Core Insights - Retirement plan sponsors are increasingly interested in adding private markets exposure to defined contribution (DC) plans, with estimates suggesting that up to 20% of DC plans may incorporate such exposure within a decade [2][3] Group 1: Interest Levels Among Plan Sponsors - A 2025 Cerulli survey found that 37% of retirement plan sponsors are very interested in understanding the pros and cons of incorporating private market assets, particularly among those with $250 million to $1 billion in assets, where interest peaks at 57% [3] - Interest in private markets is lower among small and medium-sized sponsors (30% to 37%) and those with over $1 billion in assets (35%), indicating that larger plans may already have some allocation to private market assets [4] Group 2: Regulatory Environment and Historical Context - The Trump administration has pushed for the inclusion of private market assets in retirement plans, with an executive order aimed at facilitating this for DC plan sponsors [5] - Previous surveys indicated that around 20% of plan sponsors had already discussed incorporating private market investments with their consultants or advisors [5] Group 3: Future Projections - Asset management and DC consultants predict that by 2030, 7% of plan sponsors will have a private markets allocation through target date funds or managed accounts, potentially rising to 17% by 2035 [6] Group 4: Product Development by Asset Managers - Several asset managers are developing products for private market investments in retirement accounts, including Apollo Global Management, State Street Global Advisors, Empower, Goldman Sachs Asset Management, and Blackstone Inc. [7]

Core Viewpoint - Aurelion Inc. has announced an at-the-market equity offering sales agreement to sell up to $500 million of its Class A Ordinary Shares [1][2]. Group 1: Offering Details - The ATM Shares will be sold at or related to prevailing market prices, with parameters set by Aurelion regarding the number of shares, sale dates, and pricing limits [2]. - Aurelion is not obligated to sell any ATM Shares under this program [2]. - The sales agents for this offering include Cantor Fitzgerald & Co., Yorkville Securities, LLC, Canaccord Genuity LLC, and Cohen & Company Capital Markets [3]. Group 2: Agreement Terms - The ATM Sales Agreement will terminate upon the sale of all ATM Shares or as per the terms outlined in the agreement [4]. - The shares will be issued under Aurelion's Registration Statement on Form F-3, which was filed with the SEC and became effective on December 23, 2025 [5]. Group 3: Company Overview - Aurelion is recognized as NASDAQ's first Tether Gold (XAU) Real World Asset company, focusing on tokenized gold, which combines the stability of physical gold with blockchain efficiency [7]. - The company aims to provide investors access to tokenized gold reserves, serving as a hedge against inflation, currency devaluation, and crypto volatility, while also offering wealth and asset management services [7].

Core Viewpoint - Federated Hermes announces leadership changes in its global fixed income division, with R.J. Gallo succeeding Robert Ostrowski as CIO and Ann Ferentino becoming the sole head of the Municipal Bond Group, effective May 1, 2026, as part of a long-term succession plan [1][5][6]. Leadership Changes - R.J. Gallo, currently the deputy CIO and co-head of the Municipal Bond Group, will take over as CIO for global fixed income, overseeing $101.8 billion in assets as of September 30, 2025 [2][5]. - Ann Ferentino will assume full oversight of the Municipal Bond Group, which manages $7.1 billion in municipal assets as of September 30, 2025 [5][6]. Experience and Background - Gallo has 31 years of investment experience, having joined Federated Hermes in 2000, and previously worked as a financial analyst and trader at the Federal Reserve Bank of New York [4]. - Ferentino has been with Federated Hermes for 30 years and continues to manage multiple mutual funds and client portfolios [5][6]. Growth and Performance - Under Ostrowski's leadership since April 2004, Federated Hermes' fixed-income assets under management grew from $29.5 billion to $101.8 billion, an increase of $72.3 billion [6]. - The global fixed-income team consists of 107 professionals with an average of 19 years of industry experience, while the municipal fixed-income team averages 18 years [7][8]. Company Overview - Federated Hermes, Inc. is a global leader in active investment management with $871.2 billion in assets under management as of September 30, 2025, providing a range of investment solutions to over 10,000 institutions and intermediaries worldwide [9].

Core Viewpoint - Blackstone's stock is under pressure following President Trump's announcement of a potential ban on institutional investors purchasing residential properties, which could negatively impact the company's earnings outlook [1][5]. Group 1: Impact of Trump's Announcement - Trump's plan to bar institutional investors from buying residential properties is expected to tame soaring prices and could significantly restrict Blackstone's ability to invest in a key growth area [1][4]. - The company has made substantial investments in residential real estate, including $6 billion for Home Partners of America in 2021 and $3.5 billion for Tricon Residential [3]. - This ban could undermine Blackstone's rental income and long-term appreciation strategies, indicating increased regulatory risks for large investment firms [4]. Group 2: Current Stock Performance - Blackstone's stock has already declined approximately 18% from its 52-week high, reflecting investor concerns over the potential impact of the proposed ban [2]. Group 3: Long-term Outlook - Despite the challenges posed by the potential ban, Blackstone's diversified portfolio across private equity, credit, real estate, and infrastructure remains attractive, mitigating risks from any single segment [6]. - The firm benefits from ongoing trends in alternative asset management, with continued capital allocation from institutions and high-net-worth investors [7]. - Blackstone offers a 3.34% dividend yield, enhancing its appeal for income-focused investors [7].

