Latest news with #SuzanneMcGee
Yahoo
16 hours ago
- Business
- Yahoo
Texas Stock Exchange CEO says 35% of US-listed public companies would not qualify for a listing
By Suzanne McGee (Reuters) -As many as 35% of the 4,600 companies now publicly traded on a U.S. stock exchange would not qualify to list on the proposed new Texas Stock Exchange, James Lee, CEO of the TXSE, told the Piper Sandler Global Exchange & Trading conference on Thursday. Among those that would not qualify, Lee said, are Chinese-based companies that do not meet "basic" U.S. listing standards. He said he expects most of the TXSE's new listings business to come from smaller and mid-cap companies. The TXSE first disclosed its plans last June and earlier this year filed seeking regulatory permission to launch, which its officials and backers have said could happen in the second half of 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Vanguard new ex-China ETF followed push from Missouri Republicans
By Suzanne McGee and Ross Kerber (Reuters) -Investment manager Vanguard's new exchange-traded fund targeting emerging markets outside of China appears to have followed a push from the Missouri State Treasurer's office for products excluding Chinese stocks. The product highlights a new front in the decoupling of economic links between the U.S. and China as a result of the trade war U.S. President Donald Trump has begun between the world's two largest economies. Vanguard filed on May 30 with the U.S. Securities and Exchange Commission to launch the Vanguard Emerging Markets Ex-China ETF. Vivek Malek, Missouri's Treasurer, told Reuters the announcement came six weeks after a series of requests and meetings with Vanguard, a claim backed by letters and e-mails reviewed by Reuters. Malek successfully pushed for the state's pension fund to divest from publicly traded Chinese stocks in December 2023 and also pressed for a China-free fund option for the state's $4.5 billion 529 educational savings plan in an April 14 letter to the plan's program manager working with Vanguard. "I believe we moved the needle in the direction that helped them reach this decision," Malek said. Vanguard did not directly comment on Malek's statements, citing quiet period restrictions on discussing fund products still under SEC review. A Vanguard spokesman said the firm's goal is to offer investors of all kinds of lower-cost options. Had Vanguard not filed for its ex-China ETF when it did, the firm risked losing its position as the main provider of investment products in the state's 529 plan, Malek said. Next year, Missouri will be reconsidering which asset managers will be entrusted with those savings, and one of the conditions any firm must meet will be offering a fund that excludes Chinese stocks, Malek said. MORE EX-CHINA PRODUCTS Ex-China ETFs have been launched with growing frequency within the last three years, according to Morningstar, and Vanguard's ETF would bring the total to 13, four of which debuted in 2024. Like other Republicans, Malek has been a critic of investments in China and made removing them from state investment portfolios a political objective. In his April 14 letter, Malek pointed to economic, legal and geopolitical risks associated with Chinese stocks, adding these are "real, accelerating and incompatible with long-term fiduciary responsibility". Malek's staff met with Vanguard executives in early May, according to e-mails reviewed by Reuters, ahead of a May 21 meeting of the board of trustees for the Missouri college savings plan, the agenda for which included discussion of other investment options excluding China. On May 30, Vanguard advised the Missouri Treasurer's office that it would be launching the ex-China ETF. At nearly the same time as the e-mail was sent, it filed with the SEC. "Typically, the product development cycle is a matter of months, not weeks, so it's quite possible that Vanguard had already been looking at this as an area to explore," said Bryan Armour, an ETF analyst at Morningstar. Malek said he sees the new ETF as an example of effective collaboration between conservative state treasurers and asset managers. Since Vanguard has responded favorably to his request, Malek plans to make sure the new ETF is a success, pointing out that he has influence with the 120 or so other smaller pension funds across Missouri. "I'll be using my bully pulpit to encourage those pension funds to utilize this particular ETF from Vanguard," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Vanguard new ex-China ETF followed push from Missouri Republicans
