Core Insights - U.S. indices are near all-time highs, creating market uncertainty, prompting investors to seek alternatives like AllianceBernstein [1] Investment Strategy - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance income while achieving total returns comparable to traditional index funds [1]

中国国际经济交流中心副理事长王一鸣在主旨演讲中强调，京港深化金融合作，对巩固和提升香港国际 金融中心地位、助力构建"双循环"新发展格局意义重大。他建议从五个方面探索深化合作路径：一是合 作发展科技金融；二是探索跨境资管合作；三是协同推进人民币国际化；四是强化优势互补提升各自竞 争力；五是加强金融监管协同，筑牢金融安全防线。 来源：环球网 【环球网财经综合报道】日前，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开 放格局下的发展机遇"金融街论坛系列活动在北京成功举办。本次活动在北京市地方金融管理局、北京 金融街服务局的指导下，由北京资产管理协会与港大经管学院华北校友会共同主办。 北京资产管理协会会长、工银理财有限责任公司总裁高向阳表示，北京资产管理协会自成立以来，始终 以"推动资管行业高质量发展、搭建跨区域交流合作平台"为核心使命，本次活动正是协会立足"十五 五"战略窗口期，助力京港金融"双中心"协同、服务金融高水平开放的重要实践。高向阳指出，当前， 我国正处于"十四五"规划圆满收官与"十五五"规划谋篇布局的关键交汇期，金融领域正从"要素型开 放"向"制度型开放"进阶，构建适配我国经济地位、兼 ...

Core Viewpoint - BHP Group is divesting a 49% stake in its Western Australia iron-ore power network to BlackRock's Global Infrastructure Partners [1] Group 1 - The transaction involves a significant stake in BHP's infrastructure, indicating a strategic shift in asset management [1] - This move aligns with BHP's broader strategy to optimize its portfolio and focus on core operations [1] - BlackRock's Global Infrastructure Partners is expected to enhance the operational efficiency of the power network [1]

Core Insights - The asset management industry in China is experiencing stable growth, with a total scale reaching 179.33 trillion yuan by the end of Q3 2025, marking an 8.21% increase from the previous year [1] Group 1: Industry Overview - The asset management sector includes various financial institutions such as bank wealth management, public funds, insurance asset management, trusts, securities firms, and private equity funds, forming a comprehensive "big asset management" landscape [1] - The bank wealth management sector has reached a record high of 32.13 trillion yuan, indicating a healthy development trend [1] Group 2: Asset Allocation Strategies - In bank wealth management products, the allocation to cash and bank deposits has increased to 27.5%, up 3.6 percentage points from the previous year, while bond allocation has decreased to 40.4%, down 3.1 percentage points [2] - Public funds have benefited from a strong equity market, with equity and mixed public funds achieving annualized returns exceeding 135% in Q3 2025 [2] - The number of private securities investment funds has decreased to 79,845, while the management scale has increased to 5.97 trillion yuan, reflecting a shift towards bond-type products [2] Group 3: Trust and Insurance Asset Management - The trust industry is seeing growth with a notable trend of "non-standard to standard" products, as the number of standard trust products has increased by 3.91% [3] - In the insurance asset management sector, the funds under management have risen to 36.23 trillion yuan, an 8.95% increase from the previous year, with a significant rise in equity investments [3] Group 4: Future Development Trends - The dual-driven approach of wealth management and asset management is becoming a key transformation direction for asset management institutions in China [3] - The report suggests that with the implementation of high-quality development policies, the asset management industry is expected to achieve sustainable growth and structural optimization, enhancing its service to the real economy [4]

转自：新华财经 新华财经北京12月9日电（记者刘玉龙）近日，"深化京港协同，赋能金融高水平开放——资产管理行业在'十五五'开放格局下的发展机遇"金融街论坛系列 活动在北京举办。参会人士分析了京港金融市场互联互通的重要性，普遍认为全球金融格局正经历深刻转变，香港金融市场的作用更加突出，是海内外金融 机构进行全球资产配置、促进科技创新的重要市场。 香港大学副校长、金融学讲座教授林晨在主旨演讲时表示，过去几年，区块链技术革新推动了跨境支付结算体系升级，是金融基础设施领域的重大事件。相 比传统跨境支付结算方式，基于区块链的跨境支付在耗时、成本、流程等方面更加具备优势，而未来黄金、美股、美债或将成为资产上链的重点方向。 全国社会保障基金理事会原副理事长王忠民在主旨演讲时指出，当前，香港金融市场的功能作用主要体现在三个方面。一是供应链金融或者产业链金融领 域，伴随全球科技产业链的变迁，也牵动金融服务体系和产品的变革，香港市场能够提供一个好的应用场景。二是要充分应用香港金融市场成熟的金融风险 管理工具缓释、对冲风险。三是要把一些创新产品在香港市场试点，更好的推动金融创新。 活动的圆桌论坛环节，参会人士围绕"跨境资产管理中的 ...

Core Viewpoint - Ares Management is set to join the S&P 500 index on December 11, coinciding with Mars Inc.'s acquisition of Kellanova valued at $36 billion, which manufactures Pringles and Pop-Tarts [1][2]. Group 1: Company Inclusion in S&P 500 - Ares Management will be included in the S&P 500 index ahead of three other companies, Carvana, CRH, and Comfort Systems USA, which will join on December 22 [1][2]. - Ares is recognized as a large company that meets the criteria for inclusion in the S&P 500 index based on profitability and market capitalization [3]. Group 2: Market Impact and Analyst Insights - Following the announcement, Ares's stock surged by 7% in after-hours trading, indicating market recognition of its inclusion in the S&P 500 [2][3]. - The financial services sector is noted to be underrepresented in the S&P 500 relative to its overall market weight, highlighting a potential opportunity for Ares [3].

