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DOJ grants fund mental health crisis response teams, and sexual assault awareness training in schools

DOJ PressJuly 28, 20220

Seattle – Three locations in Western Washington will receive funding from the U.S. Department of Justice for alternative policing methods and sexual assault education, announced U.S. Attorney Nick Brown. Bellevue, Longview, and a program in the Renton School District will receive Byrne Grants through the Bureau of Justice Assistance. “The Department of Justice is always looking for programs that can increase community safety. These three innovative approaches focus not on punishment, but on supporting members of our community outside the criminal justice system,” said U.S. Attorney Brown. “Our hope is that program successes can be replicated in other locations, expanding

Dem’s New Spending Bill Imposes Methane Tax To Fund ‘Environmental Justice’ Programs

The Daily CallerJuly 28, 20220

Dem’s New Spending Bill Imposes Methane Tax To Fund ‘Environmental Justice’ Programs Jack McEvoy on July 28, 2022 Senate Democrats agreed Wednesday to the biggest climate spending package in U.S. history, including billions in new taxes on methane emissions that will fund “environmental justice” programs for marginalized communities. Democratic Sens. Joe Manchin and Chuck Schumer salvaged a deal on an economic bill they dubbed “The Inflation Reduction Act of 2022” that places new fees on methane emissions and devotes hundreds of billions of dollars to climate change initiatives, according to the bill’s text. The proposed legislation would place new taxes

Sustainable fund flows drop sharply, but stay positive in Q2

ReutersJuly 28, 20220

By Cole Horton (Reuters) – Global sustainable funds saw net new deposits plummet last quarter as concerns about a looming recession weighed on investors, but they held up better than their traditional peers, a new report from researcher Morningstar Inc, showed on Thursday. Sustainable mutual funds and ETFs gathered $32.6 billion of net new money globally in the quarter ended June 30, a 62% drop from their first quarter inflows, according to Morningstar’s latest figures. [L2N2WV15V] The broader fund market suffered net withdrawals of $280 billion over the same period, after enjoying net inflows of $141 billion in the first

Exclusive-UBS plans to expand China footprint with new mutual fund unit – sources

ReutersJuly 27, 20220

By Selena Li and Samuel Shen HONG KONG/SHANGHAI – UBS Group AG plans to set up a wholly owned mutual fund business in China, two people with direct knowledge of the matter told Reuters, as the Swiss bank seeks to expand its footprint in the country’s $3.9 trillion retail fund market. UBS aims to launch the China fund unit in about two years, the people said. The bank’s asset management arm began hiring key personnel in recent months for the planned business, including a head of the company, one of them said. Strong impetus for the endeavour comes from the

Exclusive-Fifth Wall climate fund aims to decarbonize property industry

ReutersJuly 21, 20220

By Herbert Lash NEW YORK – Fifth Wall, a Los Angeles-based venture capital firm focused on real estate technology, said on Thursday it has raised $500 million for a climate fund to help decarbonize an industry estimated to account for nearly 40% of the world’s carbon emissions. The fund, which brings together some of the largest owners and operators of real estate globally, will invest in software, hardware, renewable energy, energy storage, smart buildings and carbon sequestration technologies. While real estate emits about two-fifths of total global greenhouse gases during a building’s life cycle, according to brokerage JLL, estimates show

Blackstone draws over $24 billion commitments for latest real estate fund

ReutersJuly 20, 20220

(Reuters) – Buyout giant Blackstone Inc has secured commitments worth $24.1 billion for its latest real estate fund, according to a regulatory filing on Wednesday. The size of the new fund, called Blackstone Real Estate Partners X, could go up to $30.3 billion when it is finalized, the Wall Street Journal reported, citing people familiar with the matter. (https://bit.ly/3yO3s7a) The New York-based private-equity behemoth has been ramping up its bets on companies in the real estate space. In April, Blackstone agreed to buy real estate investment trust PS Business Parks for $7.6 billion including debt. The company has also struck

