Asset Management: the year that was

Financial Times14:00

One thing to start: Welcome to your special year-end edition of FT Asset Management. We’ve pulled out five themes that dominated in 2024. What have we missed? And where should we focus our coverage ...

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We’ve pulled out five themes that dominated in 2024. What have we missed? And where should we focus our coverage ...</p>\n\n<a href=\"https://finance.yahoo.com/news/asset-management-060049037.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2237438978.USD","symbol_name":"Amundi Funds US Pioneer A2 (C) USD","start_time":0,"source_url":"https://finance.yahoo.com/news/asset-management-060049037.html","article_id":"2493781596","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2493781596","pubTimestamp":1734933649,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"One thing to start: Welcome to your special year-end edition of FT Asset Management. We’ve pulled out five themes that dominated in 2024. What have we missed?And where should we focus our coverage next year?BlackRock chief executive Larry Fink said in 2023 that he was on the hunt for “transformational” acquisitions. This year, the world’s largest money manager came through in spades, striking three deals aimed at boosting the company in alternative assets.Fink’s acquisition spree may not be over — we revealed last month that BlackRock is exploring a tie-up with Millennium Management that could see it take a minority stake in the multi-strategy hedge fund manager. — Brooke Masters. The Americans are profiting as European investors shift money into low-cost tracking funds, exchange traded funds and unlisted alternatives. Buoyed by rising fee income from vibrant US securities markets, they can spread technology and compliance costs across a larger asset base. The pending return of Donald ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4535":"淡马锡持仓","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0106831901.USD":"贝莱德世界金融基金A2","BLK":"贝莱德","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","BK4550":"红杉资本持仓","BK4588":"碎股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","IE00BGHQF631.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4581":"高盛持仓","BK4504":"桥水持仓","LU0731783394.SGD":"Fidelity Global Dividend A-MINCOME(G)-SGD","IE00B42XCP33.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) INC","BK4135":"资产管理与托管银行","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU1599440770.SGD":"FIDELITY GLOBAL DIVIDEND \"A\" (SGDHDG) INC","BK4127":"投资银行业与经纪业","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1509826696.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) INC B","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4567":"ESG概念","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4534":"瑞士信贷持仓","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4585":"ETF&股票定投概念","LU0772969993.USD":"FIDELITY GLOBAL DIVIDEND \"A\" (USD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","OCIO":"ClearShares OCIO ETF"},"translate_title":"资产管理：当年","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OCIO":1,"BLK":0.9},"content_text":"One thing to start: Welcome to your special year-end edition of FT Asset Management. We’ve pulled out five themes that dominated in 2024. What have we missed? And where should we focus our coverage next year? Email me: harriet.agnew@ft.com \nBlackRock’s shopping spree\nBlackRock chief executive Larry Fink said in 2023 that he was on the hunt for “transformational” acquisitions. This year, the world’s largest money manager came through in spades, striking three deals aimed at boosting the company in alternative assets.\nFirst up was a $12.5bn agreement to buy Global Infrastructure Partners in January, which vaulted BlackRock to second in the league tables for private infrastructure managers and brought on board entrepreneur Adebayo Ogunlesi and four of his partners. The deal also helped set the stage for BlackRock and Microsoft to combine forces on a $30bn fund to invest in artificial intelligence infrastructure.\nOver the summer, BlackRock agreed to buy UK private markets data provider Preqin for £2.5bn. The data will be integrated into BlackRock’s Aladdin technology platform and could eventually be used to create index funds for private markets.\nMost recently, BlackRock agreed to take over private credit manager HPS for more than $12bn paid out over five years. Following completion it will more than double BlackRock’s alternative assets to nearly $600bn.