Latest news with #StateStreetCorp.
Bloomberg
17-04-2025
- Business
- Bloomberg
State Street Private-Debt ETF Scores No New Flows in Weeks
By and Carmen Arroyo Save Demand for State Street Corp. and Apollo Global Management Inc. 's hotly anticipated private credit exchange-traded fund has virtually dried up, at a time when asset managers have keyed in on reaching retail investors. No new money has flowed into the SPDR SSGA IG Public & Private Credit ETF (ticker: PRIV) since March 4, according to data compiled by Bloomberg. The vehicle now has around $54.6 million in assets, including about $5 million clinched during its first two weeks of existence and initial funding.
Bloomberg
20-03-2025
- Business
- Bloomberg
Can Europe's Investment Bankers Get Their Groove Back?
Deutsche Bank AG Chief Executive Officer Christian Sewing was talking his own book in 2022 when he warned that Europe needs strong banks to counteract US and Chinese competitors: 'Losing financial sovereignty for Europe would be just as bad as the energy dependence that is causing us so much pain.' But his words resonate loudly today as Donald Trump displays his antagonism toward the transatlantic ties that have helped the US dominate global finance. Last week, Swiss lawmakers debated stripping State Street Corp. of its role as custodian of $52 billion of pension assets amid fears Trump could order the firm to withhold payments as a bargaining chip to pressure Switzerland. The motion was defeated by 98 votes to 89 after the intervention of the Swiss government, which advised that terminating the contract inside its five-year term could have negative repercussions for the Swiss financial center. But the issue highlights the new headwinds US banks face in Europe.
Yahoo
14-03-2025
- Business
- Yahoo
State Street Tries to Tap Long-Lost Mojo With Private Credit ETF
(Bloomberg) -- The first-ever ETF to bring private assets to the masses was meant to be a milestone this year in Yie-Hsin Hung's push to shake off State Street Corp.'s reputation for being cautious and boring. Trump DEI Purge Hits Affordable Housing Groups Electric Construction Equipment Promises a Quiet Revolution NYC Congestion Pricing Toll Gains Support Among City Residents Open Philanthropy Launches $120 Million Fund To Support YIMBY Reforms Prospect Medical's Pennsylvania Hospitals at Risk of Closure Hung has been tasked with reviving the appetite for innovation at State Street Global Advisors, which revolutionized investing by creating America's first exchange-traded fund three decades ago. Before her arrival in 2022 as SSGA's chief executive, the firm had spent years carefully trying to avoid a repeat of its blowups during the Great Financial Crisis. Under Hung, the $4.7 trillion asset-management division of State Street had created about 100 new funds in 2024, and now it was trying something truly novel. Instead, last month's launch of its private credit ETF in partnership with private equity giant Apollo Global Management Inc. sparked a rare public rebuke from US regulators, who cited SSGA for rushing the fund to market and questioned its liquidity, transparency and even its name. Hung is undaunted. At the end of last week, SSGA — the world's fourth-largest asset manager — rolled out another pioneering ETF, this time in a tie-up with Ray Dalio's Bridgewater Associates, the world's largest hedge fund. 'It's resolved,' Hung said in an interview about the SPDR SSGA Apollo IG Public & Private Credit ETF. 'This is innovation in action.' There is 'tremendous' interest in the private credit fund from clients who want to learn more and trading volumes are high, she said. Early Results Still, the ETF has had only about $5 million of net inflows since its debut at the end of February. And despite the faster pace of launches last year, SSGA's tally of new ETFs didn't rank among the industry's top 10 by firm. To Hung, who held leadership roles at New York Life Insurance and Morgan Stanley, such hiccups are nothing serious when you're trying to build momentum. Her tenure so far has been marked by hires and departures, restructurings and a public acknowledgment that SSGA has to start moving faster and more creatively. She's pushing to grow in the wealth space and regions including Europe and Saudi Arabia, and has said SSGA is shopping for a stake in a private credit firm. The Boston-based firm lost much of its mojo for almost two decades because of scars left