AllianceBernstein is in talks to shift some staff out of New York in the latest example of money managers trying to cut expenses as investors plow money into index-tracking funds with lower fees, the Wall Street Journal reported. Nevertheless, the plan is unlikely to be completed until late 2018.
JPMorgan and Citigroup posted mixed third-quarter results on Thursday, in the latest sign that Donald Trump’s election has yet to produce the expected boost to big finance that has driven a historic share price rally in the sector. The Financial Times has the story.
Passive asset managers have been on a roll. They’re about to get some more help from new regulatory regimes including MiFID II, according to Bloomberg.
Smart-beta ETFs, which combine the low costs of indexing with rules-based investing, continue to attract billions in new assets as the stock market climbs, InvestmentNews reported.