\nFink’s acquisition spree may not be over — we revealed last month that BlackRock is exploring a tie-up with Millennium Management that could see it take a minority stake in the multi-strategy hedge fund manager. — Brooke Masters\n\nHow the $12.5bn BlackRock-GIP deal is set to shake up investment management\nThe BlackRock private data deal that minted a UK billionaire\nWhy BlackRock is shelling out $12bn for private credit shop HPS\nBlackRock’s billionaire bonanza\nBlackRock’s Larry Fink won’t be rushed in the search for his successors\n\nThe march of the Americans\nThis year, Shell asked BlackRock to manage €26bn of its pension assets. It followed British Airways’s appointment of BlackRock in 2021 to look after £21.5bn of pension assets, and a £23bn mandate that defence contractor BAE Systems awarded to Goldman Sachs. \nThe recent US domination of so-called outsourced chief investment officer (OCIO) services is a particularly visible sign of a much broader shift in global money management. Very large US groups are building an ever larger presence in the UK and Europe — gathering assets, squeezing fees and shaking up the market.\nThe Americans are profiting as European investors shift money into low-cost tracking funds, exchange traded funds and unlisted alternatives. Buoyed by rising fee income from vibrant US securities markets, they can spread technology and compliance costs across a larger asset base. The pending return of Donald Trump to the White House, along with Republican control of Congress and a conservative-leaning Supreme Court, is propelling US momentum further.\nBy contrast, the UK’s listed asset managers are stumbling. This year Schroders and Abrdn have both appointed new bosses to try to boost flagging share prices and cut costs. In continental Europe, asset managers are increasingly trying to pull off big mergers to gain scale in the face of the Americans. — Harriet Agnew\n\nThe relentless advance of American asset managers in Europe\nHow do you fix Schroders?\nAbrdn cuts jobs, costs and investor confidence\nAllianz pauses talks with Amundi to form €2.8tn asset management giant\nNatixis in talks with Generali over asset management tie-up\n\nThe Middle Eastern gold rush \nJust as bank robber Willie Sutton said he targeted lenders “because that’s where the money is”, this year some of the world’s most prominent money managers, including BlackRock, PGIM and Marshall Wace fell over themselves to open new offices and otherwise expand in the Middle East. They are looking for ways to endear themselves to Gulf sovereign wealth funds and wealthy investors in the region. \nThe gold rush there is a testament partly to the fact that many western investors have been holding back on new commitments because high interest rates have made it rewarding to stay on the sidelines, and those who have money tied up in private equity funds are still awaiting its return. The investment in Middle Eastern offices also reflects a change in attitude from investors there. Gulf sovereign wealth funds are no longer content to hand over their petrodollars to global fund managers. They want growth at home. So they are insisting on local offices and local investment as part and parcel of any agreement.\n“The Saudis are sick to the teeth of being treated just as a cash cow, and they are extremely suspicious of fee chasers,” said one London-based banker. “They want people to put skin in the game.” — BM\n\nBlackRock to launch Saudi investment firm after $5bn deal with Riyadh\nNuveen joins rush of asset managers to open Abu Dhabi office\nSaudi Arabia’s wealth fund pivots from international investments\nSaudi wealth fund brings era of easy money to an end\nNew Abu Dhabi asset manager Lunate reveals deals streak\n\nRebooting Britain’s capital markets \nThe existential crisis facing UK investors continued this year, despite efforts by the government, regulators and the London Stock Exchange Group to boost the City’s attractiveness by reforming market rules and the domestic pensions system.\nThis is not a uniquely British problem, of course. Nonetheless, the LSE is on course for its worst year for departures since the financial crisis and the number of new listings is also set to be the lowest in 15 years as initial public offerings remain scarce and bidders target London-listed groups. \nIn October’s Budget, new Labour chancellor Rachel Reeves proposed a major overhaul of the pensions industry as the government hopes to drive investment into productive British assets through a series of Canadian-style “megafunds”. \nThis would involve rapid consolidation across UK defined contribution workplace pensions — forecast to manage £800bn by 2030 — and local government pension schemes in England and Wales, which are on track to reach £500bn in size by the end of the decade. \nBy forcing schemes to merge into funds with at least £25bn in assets, the government estimates it can unlock up to £80bn to invest in assets with higher returns — such as private equity and infrastructure — and deliver better performance for savers. — HA\n\nThe club of City executives plotting a revival for the UK’s capital markets\nUK start-ups turn to Silicon Valley to fill void left by risk-averse pension funds\nHow to reboot Britain’s capital markets | FT Film\nRachel Reeves’ plans to reform Britain’s pensions industry\nThe race to build a £354bn British pensions behemoth\n\nThe year in markets \nInvestors ran