HANetf Partners with Tidal Financial Group to Offer Clients US and European ETF White Label Services

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HANetf, Europe’s independent white-label UCITS ETF and ETC platform, and leading provider of digital asset ETPs, is delighted to announce its partnership with Tidal Financial Group, US-based leading ETF investment and technology platform, to offer ETF white label services to one another’s clients, announce the firm. 

Under the agreement, HANetf will extend its suite of services to include Tidal’s extensive client base, allowing them to access the diverse world of UCITS ETFs, ETNs, and ETCs. 

Tidal will, in turn, provide HANetf’s clients and network the opportunity to venture into the U.S. market with 40 Act and 33 Act ETFs, setting the stage for a seamless and integrated approach to both markets.

Through this partnership, both companies will be able to offer their clients flexible options to enter both or either of the European and US markets irrespective of their global footprints. This essentially bridges the gap between the European and US ETP markets for Global asset managers looking to launch funds.

This dual approach can help to safeguard asset managers’ intellectual property by launching their IP in both wrappers and markets. It also facilitates access to a broader audience of global investors who may have specific preferences, such as tax considerations and time zones.

The US and European ETF markets are the two largest ETF markets globally, and the collaboration between HANetf and Tidal will enable their clients to tap into both markets without compromise. Both wrappers are also popular in other geographies including Latin America and Asia. Arguably, if asset managers want to deliver their investment strategies to a global audience they will be able to achieve this through issuing UCITS and 40 Act ETFs.

HANetf can launch ETFs quickly, and cost-efficiently, via its company-owned Irish ManCo and ICAV platforms. It also supports SICAV depending on asset manager choice. Beyond ETFs, HANetf can also offer clients the ability to launch ETCs via its ETC platform, and other ETPs on its multi-asset platform. Since its first launch in 2018, HANetf has launched over 45 products and accrued over $2.6 billion assets under management (AUM). 

Tidal owns and operates its own trusts, providing a robust platform for asset managers to enter the ETF market, and has partnered with over 54 ETF issuers with more than 118 leading ETFs on the market. It currently has over $9.5 billion in AUM.

Both HANetf and Tidal offer full fund management, regulatory, trade execution and operations services. In addition to infrastructure, both firms are equipped with comprehensive marketing and distribution capabilities, which are often regarded as the most challenging aspects of achieving success in the ETF market.

Hector McNeil, Co-Founder and Co-CEO of HANetf comments: “We are very proud to announce our agreement to work with Tidal in order to offer US ETF white label capability to our clients. Since launching HANetf five years ago, we have had multiple requests from global clients to be able to offer both UCITS and US ETF capability. Working with Tidal matches up the leading US white label provider and Europe’s first and leading white label provider. Clients will be able to either supplement their UCITS ETF offering with 40 Act ETFs or if they haven’t entered the ETF market will be able to offer both wrappers to allow simultaneous launch in both of the World’s leading ETF markets in one fell swoop.”

Mike Venuto, Co-Founder and CIO of Tidal Financial Group comments: “We are excited to expand our relationship with HANetf.  Over the past few years, we have participated in the growth of European ETFs as a sub-advisor to HAN clients.  With this partnership, we are now able to connect our US based customers with our counterparts in Europe. Recently, ETF Express recognized Tidal as the Best US White Label Platform due to our full service offering.  Through this partnership, our clients will be able to repurpose the innovations, ideas and content we produce with them here to also access the European UCITS ETF market.”

ZEDRA to Acquire Fiduciary Services Business From AlTi Tiedemann Global

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Boreal Capital Management Roberto Vélez Miami

ZEDRA, a global specialist in Active Wealth, Corporate & Global Expansion, Fund Solutions and Pensions & Incentives, announces its plan to acquire LJ Fiduciary and Alvarium Private Office (“APO”), with offices in the Isle of Man, Geneva and the UK.

LJ Fiduciary and APO will be rebranded and merged into the existing ZEDRA Group.