from the crisis era. The collapse of a State Street mortgage bond fund led to federal sanctions in 2010 and about $650 million in restitution. The result was a risk-averse culture that ceded leadership to its rivals in the booming ETF field. For the next several years, hiring leaned more toward filling positions in the legal, risk management and compliance departments, according to former operations executives. Resources became scarce and sometimes were frozen in the middle of campaigns, making it hard to support new funds or projects and scale them quickly, they said. Approval Agony The approval process became its own form of agony. Even simple proposals had to clear multiple committees, and often by the time a new initiative won approval, rivals already had their own versions, the former employees said. Spending in many areas was tighter than peers such as BlackRock Inc., said former executives. As the steady-yet-unexciting DNA of the parent company spilled into the asset manager's ranks, innovation gave way to process, and 'boring' became a sought-after compliment. The firm did grow as ETFs became more popular, but more slowly than key rivals. In the time it took for SSGA to go from $2.4 trillion to $4.7 trillion in assets during the 10 years ending in 2024, BlackRock and Vanguard added more than $6 trillion each, and Fidelity Investments went from about $2 trillion to $5.9 trillion. Even SSGA's iconic S&P index fund, known by its SPY ticker, fell behind the competition. Just last month, Vanguard's $586 billion S&P 500 ETF – launched about 15 years ago — overtook SSGA's 1993 offering, and the two have been trading the lead back and forth. Speed Push Against this backdrop, the firm devised its new private credit fund with Apollo as the manager. It was a process that sometimes highlighted internal tensions between staffers who favored more speed and those who urged caution. Hung's push to get the fund to market made some team members hopeful that something was changing with SSGA's slow-moving culture, according to people familiar with the fund's creation. But while it took longer than a typical ETF launch, some colleagues still held concerns the firm was moving too fast and risking objections from the US Securities and Exchange Commission, some people said. Indeed, the SEC took public issue with the fund on its launch day, showing it didn't consider all its concerns resolved. In a three-page letter, the SEC criticized the fund's sole reliance on bids from Apollo, which could cast doubt on the true value of the assets, and expressed concern about their liquidity. The name was misleading and should be changed, the SEC said, given Apollo's limited role in actually running or sponsoring the fund — it's not an adviser or sponsor. As for the fund's contract with Apollo, the copy sent to the SEC for review by SSGA was so heavily redacted that 'the material terms of the agreement are not public,' the SEC said. Making Tweaks SSGA, which had wanted to protect proprietary information, responded by sending an unredacted copy and agreeing to tweak the name. The SEC staff told the fund's lawyers they had no further comments 'at this time' and trading has moved ahead, with the ETF holding about $55 million in assets. Representatives for the SEC and Apollo declined to comment. SSGA said in an emailed statement there was no internal discord at the firm, which encourages 'robust discussion and conversations,' and the SEC's actions were not out of the ordinary. State Street Chief Executive Officer Ronald O'Hanley said via email he supports Hung and SSGA's 'democratization of investing and working with partners like Apollo to deliver access to private assets.' SSGA launched about 20 new ETFs in the US last year, though most remain small by industry standards. The biggest, dubbed SPDR Bloomberg Enhanced Roll Yield Commodity Strategy, manages around $400 million, but almost none of the new entrants exceeds $100 million, according to Morningstar Inc. and data compiled by Bloomberg. Some manage less than $10 million. The SPDR Bridgewater All Weather ETF, trading for less than two weeks, holds about $53 million. 'We're talking about early days,' Hung said. 'It takes time to build that AUM flow and we can't forget this market is extremely volatile.' --With assistance from Laura Benitez and Nicola M White. (Updates with Bridgewater ETF assets on the last screen) How America Got Hooked on H Mart How Trump's 'No Tax on Tips' Could Backfire for the Working Class How Natural Gas Became America's Most Important Export Disney's Parks Chief Sees Fortnite as Key to Its Future Germany Is Suffering an Identity Crisis 80 Years in the Making ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
