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BNY Mellon Refocuses Efforts in ETF Space

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BNY Mellon Manhattan
BNY Mellon is keen on growing its exchange-traded fund (ETF) business and clearly understands it’s a scale business. The New York banking giant continues to watch its competitor BlackRock gain more AUM inflows from its iShares business. BNY Mellon expects further growth in the ETF space in the next decade as both retail and institutional investors like the Korea Investment Corporation (KIC) and large Canadian pensions utilize them. These cash-rich institutional investors often use ETFs in their internal equity portfolios. Affluent Baby Boomers have also adopted using ETFs in their portfolios, seeing value in cost efficiency, according to numerous published studies. For example, Pershing LLC, a BNY Mellon company, co-published a 2016 report called, The Evolving ETF: Using Exchange Traded Funds in Client Portfolios. The report surveyed a sample of more than 1,500 advisors in the U.S. and in other countries. The findings discovered, “more than two-thirds of advisors who use ETFs intend to increase their usage over the next 12 months, while 55 percent said that more than half of their clients already have ETFs in their portfolios,” according to the report’s press release.

BNY Mellon could take both an organic and acquisitive approach in expanding its ETF business. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Nomura and CIC Contemplate Joint Investment Fund

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Japan-based Nomura Holdings is in talks with the China Investment Corporation (CIC) on forming a new investment fund. The fund could be receive commitments up to US$ 1 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek Holdings Dumps More of Celltrion

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On October 22, 2018, Singapore’s Temasek Holdings, through its sovereign wealth enterprise (SWE) Ion Investments, entered into its second block deal in selling shares in Celltrion, a South Korean bio-pharmaceutical company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Alleged Fraud, Data Breaches, and Bias, Plague Facebook

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In an unfortunate break for Facebook, the true nature of its data breach is more troubling than previously believed. The social media giant revealed that its headline-topping security breach, which affected 29 million accounts, compromised personal information and seemingly confidential contact information. The FBI is said to be investigating. In September 2018, the story broke that user content, email, and phone numbers, along with personal profile information, was swiped from the site. Facebook has admitted the problem, but stopped short of offering users an apology. The U.S. Federal Trade Commission (FTC) and the Irish Data Protection Commission have questioned Facebook on the matter.

Access Tokens

At the root of the breach were Facebook “access tokens.” These are digital keys that give sites access to keep users logged in and to recognize them upon entry. Unknown hackers reportedly stole these access tokens for 400,000 people. They then used “friends lists” to steal tokens from their networks. Facebook did not shy away from noting that unauthorized access “included username, gender, locale/language, relationship status, religion, hometown, self-reported current city, birthdate, device types used to access Facebook, education, work, the last 10 places they checked into or were tagged in, website, people or Pages they follow, and the 15 most recent searches.” This is, clearly, a staggering amount of personal information and a black eye for the corporation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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