LJ Fiduciary’s and APO’s service offering includes global private client and corporate administration services. This latest acquisition will enhance ZEDRA’s strategy in the Active Wealth and corporate services space, reinforcing the ambition to be recognised as an international leader in Active Wealth, Corporate & Global Expansion, Funds Services and Pensions & Incentives.

ZEDRA will welcome 59 employees who have been providing trust, corporate, marine and aviation, and family office administration services through its offices in the Isle of Man, Geneva and London.

This brings ZEDRA’s headcount to over 1,000 experts across 16 countries spanning Asia, Oceania, the Americas and Europe. Both organizations share the same core values of close client relationship management, assisting them with their personal interests, family requirements and business interests.

Their combined capabilities provide clients with access to a more diverse service offering, adding value and deepening client relationships.

Ivo Hemelraad, CEO at ZEDRA, commented: “We are delighted to welcome the team from LJ Fiduciary and APO. The combined extensive experience and knowledge will be a great asset as we look to further grow our footprint and our capabilities.”

The transaction is subject to regulatory approval.

Former Merrill Lynch Vice President Joins Snowden Lane Partners

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Snowden Lane Partners, an independent, advisor-owned, wealth advisory firm dedicated to providing client-focused advice in a values-driven culture, announced that former Merrill Lynch Vice President William H. “Trey” Jones III has joined the firm as a Partner and Managing Director, and will form The Jones Group with $230 million in total client assets.

With Jones joining, Snowden Lane has now recruited seven advisors representing over $1 billion in client assets in 2023.

“We’re consistently looking for quality advisors that align with Snowden Lane’s values and mission to deliver the highest quality advice, and we’re thrilled to welcome Trey to the firm, as he fits that mold perfectly,” said Greg Franks, Managing Partner, President & COO of Snowden Lane Partners. “More broadly, I’m extremely proud of the progress our firm has made over the past year amid a competitive recruiting environment and am looking forward to carrying that momentum forward in 2024.”

Added Jones: “Since the beginning of my career, I’ve always sought to meet each of my clients where they are in their financial journeys and deliver bespoke solutions that meet their individual needs. As I examined options for the next phase of my career, Snowden Lane stood out as a destination where I’d be empowered to carry those same values forward. I’m excited to be joining the firm and am looking forward to continuing to provide my clients with creative solutions.”

Prior to joining Snowden Lane, Jones spent 10 years at Merrill Lynch, most recently serving as a vice president and wealth management advisor. Jones joined the firm in 2013 in an operations role before successfully completing Merrill Lynch’s Financial Advisor program in 2017 and earning his CFP® and CRPC™ designations. He graduated from Coastal Carolina University with a B.A. in Business Administration.

Jones specializes in personalized financial planning, with a particular focus on retirement, Social Security, tax efficiency, and wealth management strategies that help address clients’ growth and income goals. Additionally, Jones supports small businesses with financial strategies and advice. He deploys a comprehensive approach to wealth management, delivering a breadth of investment, planning, insurance, retirement, and banking solutions on his clients’ behalf.

Since its founding in 2011, Snowden Lane has built a national brand, attracting top industry talent from Morgan Stanley, Merrill Lynch, UBS, JP Morgan, Raymond James, Wells Fargo, and Fieldpoint Private, among others, the firm says.

Just 19% of Investors Use Their Parents’ Advisor

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Just one in five affluent investors use the same advisor as their parents, according to the latest Cerulli Edge—U.S. Retail Investor Edition.

Advisors must reinforce the value of their services to clients both early in the relationship and in times of unique difficulty to strengthen and retain relationships for the long term.

Maintaining a relationship across generational divides is a ‘win-win’ for both investors and the advisory firm itself—young investors receive the benefits of an advisor who already is familiar with the family’s financial situation, and the advisor has a chance to preserve the account for the next generation.

Despite the benefits, Cerulli’s research shows more than 90% of affluent investors who use their own advisor did not consider their parents’ advisor in their selection process, and just 6% gave their parents’ advisor even the slightest consideration. The increasingly mobile nature of the younger demographic means they are more likely to switch advisors, unless the firm itself really gets to know them and their financial needs.

