Core Viewpoint - The recent selloff in the stock market, particularly affecting companies at risk of disruption from AI technologies, reflects a growing anxiety among investors about the potential impact of AI on various industries [1][14]. Group 1: Market Reaction - The selloff was triggered by the launch of a tax-strategy tool by Altruist Corp., which caused shares of major firms like Charles Schwab Corp. to drop by 7% or more, marking the deepest decline since the trade-war meltdown in April [1][14]. - Investors are adopting a "sell-first, ask-questions-later" mentality, leading to indiscriminate selling of companies perceived to have any disruption risk [2][14]. - The stock market's reaction has wiped billions of dollars off the market values of several investment firms, indicating a strong signal about the competitive threat posed by new AI products [8][14]. Group 2: Industry Impact - The software industry has been particularly affected, with fears spreading to sectors such as financial services, asset management, and legal services following the introduction of new AI tools [6][14]. - The launch of Insurify's application using ChatGPT to compare auto-insurance rates also negatively impacted shares of US insurance brokers [7][14]. - Altruist's product, Hazel, which personalizes strategies for financial advisers, exemplifies how AI can potentially replace entire teams in wealth management for a fraction of the cost [9][14]. Group 3: Investor Sentiment - Investors are now more focused on avoiding companies that could be displaced by AI rather than identifying potential winners in the market [5][14]. - There is skepticism about the speed at which AI will disrupt industries, with some experts suggesting that tech disruption often takes longer to materialize than anticipated [10][11]. - The recent pullbacks in stock prices may also reflect broader concerns about high valuations following a rally driven by AI spending and a resilient US economy [11][12].

Core Insights - GCM Grosvenor is a leading global alternative asset manager with over 50 years of experience in the industry [2] - The firm currently manages $87 billion in assets under management (AUM), with a significant focus on customized separate accounts, which constitute 70% of its AUM [2] Company Overview - Michael Sacks has been with GCM Grosvenor since 1990 and became CEO in 1994, leading the firm through significant growth [2] - GCM Grosvenor has evolved from an early participant in the alternative asset management industry to one of the largest open-architecture managers [2]

Core Viewpoint - The four major national Asset Management Companies (AMCs) in China are focusing on their core responsibilities and aligning their operations with national strategies to enhance risk management and support high-quality economic development [1][5][9]. Group 1: Focus on Core Responsibilities - The AMCs emphasize the importance of maintaining their core function of handling non-performing assets and aligning their business development with national strategic needs, particularly in relation to the financial "five major articles" [2][5]. - Great Wall Asset Management aims to "precisely expand non-performing asset business" and innovate in real estate revitalization [2]. - CITIC Financial Asset Management stresses the need to "stick to the main battlefield of non-performing assets" and expand high-quality business investments [2]. Group 2: Risk Management - The AMCs are prioritizing risk prevention and management to ensure stable operations, with a focus on creating a robust "safety net" [9][12]. - Great Wall Asset Management has identified "risk prevention" as a key annual work line, while CITIC Financial Asset Management aims to "strengthen bottom-line thinking" [9][12]. - The AMCs are committed to building a comprehensive risk management system that is intelligent and covers all aspects of their operations [12][15]. Group 3: Technological Empowerment - The AMCs are pushing for digital transformation and talent development as key drivers for enhancing their core competitiveness [16]. - Great Wall Asset Management plans to deepen reforms in personnel, incentives, and management [16]. - CITIC Financial Asset Management aims to become a leader in industry transformation through the implementation of a "strong core" project [16].

Group 1 - The valuation of ETF platforms is significantly higher than that of traditional wealth managers, with multiples ranging from eight to ten times earnings for ETF businesses compared to three to four times for others [2] - The number of Registered Investment Advisor (RIA) transactions and ETF launches reached record highs, with 322 RIA deals in 2025, up from 272 in 2024, and 1,167 ETF launches in 2025, a nearly 60% increase from 736 in 2024 [3] - The rise of 351 exchanges allows for tax-free transfers of appreciated assets to ETFs at launch, indicating a growing trend in the ETF market [4] Group 2 - Advisors face challenges in the ETF business, including high operational costs, with a threshold of $100 million in assets needed for ETFs to be self-sustaining [5] - The potential for scaling asset allocation services through ETFs exists, but many firms struggle with the economics of launching and maintaining these funds [4][5]

Core Viewpoint - The mutual fund industry is increasingly converting to exchange-traded funds (ETFs) as they attract more capital while mutual funds are losing assets [2][3]. Group 1: Industry Trends - A record 60 mutual-fund-to-ETF conversions occurred in 2025, indicating a significant shift in investment strategies [2]. - ETFs are experiencing a surge in inflows, while mutual funds are facing outflows, prompting fund companies to adapt their offerings [3]. Group 2: Company Actions - Cohen & Steers is preparing to convert its Future of Energy Fund into an ETF, which currently manages about $130 million and has shown strong performance [2][4]. - Baillie Gifford is transitioning three of its mutual funds into ETFs, marking its entry into the US ETF market [4]. - Impax Asset Management has launched its first US ETF, a global infrastructure fund that replaces a similar mutual fund, reflecting the trend of mutual fund conversions [2][3]. Group 3: Performance Metrics - The Future of Energy Fund returned 17% last year, outperforming its Morningstar category peers, which returned 12% [4][6]. - Year-to-date, the fund has returned close to 16%, benefiting from strong performance in the energy sector [6].

