Bruce Fenton

❗️Critical Compliance for Fund and Asset Manager Marketers: How do you stay compliant while implementing digital marketing and AI to elevate your fundraising? ➡️ Join us at the Revenue Revolution Symposium at the Questrom School of Business, Boston University to explore this and other critical business development issues in the digital age. 🎤 Featured Speaker: Derek Stern, Head of Global Distribution Compliance at Manulife Investment Management and John Hancock, and a panel of legal and compliance experts will provide crucial insights on navigating compliance in our online era: 1️⃣ Compliant Growth Strategies - Explore techniques to expand your digital presence and engage investors without crossing regulatory boundaries. 2️⃣ Surviving the New SEC Marketing Rule - Understand how to optimize your marketing strategies while complying with the latest regulations. 3️⃣ Thriving under multiple regulators - Learn how to grow your business while complying across multiple jurisdictions and regulations. 📍 Event Details: Join us on May 29, in Boston or online, for this groundbreaking symposium, sponsored by the Digital Business Institute BU. 📅 Act with Urgency: The regulatory landscape is swiftly evolving—stay ahead of the curve. Register now: https://lnkd.in/eYynjitW #DigitalMarketing #Compliance #AssetManagement #QuestromMeansBusiness #DigitalRevolution

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It was great to be back in Boston last week, reconnecting with returning Institute members and meeting new market and investment leaders! We are excited for the events and research areas we have coming up in the next few months! #ocio #investmentsolutions #investmentmanagement #investmentconsulting

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I had the opportunity to speak with David Brenchley on his show "Trust Issues", a Kepler Trust Intelligence Podcast. During the interview we discussed BBGI’s low-risk investment strategy, what makes BBGI unique amongst our peers, BBGI’s role in an investor’s portfolio, and our predictable, well covered and progressive dividend. We also discussed the outlook for BBGI and the sector, as sector headwinds seem to be abating. Listen here to the podcast here: https://lnkd.in/dnexbnAX #BBGI #BBGIGlobalInfrastructure #Keplertrustintelligence #KTI #DavidBrenchley #infrastructure #investmentcompany #investmenttrust #infrastructureinvestor #ftse250 #inflationlinkedincome #coreinfrastructure #inflationprotection 

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Last week, members of TwentyFour's asset-backed securities (ABS) portfolio management team attended the Opal Group CLO Summit in Dana Point, California. With over 2,000 participants, the event showcased the global evolution of the CLO market. Historically US-focused, the conference now sees growing participation from European investors and CLO managers. In his latest blog, Aza Teeuwen discusses why 2024 has been an incredible year for CLOs, but also highlights that tail risk has not gone away and the potential for a bump in the road is substantial. Read more: https://okt.to/jOXDEf #CLOs #AssetBackedSecurities

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World leaders head to New York for this year's UNGA79-High-Level Week 2024: (Photo) Throwback to 1952, when the General Assembly Hall was completed at UNHQ in #NYC. In the coming days, world leaders will once again gather in this historic hall to tackle some of the most pressing issues facing humanity during the 79th session of #UnitedNationsGeneralAssembly (UNGA). Here’s what to know: The 79th session of the #UNGA marks a crucial milestone in the global effort to accelerate progress towards the 17 #SustainableDevelopmentGoals (SDGs). The highly anticipated Summit of the Future, held during UNGA, underscores the urgent need for enhanced international cooperation to address pressing challenges such as climate change, #poverty and #inequality, while also tackling the impacts of ongoing #conflicts and global health crises. The #UN Department of Global Communications will hold its flagship #SDG Media Zone during the high-level week 23-27 September, with impactful in-depth interviews and dialogues on global issues that matter to people everywhere. Heads of State and Government will gather at UN Headquarters in New York on 22-23 September 2024 to address the critical challenges and gaps in global governance exposed by recent global shocks. This Summit aims to reaffirm commitments to the SDGs and the United Nations Charter while enhancing #cooperation and laying the foundations for a reinvigorated multilateral system. The #Summit will result in a negotiated Pact for the Future, an action-oriented document aimed to bolster global cooperation and adapt to current challenges effectively for the benefit of all and for future generations. In addition, the Secretary-General of the United Nations is convening the Summit of the Future Action Days on 20 and 21 September 2024 to generate additional opportunities for the engagement of all actors. Continue reading.. https://lnkd.in/emtxsXJN #FutureWorld #Africa #ClimateChange #HealthCrises #AfricanUnion #Diaspora #StrongerTogether #GlobalAfrica

