies, particularly in relation to climate risk and decarbonization strategies [1][4]. Group 1: Asset Managers' Performance - BlackRock is the largest asset manager for New York City's pension funds, managing $42.3 billion across three pension plans [2]. - The Comptroller reported that 46 out of 49 public market managers are aligned with the city's decarbonization expectations, while BlackRock, Fidelity, and PanAgora are not [2]. - Lander indicated that the three asset managers failed to adequately address climate risk, which is essential for the long-term value of the pension funds [2][3]. Group 2: Recommendations for Change - Lander recommended that the city's pension funds terminate their relationships with BlackRock, Fidelity, and PanAgora due to their failure to meet climate expectations [4][7]. - The Comptroller suggested issuing a search notice for new managers to handle BlackRock's U.S. public equity index mandates to better align with climate expectations [5]. - Fidelity's restrictive engagement approach and PanAgora's limited focus on emissions disclosures were cited as reasons for their recommended termination [8]. Group 3: BlackRock's Response - BlackRock responded to the Comptroller's recommendations by stating that the accusations of abdicating financial duty are politically motivated and undermine retirement security [6]. - The firm mentioned that it has begun allowing clients to opt into its Climate and Decarbonization Stewardship strategy, although it will not proactively engage with U.S. companies [5].

Core Viewpoint - CoinShares International Limited and Vine Hill Capital Investment Corp. are progressing towards a business combination, with a draft registration statement submitted to the SEC, marking a significant step in the transaction process [1][2]. Group 1: Transaction Details - The completion of the transaction is anticipated around the end of Q1 2026, contingent on the SEC's review of the F-4 registration statement and the inclusion of CoinShares' interim unaudited half-year 2025 financial statements along with audited statements for fiscal years 2024 and 2023 [2]. - The transaction is subject to customary closing conditions, including shareholder approvals from both CoinShares and Vine Hill, necessary legal approvals from the Royal Court of Jersey, and the effectiveness of the F-4 registration statement [3]. Group 2: Company Background - CoinShares is a prominent global digital asset manager, providing a wide range of financial services including investment management and trading, with a client base that includes corporations, financial institutions, and individuals [4]. - Vine Hill is a special purpose acquisition company (SPAC) that raised $220 million in its initial public offering in September 2024, focusing on unlocking shareholder value through public market strategies [5].

Core Insights - Gen Z's ideal retirement age is 59, but they expect to retire at 67, indicating a significant gap between aspiration and expectation, a trend observed across generations [2][7] - Millennials desire to retire at age 61 but anticipate retiring at age 69, reflecting similar patterns in retirement expectations [3] Group 1: Retirement Preparedness - Gen Z and Millennials show a greater proportion of individuals considered prepared for retirement compared to older generations, largely due to increased access to workplace retirement plans [5][4] - Access to defined contribution plans like 401(k)s is more prevalent among Gen Z than it was for Baby Boomers at the same age, enhancing their retirement savings potential [7][5] Group 2: Factors Influencing Retirement Savings - Changes in 401(k) design, including automatic investment options, have made it easier for younger generations to save for retirement [9][10] - Early saving for retirement allows younger individuals to benefit from compound interest, significantly increasing their potential retirement savings [11][12]

Core Viewpoint - Blue Owl Capital Inc. will present at the Goldman Sachs 2025 US Financial Services Conference on December 10, 2025, highlighting its position in the financial services sector [1]. Company Overview - Blue Owl Capital Inc. (NYSE: OWL) is a leading asset manager focused on redefining alternative investments [3]. - As of September 30, 2025, Blue Owl manages over $295 billion in assets across three multi-strategy platforms: Credit, Real Assets, and GP Strategic Capital [4]. - The company aims to provide private capital solutions for long-term growth and offers differentiated alternative investment opportunities to institutional and individual investors [4]. Presentation Details - Doug Ostrover, co-CEO of Blue Owl, will present at the conference at 1:40 pm ET, with a live webcast available on the company's website [1][2]. - A replay of the presentation will be accessible shortly after the event for those unable to attend live [2].

Group 1 - Bill Aman is targeting a $5 billion IPO for his closed-end fund, aiming to raise $2 billion from institutional investors [1] - The IPO of the fund will coincide with a separate IPO of Pershing Square Capital Management [1] - Elon Musk announced that Tesla's robot taxi fleet in Austin, Texas will double next month [1] Group 2 - OpenAI projects that by the end of the decade, at least 220 million of Chat GPT's weekly users will pay for a subscription, equating to about 8% of all users [2] - This positions Chat GPT as one of the world's largest subscription services [2] Group 3 - Paramount Sky Dance is reviving the Rush Hour movie franchise nearly two decades after the last film, following interest from President Trump [3] - Paramount has secured funding for Rush Hour 4 and struck a distribution deal with Warner Brothers Discovery [3] - Warner Brothers Discovery is also seeking a second round takeover bid by this Monday [4] Group 4 - First round offers for Warner Brothers Discovery were submitted last week from Paramount Sky Dance, Netflix, and Comcast [4]