14-03-2025
- Business
- Yahoo
Trends & Strategies Shaping the $2.58 Trillion Sustainable Finance Industry, 2025-2030 - Presents Revenue Expectations for Equity, Bond, ETFs/Index, and Alternatives/Hedged Funds
Includes Detailed Company Profiles of Industry Giants BlackRock, State Street Corp., Morgan Stanley, UBS, JPMorgan Chase & Co. & More Sustainable Finance Market Dublin, March 14, 2025 (GLOBE NEWSWIRE) -- The "Sustainable Finance Market Size, Share & Trends Analysis Report 2025-2030" has been added to Sustainable Finance Market was valued at USD 754.43 billion in 2024, and is projected to reach USD 2.58 trillion by 2030, rising at a CAGR of 23.00%. The rise of impact investing has been a significant driver of the sustainable finance industry. Impact investors aim to generate measurable positive social and environmental impacts alongside financial returns. This approach has attracted diverse investors, including institutional investors, high-net-worth individuals, and philanthropic foundations. Sustainable Finance Market Report Highlights The equities segment dominated the market in 2024. Equities offer the potential for long-term capital appreciation and returns. Sustainable companies that effectively manage ESG risks and opportunities are expected to outperform their peers in the long run. As investors recognize the financial benefits of sustainability, they are drawn to equities as an asset class that can provide both financial returns and a positive impact. The ETFs/Index funds segment is expected to grow at a promising CAGR during the forecast period. The growing demand for ETFs/index funds reflects the increasing awareness and interest in sustainable investing. Investors are becoming more conscious of the long-term impact of their investments and seek opportunities that generate both financial returns and positive environmental or social outcomes. The availability of a wide range of sustainable themes and indices within ETFs/Index funds allows investors to tailor their investments to specific sustainability objectives, further driving the expansion of the segment. The passive segment is anticipated to grow at the fastest CAGR over the forecast period. The growth of passive investing in the sustainable finance industry is propelled by advancements in ESG data and scoring methodologies, enabling robust sustainable indexes. As a result, passive investing plays a crucial role in democratizing sustainable investing, making it accessible to a wider range of investors and contributing to the overall expansion of the market. The retail investors segment is expected to grow at a significant CAGR in the coming years. The demand for transparency and accountability from companies and investment providers has led to the development of a wide range of sustainable investment options tailored for retail investors, including sustainable mutual funds, exchange-traded funds, and impact investing platforms, fueling the segment's growth. Europe dominated the market in 2024. Europe boasts a robust ecosystem of sustainable finance organizations, including sustainable banks, asset managers, and rating agencies, that contribute to developing and promoting sustainable finance practices. The demand for impact investments has created a broader ecosystem supporting sustainable finance and channeling capital toward projects addressing pressing societal and environmental challenges. Moreover, international initiatives and collaborations have been crucial in driving the growth of the sustainable finance industry. Global agreements such as the Paris Agreement and the United Nations Sustainable Development Goals (SDGs) have set a clear agenda for sustainable development, mobilizing financial resources and catalyzing September 2022, Novata and S&P Global Market Intelligence formed a partnership to offer private market investors an integrated data solution that streamlines the collection of financial, environmental, social, and governance data. As part of this collaboration, Novata's ESG data platform will be accessible to S&P Global Market Intelligence customers, enabling them to seamlessly combine ESG data with financial