“While they may begin as a sort of ‘marriage of convenience,’ advisors can create long-lasting relationships with their clients’ children,” says research analyst John McKenna. “Advisors whose clients have financially interested children should work with them—either helping them with their own financial plans or directing someone else within the firm whose life experiences align with these clients to join the advising team,” he adds.

For parents, having family-level conversations can smooth out potential future trouble spots in terms of inheritance or financial support, should misfortune befall either generation.

“More than ever, involvement in financial discussions for wealth planning is becoming a ‘need to have’ rather than a ‘nice to have,’ and with an increasingly affluent Millennial demographic, advisors cannot afford to squander such business-expanding opportunities,” concludes McKenna.

Schroders Capital Reaches $1.5bn Private Equity Secondaries

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Schroders Capital has now successfully raised over $1.5 billion for private equity secondaries from its various vehicles over the past three years, showcasing the firm’s ability to raise capital across the platform and meet clients’ investment needs.

This follows a $410 million successful final close of Schroders Capital Private Equity Secondaries IV which underscores Schroders Capital’s strong track record and the confidence clients have in its secondaries strategy.

Schroders Capital’s secondary strategy is primarily focused on GP-led and select LP investment opportunities in the lower middle-market buyout and growth-equity segments.

Schroders Capital has been particularly active in GP-led secondaries, successfully closing on more than 50 transactions since 2021. This expertise and experience position the firm as a trusted partner for both GPs and LPs seeking liquidity solutions.

Last year, Schroders Capital acted as the lead investor in the single asset continuation vehicle for Init, a digital transformation service provider, managed by German buyout manager EMERAM Capital Partners. Earlier this year, Schroders Capital led a multi-asset continuation vehicle with Volpi Capital, including geospatial data company Cyclomedia.

Schroders Capital’s secondaries activity has a global reach, with dedicated teams in Zurich, New York, and Singapore. These strategically-located offices enable the firm to leverage its global network and expertise, providing investors with access to a diverse range of attractive secondaries opportunities across different geographies.

“We are proud of the success and growth of our secondaries activity. Our strong track record, deep industry expertise, and global presence position us well to continue delivering attractive investment opportunities to our clients,” said Christiaan van der Kam, Head of Secondary Investments Private Equity at Schroders Capital.

 

Mark Mobius Announces His Intention to Leave Mobius Capital Partners

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Photo courtesy

Mark Mobius takes a step back at Mobius Capital Partners. As reported by the firm in a statement sent to the London Stock Exchange, Mark Mobius will leave his post at Mobius Capital Partners in the coming months.

The veteran investor, specialized in emerging markets, will thus step back from the company he founded in 2018 with Carlos Hardenberg.

“Mark Mobius, founding partner, has notified the company and its investment manager, Mobius Capital Partners LLP (MCP), of his intention to retire from the company in the coming months, leaving a legacy of excellence and devotion to MCP and the Company. His contributions have been fundamental to the success of the company, and his approach to investing in emerging markets since the 1980s remains rooted in the investment philosophy of Mobius Capital Partners LLP,” states the company’s announcement.

As clarified in the statement, Hardenberg will lead the firm and continue managing Mobius Investment Trust, so his departure will not imply major changes in the daily operations of the investment firm. “Mobius Investment Trust will continue to be managed by Mobius Capital Partners LLP, which is led by Carlos Hardenberg, with the support of an experienced team of emerging market specialists. Carlos has been investing in emerging markets for over 23 years and has worked closely with Mark Mobius. He has successfully managed national, regional, and global emerging and frontier market portfolios, including the largest emerging market investment fund listed in London, generating significantly superior returns throughout the period,” the document further clarifies.

“Our trajectory over the past five years has been marked by progress, and we are truly grateful for the results achieved. We want to express our deepest gratitude to Mark for his exceptional contribution to emerging market investment throughout his long career and, more recently, to Mobius Capital Partners LLP and Mobius Investment Trust over the past five years. Mark’s dedication has been fundamental to our success. Looking ahead, I intend to promote our most talented employees to the rank of partners. With this, I want to recognize their great performance and commitment to Mobius Capital Partners LLP,” declared Carlos Hardenberg, founding partner.