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Geopolitical Capitalism/Market Socialism. New post out! https://bit.ly/3WVtAuI During the Cold War, the U.S. and the USSR played a 1 v. 1 great power game. In 1991, the USSR collapsed and the U.S. was left as the hegemon. The game changed to 1 v. None. That lasted until around 2008. Now the U.S. is in a multipolar world with an aggressive near-peer in China. But the game is not back to 1 v. 1. It’s more like 80 v. 80. Geopolitical Socialism → Market Capitalism During the U.S. hegemony, there was no one to challenge U.S. military or political might. While many countries chaffed under this order, the U.S. was a benevolent dictator and everyone who wanted to play by the rules benefited mightily. This top-down control of the geopolitical order is what I am calling “Geopolitical Socialism”. Critically, this allowed for what was as close as we will ever get to “free market capitalism”. You want to shut down your Milwaukee metal bending operation and send it to Mexico China India Bangladesh Indonesia Vietnam? Go for it. You want to manufacture $1,200 iPhones with hundreds of components made overseas? That works. Capital moved freely to wherever it was treated best and the Washington Consensus was gospel. The whole global capitalist system rested on there being no real risks to global supply chains or other forms of disruption. The low-cost provider won in a world of frictionless production. Piracy was so rare they made a Tom Hanks movie about a ship that got boarded. Geopolitical Capitalism → Market Socialism Literally everything has changed 180 degrees. In the multipolar world, we have Geopolitical Capitalism, where global states are in a free market economy, competing or cooperating with each other in highly transactional ways. A country will sign a trade deal with another on Monday and on Tuesday refuse to sign onto a climate agreement with the same counterparty. Everything is about internal political expediency and calming the mobs. Since states are now in the capitalist mode with other states, they are pumping up their own industries and national champions through subsidies, loans, and other means, as well as protecting domestic producers with tariffs and import bans. This is the market socialism part. Countries are negotiating between themselves but companies within each country are supported. Capital doesn’t move as freely now (and it never did out of China) and no one trusts the global supply chain. We skipped the piracy phase and went straight to container ships being shot out of the water by gangs/state-sponsored terrorists/rogue nations. Now the U.S. is overmatched in a 1 v. World game of trying (virtually) single-handedly to secure all global shipping lanes. This is raising costs on everyone and making domestic production very appealing. I discuss the market implications on the full post. Just click on the link!

You should listen to Nathan Geraci and I leverage VettaFi sentiment data to talk #ETFs for ‘25. But it’s ok to read the recap Nicholas Wodeshick from the show too. . - Use case for defined outcome, structured protection, and covered calls from NEOS Investments Calamos Investments Innovator ETFs® - Growing interest in CLOs and bank loan #ETFs from Janus Henderson Investors Invesco US Panagram BondBloxx - #Dividend strategies from SS&C Technologies and ProShares - Plus Ben Johnson, CFA commentary Zachary Csillag Troy Cates Tim Urbanowicz, CFA Andrew Nelson, CFA Matt Kaufman, CETF® Frank J. Tirado, MS Jessica Fernandez Michelle DeWitt, CIMA® Rob Stewart Danielle Gilbert Christopher Murphy Paul Baiocchi, CFA Steve Munroe JoAnne Bianco, CFA Joanna Gallegos Colleen Kapoor Cole Feinberg

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🪐 NYC Investor Breakfast (Dec. 3, 8:30am) Off-the-record U.S. national security discussion with former high-ranking Pentagon officials 🪐 Langschiff Capital Partners and New Vista Capital are pleased to share that we have a select number of seats available to institutional investors for an off-the-record investor breakfast on Tuesday, Dec. 3, 8:30am ET in New York City. Kelly Magsamen (Fmr Chief of Staff to the Secretary of Defense), John Plumb (Fmr Assistant Secretary of Defense for Space Policy) and Kirsten Bartok Touw (Co-Founder and Managing Partner of New Vista Capital) will discuss the state of U.S. aerospace, space, and defense technology. ​ To be discussed: 🪐 Where does the U.S. need to invest to protect its national security? 🪐 Nuclear threat in space: Is it real? How do we protect US assets? 🪐 Is China likely to invade Taiwan within the “Davidson Window”? 🪐 What does China as the “pacing challenge” mean?  🪐 Is the US military stretched too thin? Is now the perfect time for China to open a new front? Please register with the link below to attend the breakfast. We hope you can join us! https://lu.ma/sphdkgul #aerospace #space #defensetech