data, thereby providing a comprehensive source of insights. By leveraging this partnership, investors would benefit from a more holistic understanding of both the financial and sustainability performance of companies operating in the private COVID-19 pandemic has highlighted the interconnectedness between environmental, social, and economic factors. Investors and companies increasingly realize that sustainable practices can contribute to long-term profitability and resilience. This shift in mindset has encouraged businesses to incorporate sustainability into their strategies, resulting in increased demand for sustainable financing options. This report addresses: Market intelligence to enable effective decision-making. Market estimates and forecasts from 2018 to 2030. Growth opportunities and trend analyses. Segment and regional revenue forecasts for market assessment. Competition strategy and market share analysis. Product innovation listings for you to stay ahead of the curve. COVID-19's impact and how to sustain in this fast-evolving market. Why Should You Buy This Report? Comprehensive Market Analysis: Gain detailed insights into the market across major regions and segments. Competitive Landscape: Explore the market presence of key players. Future Trends: Discover the pivotal trends and drivers shaping the future of the market. Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions. Key Attributes Report Attribute Details No. of Pages 130 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $754.43 Billion Forecasted Market Value (USD) by 2030 $2580 Billion Compound Annual Growth Rate 23.0% Regions Covered Global Key Topics CoveredChapter 1. Methodology and ScopeChapter 2. Executive SummaryChapter 3. Sustainable Finance Market Variables, Trends, & Scope 3.1. Market Lineage Outlook3.2. Market Dynamics3.2.1. Market Driver Analysis3.2.2. Market Restraint Analysis3.2.3. Industry Challenge3.3. Sustainable Finance Market Analysis Tools3.3.1. Industry Analysis - Porter's3.3.2. PESTEL AnalysisChapter 4. Sustainable Finance Market: Asset Class Estimates & Trend Analysis4.1. Segment Dashboard4.2. Sustainable Finance Market: Asset Class Movement Analysis, 2024 & 2030 (USD Million)4.3. Equities4.4. Fixed-income4.5. Multi-asset4.6. Alternatives Chapter 5. Sustainable Finance Market: Offerings Estimates & Trend Analysis5.1. Segment Dashboard5.2. Sustainable Finance Market: Offerings Movement Analysis, 2024 & 2030 (USD Million)5.3. Equity Funds5.4. Bond Funds5.5. ETFs/Index Funds5.6. Alternatives/Hedged Funds Chapter 6. Sustainable Finance Market: Investment Style Estimates & Trend Analysis6.1. Segment Dashboard6.2. Sustainable Finance Market: Investment Style Movement Analysis, 2024 & 2030 (USD Million)6.3. Active6.4. Passive Chapter 7. Sustainable Finance Market: Investor Type Estimates & Trend Analysis7.1. Segment Dashboard7.2. Sustainable Finance Market: Investor Type Movement Analysis, 2024 & 2030 (USD Million)7.3. Institutional Investors7.4. Retail Investors Chapter 8. Sustainable Finance Market: Regional Estimates & Trend Analysis8.1. Sustainable Finance Market Share, by Region, 2024 & 2030 (USD Million)8.2. North America8.3. Europe8.4. Asia Pacific8.5. Latin America8.6. Middle East and Africa Chapter 9. Competitive Landscape9.1. Company Categorization9.2. Company Market Positioning9.3. Company Heat Map Analysis9.4. Company Profiles/Listing9.4.1. BlackRock, Inc.9.4.2. State Street Corporation9.4.3. Morgan Stanley9.4.4. UBS9.4.5. JPMorgan Chase & Co.9.4.6. Franklin Templeton Investments9.4.7. Amundi US9.4.8. The Bank of New York Mellon Corporation9.4.9. Deutsche Bank AG9.4.10. Goldman Sachs For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Sustainable Finance Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Bloomberg
12-03-2025
- Business
- Bloomberg
State Street at Risk of Losing $52 Billion Swiss Pension Mandate
State Street Corp. is at risk of losing a $52 billion pile of Swiss pension assets as citizens start to worry that their savings might become a bargaining chip in Donald Trump's deepening trade war with Europe. Lawmakers in Bern are scheduled to vote on Thursday on a bill that seeks to order the state agency Compenswiss to move custody of the assets back to a hometown bank. It would be the latest sign that the US banking behemoth is at risk of losing key business in Europe after State Street had mandates pulled by pension funds in the UK and Scandinavia.
