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Finextra
22 minutes ago
- Finextra
FundApps integrates with BlackRock's Aladdin platform
FundApps, a market leader in shareholding disclosure monitoring and Aladdin, BlackRock's technology business, today announced a partnership to integrate FundApps' cutting-edge compliance service with the Aladdin platform. 0 Serving some of the world's largest hedge funds, asset managers, pension funds, and investment banks - monitoring 17% of global assets under management as of 1st January 2025 - FundApps is at the forefront of regulatory technology. With global shareholding disclosure requirements becoming more complex and far-reaching, the FundApps integration with the Aladdin platform delivers to common clients a streamlined shareholding disclosure monitoring and reporting offering that fits effortlessly into their daily investment workflows. This complements the Aladdin platform's robust set of capabilities for managing guideline and regulatory compliance. Integrating FundApps' solution with the Aladdin platform demonstrates a fundamental shift in how investment professionals manage threshold disclosures - moving it from a fragmented, manual process to an integrated, automated solution within a unified investment management process. 'This partnership is a testament to the growing demand for scalable, automated compliance solutions,' said Andrew Patrick White, CEO & Founder of FundApps. 'FundApps' integration with Aladdin enables investment managers to stay ahead of evolving regulations without disrupting their investment processes. No more manual monitoring or fragmented processes - just seamless, automated compliance.' The integrated capabilities will be available to common clients in the second half of 2025, delivering an automated solution for managing global disclosure requirements with Aladdin. It's a strategic move to integrate with a proven regulatory technology partner, offering a scalable compliance solution that grows with client needs.
Telegraph
an hour ago
- Telegraph
How Musk turned on Trump's tax ‘abomination'
In the world of Elon Musk, five days is a very long time. Last Friday, Donald Trump described Musk as a 'very special' friend as he stepped down from his role as cost-cutting tsar, bidding farewell by presenting the Tesla chief with a golden key to the White House. After accepting the gift, Musk told reporters in the Oval Office that he would make good use of it. 'I'll continue to be visiting here and be a friend and adviser to the president,' he said. Just a few days later, it appears the billionaire's punchy advice may already be pushing this friendship to breaking point. Late on Tuesday, Musk escalated his criticism of Trump's 'one big, beautiful bill', attacking the US president's package of tax cuts over fears it could add trillions to the national deficit. 'I'm sorry, but I just can't stand it anymore,' he told his 220m followers on his social media site X. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Congress is making America bankrupt.' I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it. — Elon Musk (@elonmusk) June 3, 2025 More ominously, he took aim at the 215 Republican members of the House of Representatives who voted for the Bill. 'Shame on those who voted for it: you know you did wrong,' he said. He didn't stop there. Two hours later, he warned of reprisals at the crucial Congressional midterm elections in 2026. 'In November next year, we fire all politicians who betrayed the American people.' These are words that could send a chill through Republican Party politicians, including the president himself. Last year, Musk pumped almost $300m (£220m) into Trump's election campaign, providing the financial firepower required to restore him to the White House. And while the Tesla chief has recently exited his role in the Trump administration and vowed to cut his political spending, Musk still looms large over US politics. Anti-Trump allies Unsurprisingly, the White House has so far played down Musk's criticism. 'Look, the president already knows where Elon Musk stood on this Bill,' White House spokesman Karoline Leavitt told reporters on Wednesday. 'It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it.' The Bill's next stop is the Senate, where it's already facing a less unanimous welcome from Republicans. John Thune, the Republican Senate majority leader, is sticking with his boss. 'My hope is that as [Musk] has an opportunity to further assess what this Bill actually does, that he comes to a different conclusion,' Thune told reporters. But the Tesla billionaire has found a vocal ally in the fiscally hawkish Republican Senator Rand Paul, a longstanding Trump critic. The pair spent Tuesday sharing each other's posts on X. 'I've been pretty consistent in my time in the Senate: I oppose deficit spending no matter which party is in charge,' Paul said in one X post that Musk then promoted. 