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Bloomberg
7 hours ago
- Business
- Bloomberg
Chicago Billionaire to Pay for $650 Million Soccer Stadium
By and Miranda Davis Updated on Save Billionaire Joe Mansueto is using his fortune to build a new stadium for his Chicago soccer team. The founder of Morningstar Inc. and owner of Chicago Fire FC said Tuesday he will personally fund a $650 million stadium to be built at a 62-acre development south of downtown called The 78. Set to open in 2028, the stadium will be able to accommodate 22,000 spectators.
Hindustan Times
9 hours ago
- Business
- Hindustan Times
Joe Mansueto net worth: How billionaire is funding Chicago Fire's new $650M stadium
Joe Mansueto, the billionaire owner of the Chicago Fire FC, has decided to spend $650 million of his own money to bankroll a massive stadium. The 22,000-seat, soccer-only stadium will be located on the vacant South Loop parcel known as 'The 78,' according to the Chicago Sun-Times. In an article published by the Chicago Fire, Mansueto, founder and chairperson of Morningstar, a Chicago-based financial services firm, described the open-air arena as 'more than just a stadium.' He hopes to complete and open it in time for the 2028 season. Announcing his 'plans for a new, privately funded, soccer-specific stadium and entertainment district,' Mansueto, 68, wrote, 'It's a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game – right in the heart of our city. It's about investing in Chicago, not just on match days, but every day as a committed community partner.' 'The Chicago Fire is a Club on the rise. And soon, we'll have a permanent home that reflects the passion, energy and pride of the city we love,' he added. According to Celebrity Net Worth, Mansueto has a net worth of $1.93 billion. However, The Patch reported in April 2025 that he has an estimated net worth of $6.7 billion. According to Celebrity Net Worth, Mansueto started Morningstar, an investment research and management firm headquartered in Chicago, Illinois, out of his home in 1984 for $80,000. The company finally went public in 2005. Their revenue was just shy of $700 million back in 2013. Mansueto bought the financial magazines Fast Company and Inc in 2005, and owned over 60% of common stock in Morningstar by 2008. He also went on to invest in Wrapports, which purchased the Chicago Sun-Times in 2011. He owned a stake in Time Out Chicago magazine, but sold it in 2013. In 1988, Mansueto married Rika Yoshida, and the two pledged $25 million for the expansion of the University of Chicago library in 2008. Mansueto was included on the Forbes World's Billionaires list in 2011.
Yahoo
15 hours ago
- Business
- Yahoo
Bitcoin Rules for Now, but the Crypto Landscape Is Vast
Investors want more than just a bit of bitcoin. Spot Bitcoin ETFs amassed inflows of nearly $9.6 billion from April 21 through May 27, according to data compiled by Morningstar Direct. With the price of the world's most popular cryptocurrency reaching all-time highs of more than $100,000 lately and the Trump administration championing digital assets, advisors might now want to expand their focus beyond just bitcoin. 'The capitalization of the crypto space right now is more than $3 trillion. How can you ignore that?' said Campbell Harver, Duke University professor and partner at Research Affiliates. 'It'd be like ignoring a couple of companies in the Magnificent Seven.' READ ALSO: RIA Headcount, AUM Shattered Records in 2024 and Bitcoin's Record Rally Prompts Advisors to Take a Second Look While spot Bitcoin ETFs have been seeing plenty of momentum lately, iShares Bitcoin Trust ETF (IBIT) is the real winner. Over roughly the past five weeks, IBIT has taken in $8.7 billion, per Morningstar. That's about 80% of its total inflows year-to-date. Bitcoin and ETFs that track it may be a new corner of portfolios, but advisors are quickly growing more comfortable with it. 'Most of my clients have a 5-10% allocation to Bitcoin,' said Mike Casey, founder of AE Advisors. 'Some are allocated significantly higher.' Bitcoin and IBIT are clearly the biggest players in the space, but advisors should have a wider view when considering crypto allocations, Harvey said, recommending wealth managers consider stablecoins — digital currencies pegged to traditional assets like the US dollar or gold. 'In my vision of the future, almost all assets will be tokenized — stocks, debts, mortgages, all this stuff,' he told Advisor Upside. 'We're going in that direction, and stablecoins are the first step.' But of course, stay away from meme coins. 'They have no fundamental value whatsoever,' Harvey said. 'They're like trading cards.' Golden Hour. Amidst the current economic uncertainty, some have begun viewing Bitcoin as a safe haven similar to gold, but that's still debated territory, given that their volatility profiles are drastically different, said Joy Yang, head of product management at MarketVector Indexes. 'Gold is more of a slow and steady type of asset and has been quietly outperforming US equities over the past 20 years,' she told Advisor Upside. 'Bitcoin has done it, too, but in a much more rollercoaster type of movement.' In the same five-week span, Gold ETFs have experienced almost $2.8 billion in outflows, with State Street's SPDR Gold Shares (GLD) accounting for nearly all of that, according to Morningstar. The precious metal's price per ounce is down from an all-time high of $3,500 in late April. However, gold is still outperforming Bitcoin, up 28% YTD compared with Bitcoin's 12% as of Monday. 'Bitcoin is still a teenager,' Yang said. 'It'll eventually be an adult, but it's going to take a winding path to get there.' This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter.