Core Insights - The traditional 60-40 portfolio may need to be adjusted to a 40-60 allocation due to increased uncertainty in the market [1][2][3] Group 1: Market Conditions - Interest rate decisions are uncertain, and geopolitical tensions along with economic uncertainties persist from the previous year [2] - Stock market valuations may have peaked, with the AI frenzy potentially inflating prices [2] - Vanguard's market simulation forecasts U.S. stocks to underperform compared to international equities over the next decade [2] Group 2: Portfolio Strategy - A 40-60 portfolio is suggested as an ideal allocation to mitigate risks associated with stock market corrections [3][4] - Bonds are viewed as a protective ballast for portfolios, especially in a high-interest-rate environment [3][4] - Vanguard's models indicate that a 40-60 portfolio could achieve similar returns to a 60-40 portfolio with less risk over the next decade [4] Group 3: Bond Preferences - Treasuries are preferred as a safe haven during uncertain times, with a cautious stance on corporate debt and high yield [4][5] - Vanguard recommends three Treasury options: VGSH (Short-Term), VGIT (Intermediate-Term), and VGLT (Long-Term), all featuring low expense ratios of 0.03% [5][6] - VGSH is suitable for mitigating rate risk, while VGLT offers greater yield, and VGIT balances both aspects [6]

Core Viewpoint - BlackRock's U.S. head of equity ETFs, Jay Jacobs, indicates that despite significant inflows, crypto ETFs are still in their early stages as financial advisors have only recently gained access to these investment vehicles [1][2]. Group 1: Financial Advisor Access and Education - Many investors are beginning their educational journey regarding Bitcoin and its role in investment portfolios [2]. - Financial advisors, who previously lacked access to crypto, are now able to invest in products like the iShares Bitcoin Trust ETF (IBIT) as their platforms approve these options [2][3]. - BlackRock is focusing on educating advisors about crypto's behavior in various market conditions and its role alongside traditional assets like stocks and bonds [3]. Group 2: Investor Behavior and ETF Performance - IBIT has accumulated tens of billions in assets since its launch less than two years ago, indicating a growing interest in crypto investments [3]. - Despite price volatility in 2025, IBIT had one of its best years for asset gathering, suggesting that ETF investors are committed to long-term allocations rather than reacting to short-term price changes [4][5]. - ETF investors are treating Bitcoin and Ethereum as long-term investments, contrasting with direct crypto holders who tend to trade more frequently [5]. Group 3: Implications for Crypto Markets - The narrative of institutional adoption has been a key driver of crypto's rally in 2024-2025, but actual capital flow from advisors and institutions is still increasing [6]. - If crypto ETFs are indeed in their early days, inflows could continue for years as more advisors complete their due diligence [7]. - This sustained interest could provide a stable demand for crypto markets that is less affected by short-term volatility [7].

Core Insights - State Street Corporation has been appointed as the service provider for Columbia Threadneedle Investments' newly launched UCITS actively-managed ETFs, including the CT QR Series US Equity Active UCITS ETF and the CT QR Series European Equity Active UCITS ETF, with plans for Emerging Markets and Global products to follow in the coming months [1] Group 1: Company Overview - State Street is recognized for its global leadership in ETFs and has a robust operational infrastructure that supports Columbia's ETF launch [2][3] - The company provides comprehensive service support, including custody, depositary, fund accounting, ETF basket creation, order management, settlement, transfer agency, and reporting [2] Group 2: Market Position and Expertise - State Street has over 30 years of experience in ETF innovation, contributing to the growth of a global ETF marketplace valued at $18.5 trillion [4] - The firm is the world's leading ETF servicer, managing over 3,000 ETFs and $7.44 trillion in assets across 15 countries, showcasing its scalable support capabilities [4] Group 3: Financial Metrics - As of September 30, 2025, State Street has $51.7 trillion in assets under custody and/or administration and $5.4 trillion in assets under management [5] - The assets under management include approximately $145 billion related to SPDR products, where State Street Global Advisors Funds Distributors, LLC acts solely as the marketing agent [6]

Lawrence Fuller has been managing portfolios for individual investors for 30 years, starting his career at Merrill Lynch in 1993 and working in the same capacity with several other Wall Street firms before realizing his long-term goal of complete independence when he founded Fuller Asset Management. He also manages the Focused Growth portfolio on the new fintech platform called Dub, which is the first copy-trading platform approved by securities regulators in the US, allowing retail investors to copy the po ...

Core Viewpoint - Blue Owl Capital Inc. is facing allegations of issuing materially false and misleading statements regarding its business operations and liquidity issues during the class period from February 6, 2025, to November 16, 2025 [1] Group 1: Allegations - The complaint alleges that Blue Owl was experiencing significant pressure on its asset base due to redemptions from business development companies [1] - As a result of these pressures, the company was facing undisclosed liquidity issues [1] - The company was likely to limit or halt redemptions of certain business development companies due to these liquidity concerns [1] - Defendants' positive statements about the company's business, operations, and prospects were materially misleading and lacked a reasonable basis [1] Group 2: Shareholder Actions - Shareholders who purchased shares of Blue Owl during the specified class period are encouraged to contact the Gross Law Firm regarding possible lead plaintiff appointment [1] - The deadline for shareholders to register for the class action is February 2, 2026, and there is no cost or obligation to participate [2] - Registered shareholders will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2]

Core Insights - GCM Grosvenor has appointed Cara Fixler as Chief Human Resources Officer to lead its global human resources strategy [1][4] - Ms. Fixler has over 20 years of HR leadership experience, previously serving at LaSalle Investment Management, AbbVie, and General Electric [2][3] - The firm manages approximately $87 billion in assets across various investment strategies, emphasizing its long-standing expertise in alternative asset management [5] Company Overview - GCM Grosvenor is a global alternative asset management solutions provider with a diverse portfolio including private equity, infrastructure, real estate, credit, and absolute return strategies [5] - The firm has a team of around 560 professionals and serves a global client base of institutional and individual investors [6] - GCM Grosvenor is headquartered in Chicago, with additional offices in major cities worldwide [6]