'If we don't get serious about reining in the debt, the next generation will pay the price. Fiscal responsibility isn't a campaign slogan. It's a duty which I take very seriously.' Maga maverick For Musk, this isn't just a matter of policy. It's personal. The Bill's fiscal profligacy flies directly in the face of the mission that brought him into politics as a chainsaw-wielding Maga maverick: cutting government spending. His department of government efficiency, or Doge, has been on a move-fast-and-break-things campaign to reduce the size of the state. At the White House ceremony to receive his golden key, he wore a T-shirt with the iconography of The Godfather film reworked as 'the Dogefather'. He compared Doge to Buddhism, describing it as 'like a way of life'. He is yet to reach fiscal nirvana, though, having fallen well short of initial ambitions to cut at least $2 trillion from the federal budget during his allotted 130 days as a government agent. By the start of June, his 'wall of receipts' was showing savings of $180bn, although several independent efforts to verify Doge's claims have struggled to make the sums add up. 'Maybe why Elon Musk is a bit worked up about this is that he thought he had a mandate to cut spending, and that didn't really happen very much with Doge,' says John Stopford, of fund manager Ninety One. Musk has publicly vented frustration at what he sees as obstructionism from Trump lieutenants and Republican members of Congress keen to protect spending that benefits their districts. Now Trump is in his sights, too. Musk told CBS over the weekend that the tax-cut Bill 'undermines the work that the Doge team is doing'. Market jitters Musk isn't alone in questioning whether Trump's signature legislation is as beautiful as it is big. Yields on longer-dated US Treasury bonds, which finance the government's deficit, are at or near their highest in decades. Investors are worried that the US fiscal trajectory is unsustainable, and are demanding a bigger reward for holding debt beyond the next few years. Term premiums on 10-year US Treasuries – the extra compensation that investors demand compared with shorter-dated bonds, and which can be used as a proxy for investor caution on long-term debt – have hit their highest level in more than a decade. The higher the term premium, the lower the demand. 'What we have been seeing is just a lot of worry about the sustainability of US finances. Worries that there just simply aren't enough investors, especially foreign investors, in the market,' says Gennadiy Goldberg, head of US rates strategy at TD Securities. A dearth of buyers raises the risk of a crisis in which sellers could become unable to clear their sales, Goldberg warns. This would drive a sharp surge in rates and could force an emergency intervention from the Federal Reserve. 'If there was a big deleveraging that happened and there was a big source of selling, whether it's from foreign investors or hedge funds or levered investors or basis investors, it could potentially overwhelm the system,' he says. Ninety One's Stopford agrees. 'There is a risk that you reach a tipping point at some point,' he says. However, beyond the economy, it's possible that if anyone has reached a tipping point, it's Musk himself.
Daily Mail
an hour ago
- Daily Mail
Musk ally pours gasoline on Tesla chief's feud with Trump after it cost him the top job at NASA
An Elon Musk ally whose nomination to run NASA for Donald Trump was withdrawn the same day the 'First Buddy' departed the White House claims he lost his job out of revenge. Jared Isaacman, 42, had his nomination pulled Friday after a 'thorough review' of his 'prior associations,' Trump said. Isaacman has been a close collaborator with Musk ever since buying his first chartered flight on Musk's SpaceX company in 2021. It has been heavily speculated that Sergio Gor, an official in the White House Presidential Personnel Office, pushed Isaacman out the door over disputes with Musk and failure to consult him and other personnel officials on some decisions. Speaking to the All-In Podcast following his exit, Isaacman said that he still supports President Trump but suggests the speculation is correct. 'I mean, people can draw their own conclusions but I think the directions people are going in seems to check out to me,' Isaacman said. He even suggested that it wasn't personal between him and Trump, saying 'one person decided to make a move' to oust him. Isaacman also believes the nomination was withdrawn to coincide with his friend Musk parting ways with the administration. 'I had a pretty good idea, I don't think the timing was much of a coincidence. Obviously, there was more than one departure that was covered on that day,' he said. Isaacman blamed 'some people' with 'axes to grind' against either him or Musk, saying he was a 'good, visible target.' He described someone, presumably Gor, as 'an influential advisor coming in and saying: 'here's the facts and I think we gotta' kill this guy.'' 'I want to be overwhelmingly clear: I don't fault the president,' Isaacman added. The president maintains he backflipped on billionaire entrepreneur Jared Isaacman's appointment after learning of his past donations to the Democrats. But MAGA loyalists suspect Trump may have been set up to make the call by insiders who have it out for Elon Musk and are looking to hurt him by punishing his friend. Trump ally Laura Loomer wrote: 'There is reason to believe that Isaacman may be facing retaliation because of his friendship with Elon Musk. 