Mobius has stated that he will focus on “new and exciting” projects in Dubai. “It has been an incredible journey at MobiusCap, where I have witnessed its growth and success, looking ahead I will shift my focus and dedicate more time to new and exciting projects in #Dubai, focusing on investments and consulting in #entrepreneurship. I also have two new books coming out soon, so stay tuned for more updates!” Mobius tweeted on the social network X (ex Twitter).

In the issued statement, Mobius commented: “I am proud of the solid performance of the investment team over the past five years, which demonstrates that a concentrated and differentiated portfolio of high-quality securities can generate exceptional returns. As a shareholder of Mobius Investment Trust, I will closely follow the development of the company and continue to be available to the team and the Board.”

Finally, on behalf of the Board of Directors, Maria Luisa Cicognani, chairwoman of Mobius Investment Trust, stated: “Mark and Carlos have played a decisive role in the success and profitability of Mobius Investment Trust since our IPO, and now that Mark intends to leave the partnership, we would like to express our immense gratitude for his advice and expertise over the years. We look forward to continuing to work with Mark, leveraging his support and vast knowledge of emerging markets, as Mobius Capital Partners LLP progresses with a strong and committed team led by Carlos, whom we are confident will continue to deliver outstanding results to our shareholders.”

Before creating Mobius Capital Partners, Mobius spent more than 30 years at Franklin Templeton Investments, most recently as Executive Chairman of Templeton Emerging Markets Group. He is one of the most reputed investors in the industry and known for over 40 years of working and traveling through emerging and frontier markets. During this time, he has been in charge of actively managed funds totaling more than 50,000 million dollars in assets.

Millionaires Share Practical Financial Tips in New Research

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A new study from Ameriprise Financial confirms that becoming a millionaire comes down to practical behaviors and discipline around money.

Ameriprise surveyed 580 Americans ages 27-77 who currently have a million dollars or more in investable assets to understand how they built their savings.

Eighty percent cited “financial planning and investing” as the top driver behind their ability to accumulate more than $1 million. They also said, “making a good income” (71%) and “living within my means” (69%) contributed to their financial success. Only 13 percent credited “luck” for their good fortune.

The Ameriprise study probed further to understand how millionaires view wealth. Most (85%) agreed that wealth means having a sense of financial security. Sixty-six percent of those surveyed said they associate the term with “the ability to provide for myself and my family,” and 58 percent linked it to the “freedom to do what I want.”

“There is no standard definition of what it means to be wealthy, but in general, investors associate it with having the means to live life on their terms,” said Marcy Keckler, Senior Vice President of Financial Advice Strategy at Ameriprise. “Whether that means having $1 million, $10 million, or any other figure, building wealth requires planning, prioritization, and taking steps to protect your future.”

Data from the survey was collected as part of a larger study Ameriprise published earlier in 2023.

The deeper look at millionaires also revealed:

  • Most millionaires don’t consider themselves wealthy. Six in ten (60%) investors with $1 million or more surveyed classify themselves as upper middle class, and an additional 31 percent say they are part of the middle class. Only eight percent characterize themselves as wealthy. For comparison, a quarter (25%) of those with $25,000-$999,000 in investable assets say they are upper middle class, 58 percent say they are middle class and two percent say they are wealthy.
  • Millionaires’ financial priorities differ from less affluent investors. Investors with more than $1 million revealed that their top three financial priorities are “protecting accumulated wealth” (62%), followed by “saving for retirement” (43%), and “managing market volatility” (32%). Comparatively, investors with under $1 million in assets said, “saving for retirement” is their top priority (49%), with “managing day-to-day living expenses” (42%) coming in second, and “increasing income” (35%) and “paying down debt” (35%) tying for third.