Boeing, AE Industrial Partners to launch second venture fund

ReutersJuly 20, 20220

By David Shepardson and Tim Hepher FARNBOROUGH, England – Boeing Co said on Wednesday it had agreed to invest $50 million in AEI HorizonX, expanding a partnership established with private equity firm AE Industrial Partners to invest in aerospace technology startups. The new funding will anchor AEI HorizonX’s second venture fund (Fund II), which plans to raise $250 million “to support promising start-ups in future mobility, space, sustainability, digital enterprise applications, networks and security.” Boeing, which like many aerospace companies had historically used in-house venture funds to tightly control technology development, launched HorizonX in 2017 as a venture capital arm

Russian government OKs investing 50% of rainy-day fund in OFZ bonds

ReutersJuly 15, 20220

MOSCOW – The Russian government approved investing up to a half of its rainy-day National Wealth Fund (NWF) in Russian state bonds, a decree showed on Friday, months after foreign investors stopped buying high-yielding debt papers. After Moscow started what it calls a “special military operation” in Ukraine on Feb. 24, the finance ministry has said that the NWF, initially designed to prop up the pension system, will become the main source of financing for a budget deficit this year. The government decree dated July 14 but published the day after said the maximum share of Russian state bonds in

Hedge fund Elliott, Jane Street invoke Human Rights in LME nickel lawsuit

ReutersJuly 14, 20220

By Kirstin Ridley and Pratima Desai LONDON – U.S. hedge fund Elliott Associates and Jane Street Global Trading are invoking the Human Rights Act as they seek to sue the London Metal Exchange (LME) for a combined $472 million over its decision to cancel nickel trades in March. The nickel trading debacle is the biggest crisis to hit the world’s oldest metals forum in decades. Elliott and Jane Street, which are demanding damages of $456.4 million and $15.34 million respectively, are seeking a judicial review after the nickel price topped a record of $100,000 per tonne on March 8, prompting

Hedge fund Ides ask Monro to pressure shareholder preventing company sale

ReutersJuly 14, 20220

By Angelique Chen (Reuters) – Hedge fund Ides Capital on Thursday asked U.S. car service and tire center operator Monro Inc to pressure its controlling shareholder to drop a veto to a sale of the company. In a letter to Monro seen by Reuters, Dianne McKeever, Ides co-founder and chief investment officer, said she was “aware” that potential buyers of the company had been rebuffed. She did not disclose the source of this information in the letter. McKeever said she believed the reason Monro was not exploring a sale was because its controlling shareholder, 83-year-old investment banker Peter Solomon, was

Emerging market fund Ashmore shares hit 13-yr low as investors pull out cash

ReutersJuly 14, 20220

LONDON -Shares in emerging markets investment firm Ashmore fell to a 13-year low on Thursday after it reported a much heavier-than-expected $6.6 billion exodus from its funds after a torrid few months for developing economies. Russia’s invasion of Ukraine, a soaring dollar and China’s economic strains have combined to give emerging markets their most difficult year on record. London-based Ashmore said its assets under management had tumbled by $14.3 billion to $64 billion during the quarter to June 30, comprising $6.6 billion of net outflow and what it described as $7.7 billion of negative investment performance. The outflows – a

Investors Will Have Option For Fund Focused On Profits, Not Activism

The Daily CallerJuly 13, 20220

Investors Will Have Option For Fund Focused On Profits, Not Activism Max Keating on July 13, 2022 Investors might soon have the option to put their money in a new exchange-traded-fund (ETF) that would exclusively include American companies that have not “emphasized political activism and social agendas at the expense of maximizing shareholder return,” according to a Securities and Exchange Commission (SEC) filing made Tuesday. If approved, the God Bless America ETF ($YALL) will be advised by Toroso Investments and sub-advised by Curran Financial Partners, the SEC filing suggests. The ETF is designed to give regular people an investment strategy

Baton Rouge Man Sentenced to 41 Months Imprisonment for Embezzling Funds from the New Orleans Firefighters Pension and Relief Fund

DOJ PressJuly 13, 20220

NEW ORLEANS, LA – On July 12, 2022, United States District Court Judge Greg Guidry sentenced WAYNE TRICHE, 72, of Baton Rouge, Louisiana, to forty-one (41) months imprisonment, announced U.S. Attorney Duane A. Evans. Triche pleaded guilty to wire fraud and tax fraud in violation of Title 18, United States Code, Section 1343 and Title 26, United States Code, Section 7206(1), respectively. Triche was ordered to pay $937,658.77 restitution to the New Orleans Firefighters Pension and Relief Fund, $329,895.00 to the Internal Revenue Service, and a mandatory $100 special assessment fee. Upon release from imprisonment, he will serve a one