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Looking forwards to continue to learn during this event about the evolving ETF marketplace, as traditional investment vehicles converge towards ETFs. (You may read my six ETF studies this year, based on ETF Global data - at bottom of linked page - https://lnkd.in/eXKQwtam)

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𝗕𝗿𝗶𝗱𝗴𝗲𝘄𝗮𝘁𝗲𝗿 𝗼𝗽𝗲𝗻𝘀 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝘁𝗼 𝗿𝗲𝘁𝗮𝗶𝗹 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗦𝘁𝗮𝘁𝗲 𝗦𝘁𝗿𝗲𝗲𝘁 𝗘𝗧𝗙 https://lnkd.in/dCYdE-zK   Risk parity funds for retail investors have not worked well over the past decade or so (and Bridgewater’s All-Weather strategy has also underperformed for some time): the pioneer in the industry (Wealthfront Risk Parity Fund with $1.3bn in AUMs) is going to be liquidated in January https://lnkd.in/dya2H6SZ , and other products have also failed to beat a simpler 60/40 strategy.   This despite the carnage in bond markets in 2022 and the elevated asset correlations (or, more likely, because of…).   I guess it all boils down to the specific strategy used: this product will also use leverage in an ETF, so it will be interesting to see how it plays out. 

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🚀 "Our Biggest Fight" – An Interesting Read on Reclaiming Liberty in the Digital Age 🚀 Just finished reading "Our Biggest Fight" by Frank H. McCourt, Jr., and the subtitle "Reclaiming Liberty, Humanity, and Dignity in the Digital Age" really struck a chord. As #Bitcoin price soars and catches a lot of attention, this book reminded me of the deeper use cases of the Blockchain technology beyond price surges. 📈 Here’s a quote that resonated: "Think of your data as your digital DNA...as important as the biological DNA you're born with, if not more so." – p. 15 This book sheds light on how today's internet—controlled by a few major players—has shifted from its liberating vision to a model that often manipulates our data and creates a toxic space. It’s a call to rethink how we interact online and reclaim our digital identities! 🔍💡 Key Issues: 🔔 Our centralized internet is shaped by a few corporations, impacting democracy, trust, and mental health. 🔔 Rather than freedom, today’s web often drives addictive behaviors, eroding personal autonomy and open discourse. For anyone interested in the promise of a decentralized, fairer digital world, "Our Biggest Fight" is a great, accessible read. Highly recommend! 📚 #DigitalTransformation #Blockchain #DataPrivacy

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Saw this on Bloomberg: "Publicly traded companies’ profits fell along with interest rates over the last four decades, while profit rates for privately-held firms climbed “substantially,” according to researchers for the Federal Reserve Bank of San Francisco. Private returns began to rise relative to public corporations in the late 1970s and are now more than 50% higher, the authors found. “This shift is substantial, with private company returns surpassing public corporation returns by over 10 percentage points after 2000.” When I read this, I am reminded of a paper by Michael Jensen entitled "The Eclipse of the Public Corporation" published in 1989 (yeah, I've been around a while) which stated: "Despite the protests, this organizational innovation should be encouraged. By resolving the central weakness of the public corporation—the conflict between owners and managers over the control and use of corporate resources—these new organizations are making remarkable gains in operating efficiency, employee productivity, and shareholder value. Over the long term, they will enhance U.S. economic performance relative to our most formidable international competitor, Japan, whose companies are moving in the opposite direction." https://lnkd.in/exR7-afv Private companies are not focused on the quarter, they are focused on creating value, longer-term value. Public companies, if they miss expectations by a penny, get punished severely lately - the focus on the quarter. Admittedly, if they are owned by GPs/funds, they can be used inappropriately to create payouts to LPs (see yesterday's post), buy generally, it is a better form of company. Thoughts?