Core Viewpoint - New York City Comptroller Brad Lander is urging the city's pension fund officials to rebid $42.3 billion managed by BlackRock due to climate concerns, marking a significant move by a Democrat against the fossil-fuel industry's influence on financial companies [1][6]. Group 1: Recommendations and Actions - Lander's recommendation will be presented to Mayor-elect Zohran Mamdani, who will face pressure regarding the pension fund management when he takes office [2]. - In a memo, Lander called for a re-evaluation of contracts with BlackRock, citing its restrictive engagement approach with approximately 2,800 U.S. companies where it holds over 5% of shares [3]. - Lander suggested that the pension plans retain BlackRock for managing non-U.S. equity index mandates while continuing to use State Street for $8 billion in equity index assets, and recommended dropping Fidelity Investments and PanAgora for insufficient environmental engagement [5]. Group 2: Context and Background - BlackRock's decision in February, under pressure from the Trump administration, to refrain from using discussions with executives to influence companies was criticized by Lander as an "abdication of financial duty" [4]. - The move by Lander represents the first significant response from a large Democratic asset owner to the trend of Republicans withdrawing funds from BlackRock and other managers over social and environmental investment criteria [6].

Core Points - CIBC Asset Management Inc. has formed a strategic alliance with Avantis Investors to launch eight new Avantis CIBC ETFs in the Canadian market [1][2] - A preliminary prospectus for the Avantis CIBC ETFs was issued on November 25, 2025, but it is not yet final for the sale of securities [1][3] - CIBC Asset Management Inc. is a subsidiary of Canadian Imperial Bank of Commerce, managing over C$268 billion in assets as of September 30, 2025 [8][9] ETF Details - The eight new Avantis CIBC ETFs include: - Avantis CIBC Canadian Equity ETF - Avantis CIBC U.S. All-Cap Equity ETF - Avantis CIBC U.S. Large Cap Value ETF - Avantis CIBC U.S. Small Cap Value ETF - Avantis CIBC All-Equity Asset Allocation ETF - Avantis CIBC Global Small Cap Value ETF - Avantis CIBC International Equity ETF - Avantis CIBC Emerging Markets Equity ETF [9]

Core Insights - Brookfield Corporation's CEO, Bruce Flatt, will present at the Goldman Sachs U.S. Financial Services Conference on December 9, 2025 [1] - A live audio webcast of the event will be available on Brookfield's investor relations websites, with a replay accessible after the event [2] Company Overview - Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals, with three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses in renewable power, infrastructure, business and industrial services, and real estate [3][4] - The company has a track record of delivering over 15% annualized returns to shareholders for over 30 years, supported by its investment and operational experience [4] - Brookfield Corporation is publicly traded on the New York and Toronto stock exchanges under the ticker symbols NYSE: BN and TSX: BN [4] Asset Management - Brookfield Asset Management Ltd. is a global alternative asset manager with over $1 trillion in assets under management across various sectors, including infrastructure, renewable power, private equity, real estate, and credit [6] - The firm focuses on long-term investments in real assets and essential service businesses, catering to a diverse range of investors, including pension plans, endowments, sovereign wealth funds, and private wealth investors [6] - Brookfield Asset Management is also publicly traded on the New York and Toronto stock exchanges under the ticker symbols NYSE: BAM and TSX: BAM [6]

Vanguard’s finally climbing its way up the ladder. The world’s second-largest issuer filed this week to launch 10 corporate bond ladder ETFs, years after products from top competition like BlackRock and Invesco. The new defined-maturity funds package bonds with similar face values and end dates into a single product and give advisors a way to plan for major life events, like paying for college or funding retirement. The Vanguard funds have maturity dates between 2027 and 2036 and will look to undercut the ...

Core Insights - Defined outcome ETFs are projected to grow from $69 billion today to over $334 billion by 2030, driven by an aging US population seeking to limit risk in their portfolios [1] Group 1: Market Trends - The rapid growth of defined outcome ETFs is partly due to baby boomers nearing retirement, which is leading to a shift in retirement planning strategies [1] - Approximately 10,000 baby boomers retire daily, indicating significant potential for growth in downside protection products [2] Group 2: Investor Preferences - Defined outcome products are appealing to older investors and those with lower risk tolerance due to their ability to reduce volatility while providing exposure to volatile asset classes [2] - The use of derivatives in defined outcome ETFs allows for more predictable returns, addressing the uncertainty in market expectations [2] Group 3: Competitive Landscape - Innovator and First Trust dominate the defined outcome ETF market, controlling over 75% of it, with a total of 28 firms offering defined outcome products [3]