Reuters
18 hours ago
- Business
- Reuters
Japanese equity funds log sharpest weekly outflows since 2007
June 3 (Reuters) - Japanese equity funds logged their largest weekly outflows in nearly 18 years in the week to May 28, as investors either booked profits following a rally fueled by the then-easing U.S.-China trade tensions or turned cautious on earnings potential. According to LSEG Lipper data, Japanese equity funds recorded net outflows of $7.49 billion, marking the largest weekly withdrawal since July 4, 2007. Daisuke Motori, director of manager research at Morningstar Japan, said the outflows from Japanese equity funds in May reflected a familiar pattern, with investors buying during April's dip and selling into the May rebound. Some of the flows could also be due to rebalancing by Japan's massive life insurance and pension firms as they sell rising stocks and buy bonds to maintain asset ratios, analysts said. Another headwind has been the yen, which has appreciated 10% against the U.S. dollar so far this year, potentially eroding export profitability. LSEG data shows analysts have downgraded forward 12-month earnings estimates for Japanese firms by 1.8% over the past 30 days. "Corporate governance is improving, but we think this is unlikely to be a near-term catalyst," said Herald van der Linde, head of equity strategy at Asia Pacific. He noted that while reforms were underway, their impact on profits would take time - return on equity (ROE) in Japan still lagged other major markets. Domestic investors drove almost the entirety of outflows, Lipper data showed, with $7.55 billion pulled from local funds. In contrast, foreign funds recorded $59 million in net inflows. The Daiwa iFreeETF TOPIX (1305.T), opens new tab, Nikko Listed Index Fund TOPIX (1308.T), opens new tab, and Nomura NF TOPIX ETF (1306.T), opens new tab recorded the largest outflows during the week, with redemptions of $2 billion, $1.92 billion, and $1.61 billion, respectively.
Business Times
a day ago
- Business
- Business Times
Vanguard files for new ex-China emerging markets ETF
ASSET management giant Vanguard Group plans to launch a new exchange-traded fund (ETF) that will target emerging markets while excluding China, joining a growing niche shaped by investor debate over China's role in global portfolios. The Vanguard Emerging Markets ex-China ETF will make its debut later this summer. Many investors have been unsettled by turmoil surrounding China's trade relationship with the United States, even as better performance from Chinese stocks means some are reluctant to remove them from funds altogether. The Vanguard offering would bring to 13 the number of emerging markets ETFs that exclude Chinese stocks, according to Morningstar data. Two-thirds of those have been launched since 2023, a year that saw China's CSI300 index record its third straight year of losses. The growing interest in rolling out these ex-China funds is logical, said Bryan Armour, ETF strategist at Morningstar. 'Investors may be worried about geopolitical risk, state intervention in private markets, or just want to manage their China allocation separately from broader emerging markets,' he said. Even so, in the last month or two, flows into most broad emerging markets have begun to look stronger than those into ex-China alternatives, he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Sammy Suzuki, head of emerging markets equities at AllianceBernstein, said he believes that interest in ex-China emerging markets funds is dwindling as Chinese stocks stage a recovery. In the last 12 months, the iShares China Large-Cap ETF has gained 35.34 per cent, and the returns on Chinese stocks contributed to the 9.7 per cent gain by the broad iShares MSCI Emerging Markets ETF. The iShares MSCI Emerging Markets ex-China ETF is up only 4.8 per cent. 'China is both too large and too controversial to not be its own allocation,' said Jason Hsu, chief investment officer of Rayliant Global Advisors, adding both dedicated China ETFs and emerging markets ex-China products will coexist. Vanguard, which has US$10.1 trillion in total assets, submitted the new filing to the US Securities and Exchange Commission last Friday. It already offers investors the Vanguard FTSE Emerging Markets ETF, which has about US$85.9 billion in assets, with 30 per cent invested in Chinese stocks, according to estimates from Jeff DeMaso, editor of the Independent Vanguard Adviser, who analyses the firm's fund offerings. DeMaso said that investors who buy the new ETF when it launches will swap an outsize position in China for hefty exposure to companies in Taiwan and India, which account for nearly 60 per cent of the underlying index. A spokesman for Vanguard said the new ETF will offer additional choice for investors who want to avoid Chinese stocks with a fee of only 0.07 per cent, compared to 0.25 per cent for BlackRock's offering. REUTERS