into 2024 expecting the impossible: an aggressive run of interest rate cuts from the Federal Reserve (ie: recession), and further strength in stocks (ie: the opposite). In the end, markets were wrong on rates — the Fed waited until September to start cutting, albeit with a half-point bang — and right on stocks, which ground on, and on, and on. \nTalk of a bubble is now kicking around again, with some fund managers wondering whether the miraculous run in US stocks (led by the giant tech companies) can continue. Yes, a lot of the gains are from multiple expansion, but it’s not obvious that stocks are running wildly ahead of earnings. \nThe three big themes for 2025 are Trump, Trump and Trump. US stocks have soared on the prospect of deregulation, tax cuts and a boom in dealmaking. His election win also fuelled a powerful rally that propelled bitcoin above the $100,000 milestone. \nAmerican exceptionalism is a huge consensus. Investors may be too cautious on Europe, especially if Ukraine moves towards peace. Trump will dominate that conversation, and his mercurial style and pugnacious tariff policy (notably towards China) point to some alarming moments (but also great opportunities) in the year ahead. — Katie Martin\n\nHedge funds cash in on Trump-fuelled crypto boom\nHow long will Trump’s honeymoon with the stock market last?\nHow the investment world is trying to navigate geopolitics\nInfrastructure: from investment backwater to a $1tn asset class\nThe radical changes coming to the world’s biggest bond market\n\n10 of our best scoops\n\nBobby Jain’s hedge fund launch falls short of $8bn-$10bn target\nHedge funds hit by lack of private equity exits\n‘Meme-lord’ Litquidity reveals his true identity\nDeutsche Bank’s DWS inflated client asset inflows by billions of euros\nBill Ackman seeks to revive IPO with sweeteners for investors\nSchroders to name Richard Oldfield as next chief executive\nOaktree calls out Advent and Silver Lake over collapsed start-up\nGoldman Sachs takes $900mn hit on Northvolt investment\nSegantii to return capital amid Hong Kong insider dealing probe\nReeves puts pensions review on hold to avoid extra burden on UK business\n\n10 of our best longer reads\n\nThe ballad of Lars and Bruno\nThe undercover hedge funds financing activist short sellers \nThe mutual fund at 100: is it becoming obsolete?\nHargreaves Lansdown: a former upstart targeted by new digital rivals\n‘It’s just business’: how Steve Cohen ran a hedge fund like a baseball team\nAfter Baillie Gifford, who is ‘clean’ enough to fund the arts?\nPaul Marshall, the financier turned media baron bankrolling GB News\nHow deep are the problems at St James’s Place?\nBerkshire after Buffett — an FT series\nNew titans of Wall Street — an FT series\n\n10 of our top news interviews \n\nKen Griffin urges Harvard University to embrace ‘western values’\nNelson Peltz to vote for Trump over fears of Biden’s ‘mental condition’\nPrivate equity has to make returns the hard way, says Goldman Sachs executive\nHunt warns FCA against ‘naming and shaming’ companies being investigated\nJanus Henderson’s Ali Dibadj: ‘You’ve just got to roll with the punches’\nBridgewater’s chief says he has ‘rewired’ world’s largest hedge fund\nPay UK bosses like football stars, says Lord Spencer \nScottish Mortgage to back Elon Musk’s $56bn pay deal\nÉdouard Carmignac says markets will keep French far right on ‘tight leash’\nCopper price to rocket to $40,000 a tonne, says top trader Andurand\n\nWe had lunch with . . . \n\nInvestor Nelson Peltz: ‘I’m not trying to fire Bob Iger, I want to help him’\nFinancier Stuart Roden: ‘Labour has a generational opportunity’\nPeter Hargreaves: ‘I can never see the point of spending money for the sake of it’\nEconomist Eugene Fama: ‘Efficient markets is a hypothesis. It’s not reality’\nCanary Wharf’s George Iacobescu: ‘We didn’t build buildings. We built a city’\n\nAnd said goodbye to . . . \n\nJacob Rothschild, financier and philanthropist, 1936-2024\nJim Simons, founder of pioneering quant fund Renaissance, 1938-2024\nDavid Bonderman, private equity’s globetrotting rock star, 1942-2024\nJohn ‘Mac’ McQuown, father of passive investing, 1934-2024\n\nAnd finally \nThe wild tale of Lars Windhorst and H2O Asset Management shows that truth is indeed stranger than fiction. And now it comes to your screens in this unmissable FT Film. Featuring scandal, spies and a superyacht, it tells the story of how a racy financier with nine lives became tangled up with a star of French finance. Featuring none other than Windhorst himself, who gives his own account of some of his biggest scandals.\nWell that’s all, folks. Thanks for reading, and from me and all of the team, we wish you a happy, healthy and prosperous 2025.\nCopyright The Financial Times Limited 2023\n© 2023 The Financial Times Ltd. All rights reserved. Please do not copy and paste FT articles and redistribute by email or post to the web.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493781596"}