'If so, this would suggest there is a coordinated hit job on Isaacman in an effort to damage ties between President Trump and Elon Musk before the 2026 midterms. It has been heavily speculated that Sergio Gor (pictured), an official in the White House Presidential Personnel Office, pushed Isaacman out the door over disputes with Musk and failure to consult him and other personnel officials on some decisions 'Is President Trump aware of the ulterior motives by some individuals in the administration who have an interest in seeing Isaacman's nomination pulled?' The New York Times revealed on Sunday that Trump reportedly knew about Isaacman's donations from the moment he chose to nominate him to run NASA. Isaacman told All-In that he disclosed over the years he had donated to prominent Democrats, including in the past two campaign cycles. Musk has also donated to Democrats in the past, before going on to become the single largest benefactor to the MAGA movement during the last campaign in his push to see Trump return to the White House. Isaacman was selected by Trump at the height of his bromance with Musk, who has a long and storied connection with the fellow billionaire. It is understood that Musk lobbied for Isaacman's appointment and that Trump deferred to the SpaceX founder for the final decision. At the time, Trump described Isaacman as 'an accomplished business leader, philanthropist, pilot and astronaut.' He had been approved by a Senate committee and was headed to a confirmation vote this week when Trump suddenly pulled his nomination. The president gave Musk a heads up on Friday - his last day at the White House - that he intended to do so. Musk's time in the White House was fraught with tension and pushback from some of Trump's closest advisors, some of whom didn't like the access Musk had to the president and the power he wielded over departments with his Department of Government Efficiency. This has sparked rampant speculation that in the wake of his official departure as a Special Government Employee, that some of his foes are exacting revenge by getting in Trump's ear about Isaacman's nomination. Republican Senator and Trump ally Tim Sheehy wrote on X: 'Astronaut and successful businessman @RookIsaacman was a strong choice by President Trump to lead NASA. 'I was proud to introduce Jared at his hearing and strongly oppose efforts to derail his nomination.' It is understood that some of Trump's allies had been pressing him about Isaacman's donations to the Democrats in recent days, prompting Trump to renege on his offer. Loomer said despite his liberal ties, Isaacman was an ideal candidate to lead NASA, with 'unmatched credentials.' 'Isaacman was on track to get over 70 Senate votes. So why the sudden reversal and talks to pull his nomination?' she asked. 'Because the Deep State doesn't want President Trump to have allies like this in his administration.' White House assistant press secretary Liz Huston pushed back against any suggestion that the decision was not Trump's. 'The Administrator of NASA will help lead humanity into space and execute President Trump's bold mission of planting the American flag on the planet Mars,' she said. 'It's essential that the next leader of NASA is in complete alignment with President Trump's America First agenda and a replacement will be announced directly by President Trump soon.' And Trump himself appeared to quell concerns that he and Musk were on the outs on Sunday night, sharing a new picture to Truth Social of him with the former First Buddy and one of Musk's sons. Musk left his role less than a week ago and just days ahead of schedule, signing off with a warm X post praising Trump. However, he has since gone on a days-long rampage against Trump's landmark 'big, beautiful bill' and lamented the treatment of his baby-faced DOGE henchmen during his time in the White House. He said: 'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it.' And in the days since his departure, a laundry list of allegations have surfaced about the simmering tensions between Musk and a handful of Trump's other allies. Former Chief Strategist Steve Bannon told that Musk's turbulent time in the White House was marred when he physically 'shoved' 62-year-old Treasury Secretary Scott Bessent after he was confronted over wild promises to save the administration 'a trillion dollars'. 'Scott Bessent called him out and said, 'You promised us a trillion dollars (in cuts), and now you're at like $100 billion, and nobody can find anything, what are you doing?'' the prominent MAGA figure revealed. 'And that's when Elon got physical. It's a sore subject with him. 'It wasn't an argument, it was a physical confrontation. Elon basically shoved him.' Bannon said the physical altercation came as the two billionaires moved from the Oval Office to outside Chief of Staff Susie Wiles' office, and then outside the office of the then National Security Advisor, Mike Waltz. 'Trump 100%' sided with Bessent after the clash, he added. 'I don't think Bessent has any bad blood, but he's got a job to do and he's going to do it.' The revelations of the Musk-Bessant clash follow an explosive New York Times report that alleged Musk was using a cocktail of drugs on the campaig n trail including ketamine, ecstasy and psychedelic mushrooms. Bannon added that Musk also lost status in Trump's orbit when it was leaked to the New York Times in March that the billionaire was preparing to receive top-secret military briefings on China, which Trump abruptly stopped. 'People in the administration and the White House realized he didn't have any idea what he's doing,' Bannon said. 'They cauterized the damage.' Separately, reports claimed Musk insulted Marco Rubio, the Secretary of State, by accusing him in front of Trump, of not cutting back on his staff and clashed with Transport Secretary Sean Duffy for not firing enough air traffic controllers.