Core Viewpoint - The recent loan wipeout by BlackRock's HPS to a telecom entrepreneur highlights the inherent risks present in the rapidly growing private-credit sector [1] Group 1 - The incident underscores that even sophisticated investors are not immune to losses in the private-credit market [1] - The private-credit business has been experiencing significant growth, attracting various investors seeking higher returns [1] - The failure of this loan raises questions about the due diligence processes employed by investors in this sector [1]

Group 1 - The article emphasizes the increasing importance of various investment tools such as ETFs, quantitative investments, and Systematic Active Equity (SAE) in the context of rising market uncertainty and interest rate fluctuations [2][4] - ETFs are highlighted for their unique value propositions, including providing liquidity, serving as effective price discovery tools, and enhancing market resilience during volatility [2][3] - The demand for bond ETFs is growing as investors seek to diversify risks and stabilize returns, with a notable increase in allocation from long-term funds like insurance and pensions [4][5] Group 2 - The current market for bond ETFs in China is still underdeveloped, with a penetration rate of approximately 0.4% compared to over 4% in mature markets, indicating significant growth potential [4][5] - Challenges facing the domestic bond ETF market include insufficient funding stability and uneven liquidity distribution, which hinder broader investor participation [5] - The article predicts that by 2026, institutional investors will increase their allocation to bond ETFs, driven by the need for effective risk management in uncertain economic conditions [6][8] Group 3 - The article discusses the localization of overseas systematic investment models to better fit the Chinese market, with adjustments made to product timelines and structures based on local investor needs [7] - It is suggested that the flexibility of ETFs will allow investors to capture structural opportunities in the A-share market in 2026, while systematic investments will provide comprehensive solutions to meet diverse investor demands [8] - The overall outlook emphasizes the importance of understanding the core values of various investment tools and aligning them with individual investment goals for stable wealth growth [8]

| 指数 | 开盘价 | 收盘价 | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 上证综指 | 4,128 | 4,128 | 0.13 | -0.25 | | 深证成指 | 14,201 14,211 | | 0.02 | 0.29 | | 创业板指 | 3,322 | 3,321 | -0.37 | -0.04 | | 恒生指数 | 27,203 27,183 | | 0.58 | 1.25 | | 日经225 56,812 57,651 | | | 2.28 | 7.66 | | 富时100 10,386 10,354 | | | -0.31 | 2.14 | | 道琼斯工业 | 50,193 50,188 | | 0.10 | 1.21 | | 标普500 | 6,974 | 6,942 | -0.33 | -0.51 | | 纳斯达克 | 23,271 23,102 | | -0.59 | -2.66 | | 主要市场股指表现 | | | | | | 10.00 | 近一交易日% | | 近20交易日% | | | （%） 8.00 | ...

Core Viewpoint - In a volatile market, increasing dividends signal a company's financial health and management's confidence in future earnings growth [1] Group 1: DBS Group Holdings - DBS reported a record total income of S$22.9 billion for FY2025, a 3% year-on-year increase [3] - Non-interest income surged 7% to S$8.4 billion, compensating for squeezed net interest margins [3] - Wealth management fees rose 29% to a record S$2.8 billion, contributing to a robust return on equity of 16.2% [4] - Total dividends declared were S$3.06 per share for FY2025, a 38% increase from the previous year [4] - Management plans to maintain a S$0.15 quarterly capital return dividend through 2026 and 2027 [5] Group 2: Singapore Exchange (SGX) - SGX reported a 7.6% year-on-year rise in net revenue to S$695.4 million for the first half of FY2026 [6] - Adjusted net profit increased by 11.6% to S$357.1 million, allowing for an interim dividend of S$0.2175, up from S$0.180 a year ago [7] - Management committed to a quarterly dividend increase of S$0.0025 through the end of FY2028, contingent on earnings growth [8] - SGX's monopoly position and expanding businesses provide a solid foundation for future growth [8] Group 3: Keppel Ltd - Keppel's net profit surged 39% to S$1.1 billion for FY2025, driven by infrastructure and fund management activities [10] - Recurring income grew 21% year-on-year to S$941 million, supporting its asset-light strategy [10] - Proposed total distribution for FY2025 is approximately S$0.47 per share, a 38% increase from the prior year [11] - The payout includes S$0.34 in ordinary cash dividends and a special dividend of S$0.13, which includes a distribution of one Keppel REIT unit for every nine shares held [12] - Keppel's transformation is enabling faster asset monetization and increased capital returns to shareholders [11][12] Group 4: Overall Market Sentiment - The rising dividends from DBS, SGX, and Keppel reflect strong business performance and management confidence [14] - These companies are not just surviving but thriving, with DBS benefiting from record-breaking fee income, SGX providing a multi-year roadmap for dividend increases, and Keppel unlocking a more profitable growth engine [14]

Fund manager FINQ has launched two U.S. exchange-traded funds (ETFs) in which the firm’s artificial intelligence (AI) model selects, designs and manages the portfolio, Reuters reported Tuesday (Feb. 10).By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS con ...