Republicans Demand DOJ Cancel ‘Slush Fund’ Rule That Funneled Cash To Left-Wing Activists

The Daily CallerJuly 13, 20220

Republicans Demand DOJ Cancel ‘Slush Fund’ Rule That Funneled Cash To Left-Wing Activists Gabe Kaminsky on July 12, 2022 Republican members of Congress are demanding President Joe Biden’s Department of Justice (DOJ) reject a rule that made it easy for left-wing private groups to receive billions from the federal government. Former President Donald Trump’s DOJ issued a memo in 2017 revoking payments from government to third parties except with limited exceptions. Attorney General Merrick Garland revoked that memo in May and the DOJ is considering comments prior to publishing a final rule that would approve the third-party payments. Republican members

KKR’s first asset-based finance fund raises $2.1 billion

ReutersJuly 13, 20220

(Reuters) – Global Investment firm KKR & Co Inc on Wednesday closed its first asset-backed finance fund with about $2.1 billion from investors who are increasingly turning to collateral-based cash flows with attractive yields to beat market volatility. KKR’s Asset-Based Finance Partners fund drew from a diverse group of new and existing investors, including public and corporate pensions, sovereign wealth funds and commercial banks, and about $150 million from KKR. The fund aims to provide capital to global private credit instruments backed by financial and hard assets. “Demand (for private credit funds) has been driven by global bank deleveraging, the

Crypto hedge fund Three Arrows’ liquidators get OK to claim U.S. assets

ReutersJuly 12, 20220

By Dietrich Knauth (Reuters) – Liquidators for crypto hedge fund Three Arrows Capital (3AC) obtained U.S. court permission on Tuesday to issue subpoenas and lay claim to the bankrupt Singapore-based company’s assets, noting that 3AC’s missing-in-action founders no longer control its accounts. U.S. Bankruptcy Judge Martin Glenn in Manhattan gave the liquidators authority to claim 3AC’s U.S.-based assets and issue subpoenas to its founders and about two dozen banks and cryptocurrency exchanges that may have information about its assets and transfers. Adam Goldberg, a lawyer for the liquidators, said at an emergency hearing Tuesday before Glenn that the whereabouts of

THE COLONY GROUP ANNOUNCES PARTNERSHIP WITH THURGOOD MARSHALL COLLEGE FUND SUMMER INTERNSHIP PROGRAM

Your NewsJuly 12, 20220

BOSTON, July 11, 2022 — The Colony Group, an independent, national wealth and business management firm with approximately $19 billion in assets under management, is pleased to announce its partnership with the Thurgood Marshall College Fund (TMCF) Internship Program. TMCF is one of the largest non-profit organizations representing Historically Black Colleges and Universities. The TMCF Internship Program helps students successfully apply classroom concepts to real-world challenges. Internships provide students with the opportunity to gain experience both personally and professionally while making meaningful contributions to their employer and provide a potential path to permanent employment following graduation. “Supporting students in achieving a

Euro zone finance ministers fail again to name new bailout fund head

ReutersJuly 11, 20220

BRUSSELS – After several months of attempts, euro zone finance ministers failed again on Monday to choose a new head of the bloc’s bailout fund, EU officials said. Ministers need to agree on the successor of Klaus Regling who will retire in October after having steered the European Stability Mechanism (ESM) since its creation in 2012 in the midst of the euro zone debt crisis. One of the three candidates, Italy’s Marco Buti, quit before the poll on Monday, but neither of the other two candidates got enough votes to be appointed. Luxembourg’s former finance minister Pierre Gramegna and Portugal’s

Vanguard to pay millions to mutual fund investors hit with big tax bills

ReutersJuly 6, 20220

By Jonathan Stempel NEW YORK – Vanguard Group, the largest mutual fund company, on Wednesday reached a $6.25 million settlement to resolve regulatory charges it failed to warn many fund investors that they would face surprisingly big tax bills. The settlement with Massachusetts Secretary of State William Galvin concerned Vanguard’s popular target-date retirement funds, which contain mixes of stocks, bonds and cash that are designed to become less risky as investors age. Galvin said problems arose after Vanguard in December 2020 reduced the minimum investments in lower-cost funds designed for institutional investors to $5 million from $100 million. He said