“Millionaires want to protect their hard-earned wealth and they’re looking for peace of mind that they’re on track to reach their next financial goals,” said Keckler. “It’s encouraging to see so many of them taking sound financial principles to heart. Investors at any life stage or wealth level can benefit from a comprehensive financial plan that accounts for their unique goals and the inevitable bumps in the road along the way.”

Rising Interest Rates Create New Dynamic in Insurance General Account Landscape

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Rising interest rates have ushered in a new investment environment for insurers, creating opportunities for managers with strong capabilities in managing U.S. fixed-income strategies, according to the latest Cerulli Edge—U.S. Institutional Edition.

Prior to 2021, insurance general accounts (IGAs) were operating in a vastly different investment environment due to consistently low interest rates. Yields on traditional public fixed-income products often were unattractive reinvestment opportunities, causing insurers to look elsewhere.

However, since the consistent rise in interest rates through 2022, insurers now see much more attractive reinvestment opportunities in traditional public fixed-income markets. In a survey Cerulli conducted during the first half of 2023, almost three-quarters of insurers (73%) polled planned to increase their allocations to traditional U.S. fixed-income products. In the first quarter of 2021, only 10% of insurers polled expected to increase allocations to U.S. fixed-income.

Despite high barriers to entry, insurers represent a particularly attractive channel for many asset managers with strong fixed-income capabilities. “The IGA channel is the largest institutional channel and is projected to continue growing, unlike other institutional channels such as corporate defined benefit plans,” says Chris Swansey, senior analyst. Fixed-income managers that demonstrate strong investment capabilities could secure long-term relationships. “Insurers are known to maintain relatively ‘sticky’ relationships, as they prefer to stick with the same managers for long periods,” he adds.

Asset managers attempting to win insurance assets will likely need insurance-specific capabilities in-house. “Insurers operate differently from other institutional investors in several ways,” says Swansey. “They have specific investment accounting requirements (e.g., STAT vs. GAAP), are subject to risk-based capital charges, and are taxable investors. Given these requirements, managers may find success building insurance businesses by hiring insurance specialists to build dedicated insurance sales teams,” he concludes.

Amber Group Partners with Solidus Labs to Bolster Crypto-Native Market Integrity

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Solidus Labs, the category-definer for crypto-native integrity solutions, announced that it has partnered with Amber Group, a leading provider of digital wealth management and crypto liquidity solutions.

The collaboration aims to integrate HALO, Solidus’ comprehensive crypto-native trade surveillance and market integrity hub, into Amber Group’s platform to enhance risk monitoring, prevent market abuse, and ensure greater compliance with evolving regulatory requirements.

Currently monitoring over 1 trillion events per day across more than 150 markets, safeguarding over 25 million individual and institutional entities, Solidus’ HALO will empower Amber Group to identify suspicious trading activity and respond in real-time using its machine learning-powered trade surveillance detection models.

“At Amber, security and compliance is fundamental to our business,” said Lin Ma, Chief Legal Officer of Amber Group. “We’re pleased to be partnering with Solidus Labs, recognized leader in crypto market integrity solutions. Their trade surveillance solution will enhance our suite of compliance measures, protect the integrity of our platform for our users and help us better meet evolving regulatory expectations.”

The partnership takes place amidst the rapid growth of Hong Kong’s digital asset market, which has seen the introduction of the new licensing regime for virtual asset trading platforms. Under this regime, Hong Kong’s Securities and Futures Commission (SFC) has established comprehensive licensing guidelines for centralised virtual asset trading platform operators to ensure stronger customer protection.

“Amber’s vision and commitment to bring best-in-class liquidity solutions and cutting-edge trading infrastructure to both institutional and high-net-worth investors presents a unique opportunity to propel the growth and maturation of the digital asset industry,” said Asaf Meir, Solidus Labs’ Founder and Chief Executive. “We’re delighted to support their effort through our crypto-native tools, and we look forward to working together to enable safer crypto trading.”