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We're entering the next phase of the so-called N-Square Revolution.👌 As shared multiple times before over the past few years, watch this short video-playlist of ~30 minutes explaining how we got to this point: https://lnkd.in/eAVpBXmj. There is no putting the genie back in the bottle. It's game over for the corrupt ruling classes of mediocrity in the US 👋, Canada 👋, the UK 👋, Germany 👋, France 👋, etc. etc. etc. We worked hard to pull off this next phase of the No Names Revolution, and we will work even harder to finish it. 🥳 #Xmen #PonziCollapse #FiatCurrencyCollapse #CollapseOfGatedInstitutionalNarratives #EndTheSpreadOfPrebunkedMalinformation #EndMainstreamMediaLies #EndTheRentAndWarSeekingElites #DOGE #NoNamesRevolution

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Golub Capital has partnered with the NYU Impact Investment Fund to establish the Golub Capital Social Impact Investment Education Fund and support its experiential learning program, which provides students with hands-on experience making impact investments and managing a fund. Read more: https://okt.to/qX74wZ #AbuDhabi #privatecredit #NYUStern #impactphilanthropy

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Finishing up a productive week at the annual Milken Institute Global Conference in California. It was an honor to participate in a panel discussion on the significant changes we’ve seen in asset management over the past few years, and what they mean for our business moving forward. My thanks to fellow panelists Kamal Bhatia from Principal Asset Management, Dan Bienvenue, CFA, CAIA from CalPERS, Katie Koch from The TCW Group, Tony Minella from Eldridge, and our moderator, Matt Brown from CAIS. I truly enjoyed our conversation and the opportunity to share and compare insights on the issues affecting our business.   From the generational amount of cash still sitting on the sidelines, to the rise of alternatives from being the subject of a mostly academic exercise to one that carries significant urgency for investors today, it was a privilege to share my thoughts and those of our clients on such an important stage. Milken offers a unique opportunity for our industry to talk openly about the challenges we face and opportunities we see in serving those who entrust us with their financial futures. And a conference like Milken reminds me of two fundamental truths that guide our firm through all market cycles and environments: access is what drives alpha for investors so it’s our job to find more ways to provide them with more of it, and if we focus on the things we can control and the fundamentals of what we do – investment excellence and world-class service for our clients – then we’ll be ready for volatile and uncertain market conditions. #MIGlobal

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"Art for art's sake" is a noble sentiment, but as investors, we seek both cultural and financial appreciation. The challenge lies in balancing support for emerging artists with the potential for long-term investment returns. I recently had the privilege of speaking with Tracey Donner Finch, a passionate art collector with a remarkable story. Tracey owns an astounding collection of 150 Jean-Michel Basquiat studies and sketches, and her journey to authenticate these pieces is nothing short of extraordinary. Featured on "CBS This Morning (https://lnkd.in/eJZKFkXj), " Tracey has gone to great lengths to establish the provenance of her collection. She enlisted experts, including the former Head of the U.S. Secret Service, and conducted extensive forensic analysis. Despite facing skepticism, Tracey remains undeterred in her quest for authentication. Her determination is understandable. Basquiat's "Mind Blowing" sold for a staggering $110.5 million at auction, highlighting the potential value of authenticated works. With online art sales reaching record highs in 2023, the art market continues to evolve and expand. At XChange Place, we're dedicated to showcasing unique alternative assets and providing investment opportunities in the exciting fine art space. We aim to connect our community with fascinating figures from the art world, like Mrs. Finch, through our content and podcast series. More importantly, prospective investors can browse offerings on our website and can seamlessly complete their entire investment transaction in just a few clicks. Stay tuned for more insights into the intersection of art and investment, and perhaps even the opportunity to invest in works by renowned artists like Basquiat through our platform. #ArtInvestment #Art #Artwork #Artist #FineArt #Investing #Investor #Alternatives #AlternativeInvesting #AlternativeInvestments #Finance #Fintech,

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Our head of research Evgenia Gvozdeva is bullish AND realistic about AI. She’s quoted in Investment Week, where she explains that while AI helps with repetitive and quantitative tasks, the qualitative side is still human-driven: “…we are cautious about the hype, as AI and regulation around it are still evolving, and we believe human oversight remains critical for truly effective implementation."

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