Taiwan’s largest pension fund hiring managers for $3 billion bond mandate

ReutersJuly 5, 20220

HONG KONG – Taiwan’s largest pension fund is seeking to hire global asset managers to run a bond portfolio totalling $3 billion. The Bureau of Labour Funds, administering $5.8 trillion ($190 billion) worth of Taiwanese pension assets, started to look for six foreign asset managers on Tuesday, the fund said in a statement. Each of the hired managers will be awarded $500 million in assets to run, the pension said, and will have to adopt a total-return bond strategy. Last month the fund awarded a mandate to the fund management arms of HSBC, Morgan Stanley and three others to run

China agrees to invest $3 billion in Indonesia sovereign wealth fund

ReutersJuly 4, 20220

JAKARTA – China’s Silk Road Fund (SRF) has signed an agreement to invest up to 20 billion yuan ($2.99 billion) in Indonesia’s sovereign wealth fund, the funds said on Monday, a deal some analysts said could deter Western investors from the Indonesian fund. The agreement allows for investment in all sectors open to foreigners in Indonesia, especially projects with economic connectivity between the countries, the Indonesia Investment Authority (INA) and SRF said in a joint statement. “We believe that investment in Indonesia and the region has high potential, especially when conducting it together with INA,” said Yanzhi Wang, SRF president.

Manulife bids for full control of China fund JV, lured by $3.8 trln mkt -sources

ReutersJune 29, 20220

By Selena Li and Samuel Shen HONG KONG/SHANGHAI -Canada’s Manulife Financial Corp moved closer toward taking full control of its funds joint venture in China after regulators there accepted an application for the ownership change, two sources with knowledge of the matter told Reuters. Manulife, Canada’s largest life insurer, is seeking to bolster its presence in China’s $3.8 trillion funds market, which grew 27% in 2021 and is forecast by consultancy McKinsey to more than double by 2025. China’s securities regulator officially accepted a recent application from Manulife’s asset management arm to increase its stake in the joint venture to

Majority Black-owned MaC Venture Capital raises $203 million in second fund

ReutersJune 27, 20220

(Reuters) – MaC Venture Capital said on Monday it had raised $203 million in its second fund, nearly doubling the capital the majority Black-owned venture firm raised for its inaugural fund last year. MaC Venture has invested in 50 companies, including financial services firm Pipe and rocket company Stoke. Of its portfolio companies, 36% are led by women founders and 69% have Black, Indigenous, People of Color (BIPOC) founders, said MaC Venture, which has around $412 million worth of assets under management. The company, born out of a merger between Cross Culture Ventures and M Ventures, had raised $110 million

Taiwan pension fund awards $2.3 billion ESG mandate to HSBC, Morgan Stanley, 3 others

ReutersJune 24, 20220

By Selena Li HONG KONG – The fund management arms of HSBC and Morgan Stanley were among three others to win a mandate from Taiwan’s largest pension manager to run Asia’s first climate change-focused fund worth a total $2.3 billion in assets. Legal & General Investment Management, Schroder Investment Management, and Wellington Management were also selected, with each of them getting to manage $460 million worth of assets, Taiwan’s Bureau of Labor Funds (BLF) said on Friday. About half of BLF’s Taiwanese $5.8 trillion ($190 billion) worth of assets is invested in offshore markets and overseen by global asset managers

Hedge fund Citadel to move headquarters to Miami from Chicago

ReutersJune 23, 20220

By Svea Herbst-Bayliss BOSTON – Citadel, the $51 billion hedge fund founded by billionaire investor Ken Griffin, is moving its global headquarters to Miami from Chicago, becoming the latest investment firm to shift offices to Florida in the wake of the pandemic. Griffin is the wealthiest resident in Illinois with an estimated net worth of $25 billion. The decision to relocate the hedge fund and Citadel Securities, the electronic trading firm, was motivated by Florida’s business-friendly climate and tax advantages, and concerns about rising crime rates in Chicago, people familiar with his thinking said. “I am excited to have recently