As part of Solidus’ commitment to the Hong Kong market, the firm recently held its world-renowned DACOM – Digital Asset Compliance and Market Integrity – Summit in Hong Kong. Bringing together the builders, movers and shakers of a safe and regulated crypto industry, DACOM HK focused on the Hong Kong SFC’s virtual asset licensing guidelines and how it can promote crypto adoption, DeFi’s market integrity challenges, and the industry’s ongoing collective action to make crypto markets fairer for everybody.

Holiday Travel is Cleared for Takeoff

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Americans are ready to travel for the holidays. For the third consecutive year, Deloitte explores travel intent ahead of the pivotal holiday season and the overall impact on the travel industry.

According to this year’s report, “2023 Deloitte Holiday Travel Survey,” concerns about health and travel delays are diminished as consumers across income groups map out trips to make this holiday season a memorable one.

Nearly half (48%) of Americans intend to travel between Thanksgiving and mid-January, with a larger share taking trips beyond only visiting family and friends. Desire to keep traditions alive may convince travelers to pack their bags, though many are evaluating how often, and for how long, they head out this season.

While more Americans intend to travel, they will take fewer trips (1.88 in 2023 vs. 2.01 in 2022) that are shorter in duration (75% say their longest trip will last one week or less vs. 69% in 2022), but plan to spend more this year ($2,725 in 2023). With fewer trips planned, travel concentrates around two major holidays: Thanksgiving through the end of November (33%) and Christmas through New Year’s Eve (27%). Trips get longer farther into the holiday season.

Holiday travelers are keen to connect with loved ones: 58% say time with friends and family is the top motivator for their longest trip this season. Another 51% seek rest and relaxation. While both are often big travel motivators, travelers put a greater emphasis on these factors during the holidays than in the summer.

Boomers are traveling again: They constituted just one-fifth (21%) of the traveling public over the holidays in 2022; this year the group will make up 29% of travelers. Boomers also tend to spend more per trip compared to Gen Z and Millennials.

Younger generations plan to take more trips and to spend more across the season: Gen Z travelers plan an average of 2.1 trips over the holidays, a close second to millennials at 2.2. One in 4 Gen Z travelers say they will significantly increase their budgets year-over-year, the highest portion of any generation.

About 1 in 5 travelers (18%) say they are spending significantly less on holiday travel than last year. The same share of travelers (18%) plan to spend significantly more this season. Financial concerns are the main reason travelers will spend less, while higher prices are the top factor they plan to spend more.

For those not traveling, finances are the top deterrent (38%). Health and disruption worries are lower on the list, cited by only 11% of non-travelers each (compared to 18% in 2022) and indicating that the concerns of prior years may be leveling out.

Travelers pack away some pandemic-era preferences

Some preferences that saw a surge during the pandemic are declining as travelers plan to return to hotels and international destinations in greater numbers. As Americans return to travel’s new normal, the influence of younger generations is growing, elevating the role of social media in trip planning.

Hotels are back in a big way, as 56% of holiday travelers plan to book a stay at some point this holiday season, up from 35% in 2022. Preference for private rentals remains flat at 15%.

More than one-third (37%) of travelers will take a flight at least once during the holiday season. Meanwhile, about half (53%) of American travelers are planning road trips, down from nearly two- thirds (64%) in 2021.

While 26% of air travelers will fly to international destinations, overseas travel makes up a bigger share of travel in early January compared to the rest of the season. International travelers are also more likely to stay in paid lodging (73% in hotels and 28% in private rentals for at least part of their longest holiday trip), as 1 in 5 say they are making up for trips they missed out on due to the pandemic. International travelers are more likely to rely on social media to select their travel destinations (52% vs. 39% domestic travelers) as well as social content like apps, videos, travel websites and Generative AI.

Participation in travel activities is up across most categories year-over-year, including visiting a major attraction (43% in 2023 vs. 36% in 2022) and attending a ticketed event such as a concert or festival (30% in 2023 vs. 23% in 2022).

Gen Z and millennials lead in efforts to travel more sustainably, particularly when it comes to prioritizing hotels with higher sustainability ratings (23% and 25%, respectively), which is the most popular environmentally conscious travel choice.