Core Insights - The discussion highlights the challenges of market timing for investors and introduces the Innovator BE alt ETF, which offers a buffered exposure to the S&P 500, aiming to limit both upside and downside risks [1][3] - The performance of the BE alt ETF is compared to the S&P 500 ETF, noting that while the latter has outperformed in the past year, the former may appeal to investors seeking stability and reduced volatility [1][4] - The importance of understanding investor behavior and risk tolerance is emphasized, suggesting that demographic factors and individual psychological disposition play a significant role in investment decisions [5][6] ETF Market Dynamics - The ETF market has evolved to include more sophisticated products, such as defined outcome ETFs, which provide various strategies to achieve targeted investment outcomes [8][10] - There is a growing trend of using ETFs like BE alt as alternatives to traditional bonds, indicating a shift in portfolio construction strategies among investors [12] - The conversation also touches on the increasing accessibility of sophisticated investment tools to a broader range of investors, facilitated by the ETF structure [14][15] Investor Education and Engagement - Investor education is crucial for the effective use of these new tools, with companies like Innovator focusing on providing resources to help investors understand product functionalities [15][22] - The level of investor sophistication varies widely, with some clients actively engaging in their investment management while others prefer to rely on professional advisors [21][22] - The commitment of firms like Goldman Sachs to the ETF space is underscored, with a focus on enhancing their capabilities and serving client needs in the evolving market [24][26]

Market Trends & Strategic Acquisitions - Goldman Sachs Asset Management (GSAM) recognizes the growing trend and client demand for active ETFs, particularly in the defined outcome space [2][3][6] - GSAM acquired Innovator Capital Management to accelerate its growth in the defined outcome ETF market [3][4] - The defined outcome ETF market is projected to grow significantly, potentially increasing by 4 to 5 times over the next five years [7] Product Focus & Investor Needs - Defined outcome ETFs address specific investor needs, such as income generation, downside protection, and growth [6] - These ETFs provide equity exposure with built-in downside protection, fitting into a "risk-aware growth" investment strategy [10] - Investors are increasingly using defined outcome ETFs in their portfolios as part of a critical path of innovation [7] Cost & Operational Efficiency - ETFs offer operational ease and scalability, allowing for consistent portfolio construction across multiple clients [12] - ETF costs are becoming more reasonable and competitive with separately managed accounts (SMAs) that use option overlays [12][13] - The ETF wrapper provides benefits such as intraday liquidity and transparency, enhancing investor comfort [16] Adoption & Usage - Independent registered investment advisors (RIAs) are showing increased interest in actively managed ETFs that target specific outcomes [18][19] - Defined outcome buffer products are used alongside other strategies like covered calls or trend-following equities to manage risk [20] - These products help clients maintain discipline and conviction during market downturns, improving long-term investment success [21][22]

Core Points - Rosen Law Firm has announced a class action lawsuit on behalf of investors who purchased securities of Blue Owl Capital Inc. between February 6, 2025, and November 16, 2025 [2] - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [3] - A lead plaintiff must move the Court by February 2, 2026, to represent other class members in the litigation [4] Case Details - The lawsuit alleges that during the Class Period, Blue Owl made false and misleading statements and failed to disclose significant issues, including pressure on its asset base from BDC redemptions and undisclosed liquidity issues [6] - The lawsuit claims that Blue Owl was likely to limit or halt redemptions of certain BDCs, and that the defendants downplayed the severity of the negative impacts, leading to materially misleading statements about the company's business and prospects [6] - Investors suffered damages when the true details about Blue Owl's situation became known [6] Legal Representation - Investors are encouraged to select qualified counsel with a successful track record in securities class actions, as many firms may not have the necessary experience or resources [5] - Rosen Law Firm has a history of significant recoveries for investors, including over $438 million in 2019 alone [5]

Core Insights - Nomura Asset Management plans to relocate staff from Tokyo to global offices to enhance investment and sales operations, aiming to develop homegrown talent for a competitive edge in asset management [1][2] Group 1: Global Strategy - The company emphasizes the need to enhance global investment capabilities to maintain its relevance in the market [2] - Nomura currently has about 30 employees stationed abroad, with plans to significantly increase this number [3] - Potential relocation destinations include existing offices in New York, London, and Singapore, as well as new locations following recent acquisitions [3] Group 2: Market Position - As of September, Nomura Asset Management managed approximately ¥99.7 trillion ($643 billion), which is significantly smaller compared to industry leader BlackRock, which managed $11.6 trillion as of December 2024 [4] - The Japanese asset management sector is facing challenges due to a narrower product offering, impacting competitiveness against global rivals [2] Group 3: Talent Development - The company aims to send trainees and transfer staff to strengthen global talent development [2][5] - Nomura's acquisition of Macquarie assets is viewed as an opportunity for transformation into a more competitive asset management firm over the next five to ten years [5] - The goal is to acclimatize staff to English-speaking business environments to enhance their global operational capabilities upon returning to Japan [6]