By Suzanne McGee and Ross Kerber (Reuters) -Investment manager Vanguard's new exchange-traded fund targeting emerging markets outside of China appears to have followed a push from the Missouri State Treasurer's office for products excluding Chinese stocks. The product highlights a new front in the decoupling of economic links between the U.S. and China as a result of the trade war U.S. President Donald Trump has begun between the world's two largest economies. Vanguard filed on May 30 with the U.S. Securities and Exchange Commission to launch the Vanguard Emerging Markets Ex-China ETF. Vivek Malek, Missouri's Treasurer, told Reuters the announcement came six weeks after a series of requests and meetings with Vanguard, a claim backed by letters and e-mails reviewed by Reuters. Malek successfully pushed for the state's pension fund to divest from publicly traded Chinese stocks in December 2023 and also pressed for a China-free fund option for the state's $4.5 billion 529 educational savings plan in an April 14 letter to the plan's program manager working with Vanguard. "I believe we moved the needle in the direction that helped them reach this decision," Malek said. Vanguard did not directly comment on Malek's statements, citing quiet period restrictions on discussing fund products still under SEC review. A Vanguard spokesman said the firm's goal is to offer investors of all kinds of lower-cost options. Had Vanguard not filed for its ex-China ETF when it did, the firm risked losing its position as the main provider of investment products in the state's 529 plan, Malek said. Next year, Missouri will be reconsidering which asset managers will be entrusted with those savings, and one of the conditions any firm must meet will be offering a fund that excludes Chinese stocks, Malek said. MORE EX-CHINA PRODUCTS Ex-China ETFs have been launched with growing frequency within the last three years, according to Morningstar, and Vanguard's ETF would bring the total to 13, four of which debuted in 2024. Like other Republicans, Malek has been a critic of investments in China and made removing them from state investment portfolios a political objective. In his April 14 letter, Malek pointed to economic, legal and geopolitical risks associated with Chinese stocks, adding these are "real, accelerating and incompatible with long-term fiduciary responsibility". Malek's staff met with Vanguard executives in early May, according to e-mails reviewed by Reuters, ahead of a May 21 meeting of the board of trustees for the Missouri college savings plan, the agenda for which included discussion of other investment options excluding China. On May 30, Vanguard advised the Missouri Treasurer's office that it would be launching the ex-China ETF. At nearly the same time as the e-mail was sent, it filed with the SEC. "Typically, the product development cycle is a matter of months, not weeks, so it's quite possible that Vanguard had already been looking at this as an area to explore," said Bryan Armour, an ETF analyst at Morningstar. Malek said he sees the new ETF as an example of effective collaboration between conservative state treasurers and asset managers. Since Vanguard has responded favorably to his request, Malek plans to make sure the new ETF is a success, pointing out that he has influence with the 120 or so other smaller pension funds across Missouri. "I'll be using my bully pulpit to encourage those pension funds to utilize this particular ETF from Vanguard," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Vanguard files for new ex-China emerging markets ETF
By Suzanne McGee (Reuters) -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. 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%, and the returns on Chinese stocks contributed to the 9.7% gain by the broad iShares MSCI Emerging Markets ETF. The iShares MSCI Emerging Markets ex-China ETF is up only 4.8%. "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 $10.1 trillion in total assets, submitted the new filing to the U.S. Securities and Exchange Commission last Friday. It already offers investors the Vanguard FTSE Emerging Markets ETF, which has about $85.9 billion in assets, with 30% invested in Chinese stocks, according to estimates from Jeff DeMaso, editor of the Independent Vanguard Adviser, who analyzes 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% 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%, compared to 0.25% for BlackRock's offering. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
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JPMorgan CEO Jamie Dimon tells Fox Business US debt could cause bond turmoil
By Suzanne McGee and Nupur Anand NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon said on Monday that the rising U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen, he told Fox Business' "Mornings with Maria" program. The comments echo his earlier warnings about potential market turmoil, citing rising U.S. government spending. "If people decide that the U.S. dollar isn't the place to be, you could see credit spreads gap out; that would be quite a problem," Dimon said. "It hurts the people raising money. That includes small businesses, that includes loans to small businesses, includes high yield debt, includes leveraged lending, includes real estate loans. That's why you should worry about volatility in the bond market." Shifting U.S. economic policies have sent bond markets tumbling in recent weeks. Dimon, 69, is one of the most prominent voices in corporate America and has regularly been consulted by administrations during times of crisis. His name was floated for senior economic roles in government during the 2024 presidential campaign, including Treasury Secretary, but he stayed put at the bank. Dimon has been running the biggest U.S. lender for more than 19 years, outlasting many other CEOs. When asked about the timeframe for his succession, Dimon said "it's several years," adding, "there will be an appropriate time and then I may stick around for a couple of years as chairman or executive chairman... I love what I do."
