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The document titled "INTRODUCTION: Ownership of Federal Securities" provides information on the ownership of federal securities in the United States. It explains that federal securities include savings bonds, bills, notes, and bonds issued by the Treasury, as well as debt issued by other federal agencies. The document presents tables that show the distribution of these securities among different types of investors, including government accounts, Federal Reserve banks, private investors, pension funds, state and local governments, insurance companies, mutual funds, and foreign and international investors. The tables provide data on the outstanding amount of federal securities for different years and months. The provided text appears to be a compilation of data related to the public debt of the United States. The data includes figures for different time periods, such as September 2021, June 2021, March 2021, and December 2020, among others. The figures represent various aspects of the public debt, including total debt, debt held by different entities such as the Federal Reserve, foreign entities, and individuals, and debt held in different forms such as Treasury securities and savings bonds. The data is sourced from the "Monthly Statement of the Public Debt of the United States" and other relevant sources. [Extracted from the article]

The article features businessman and money manager Erik M. Herzfeld and the developments in his career. Also cited are Herzfeld's focus on closed-end funds like the Gabelli Utility Trust, and a brief personal and professional career history of Herzfeld like his degree of financial engineering at Massachusetts Institute of Technology (MIT), and how his father Thomas J. Herzfeld established the firm Herzfeld Advisors in 1984.

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The article covers A&W Food Services of Canada Inc.'s plan to consolidate its operations, acquire the A&W Revenue Royalties Income Fund, and pursue an initial public offering (IPO). Topics discussed include the current complexities of A&W's corporate structure, the impact of interest rates on investment in the income fund, and the potential benefits and risks of the proposed merger.

Man Group Plc experienced $5.5 billion in outflows during the third quarter, the largest decrease in at least four years, primarily due to a single client withdrawing funds. This led to a decline in assets under management to $174.9 billion. Despite the outflows, performance gains helped partially offset the losses. The firm's shares have decreased by over 8% this year. [Extracted from the article]

Man Group Plc experienced $5.5 billion in outflows in the third quarter, the largest decline in at least four years, primarily due to a client shifting to passive investments. This led to a decrease in assets under management to $174.9 billion. The hedge fund firm attributed the outflows to a single client's decision to move their equities allocation to a passively managed portfolio. Despite the outflows, performance gains helped offset some of the losses, but Man Group's shares have dropped over 8% this year. [Extracted from the article]

Charles Clough, former chief global investment strategist at Merrill Lynch, believes that the current stock market is different from the dot-com bubble of the late 1990s. He sees companies generating enough cash flow to justify their high share prices, and he believes that the economy is doing well with inflation and interest rates expected to decrease. Clough also mentions that today's Big Tech companies are profitable and generating significant cash flows, unlike the unprofitable companies during the dot-com boom. He advises investors to stay invested in equities and highlights opportunities in sectors such as aerospace and defense and durables related to the housing cycle. Clough's hedge fund, Clough Capital Partners L.P., is celebrating its 25-year anniversary this year. [Extracted from the article]

Charles Clough, the former strategist at Merrill Lynch, believes that the current stock market is different from the dot-com boom of the late 1990s. He argues that companies today are generating enough cash flow to justify their high stock prices, unlike during the dot-com era. Clough also points out that there are significant differences in the profitability and scale of today's technology companies compared to those in the past. He remains optimistic about the stock market and advises investors to stay invested, particularly in equities. [Extracted from the article]

Man Group Plc, the world's largest publicly traded hedge fund firm, is following the lead of its competitors Millennium Management and Citadel by implementing pass-through fees for its multistrategy hedge fund. These fees, which will be charged on new capital invested in Man Strategies 1783, will cover compensation and other expenses. Pass-through fees have become popular among multistrats as they provide additional resources for hiring traders and investing in technology and infrastructure. Man Strategies 1783, managed by Greg Bond, has grown to manage $1.5 billion since its launch in 2020 and can allocate capital among approximately 70 in-house strategies. New investors in the fund will pay pass-through fees for performance-based pay and hiring costs, in addition to reduced management and performance fees. While Man Group is only passing through compensation costs, other multistrat managers bill their clients for a wider range of expenses, which has raised concerns among some institutional investors. [Extracted from the article]

Institutional investors are no longer driving growth in the private debt industry, with money raised through funds targeted at them expected to remain flat this year. As a result, private credit investors are seeking growth elsewhere, such as retail investors and insurance companies. Investment in traditional closed-end vehicles has declined and is expected to stay flat, partly due to the decreasing appeal of private debt as central banks cut interest rates. Some private credit firms are forming open-ended, evergreen vehicles to attract retail investors, while others are tapping into insurance companies' capital through managed accounts. [Extracted from the article]

Two hedge funds in London, Kite Lake Capital Management and Astaris, are preparing to close to new cash despite the broader hedge fund industry experiencing significant capital losses. Kite Lake's flagship fund, KL Special Opportunities Fund, will stop accepting money on October 1, while Astaris Special Situations Master Fund plans to close once assets reach €1 billion. This contrasts with larger multistrategy hedge funds that are limiting the amount of money they take in. The hedge fund industry has seen a net outflow of $216 billion between 2022 and 2023, with an additional $39 billion withdrawn this year through May. This has led to over 1,000 hedge funds closing since the beginning of 2022, discouraging new startups. Hedge funds often close to new money to maintain agility and protect returns. Kite Lake, which manages about $2 billion, has had positive annual returns since reopening in 2011 and was up 6.9% through July. Astaris, managed by Martin Beck, has about $750 million under management and has seen gains of 9.3% through July. [Extracted from the article]

This article from Kiplinger Personal Finance discusses the recent availability of high-yield bonds and bond alternatives from regional banks such as Bank of Hawaii, Citizens Financial, and M&T Bank. The author suggests that these new investment-grade bank preferreds are a good addition to an income-focused financial-sector allocation. They also highlight the advantages of bank preferred stocks, such as tax-qualified dividends. However, the author advises caution and selective investing, as not all preferred shares are recommended, particularly those from unrated or junk-rated finance or real estate companies. The article concludes by discussing the price divergence among equal-rated and familiar issuers and suggests that buying preferreds directly can be a good way to lock in a known yield. [Extracted from the article]

This paper analyzes the sources of business financing, focusing on those that are part of the broad concept of non-bank financial intermediation ("NBFI"), as an alternative to traditional bank financing. The origin and evolution of the NBFI is analyzed, how the organizations that ensure financial stability pointed out the need for regulation and supervision of these new forms of financing, and how the European Union has created a highly harmonized legal framework, particularly in the field of collective investment institutions. The paper deals in particular with debt or direct lending funds, which, being part of the collective investment CIIs, lacked ad hoc regulation in Spain, despite the fact that certain regulated entities, such as closed-end investment entities, could carry out the activity of debt funds. It has been Act 18/2022, of September, on the creation and growth of companies ("Create and Grow Law") that has expressly regulated closed-end collective investment entities for loans, incorporating them into Act 22/2014 by which venture capital entities, other closed-type collective investment entities and the management companies of closed-type collective investment entities are regulated. The purpose of the regulation has been to alleviate the debt situation of some companies and facilitate their growth again, particularly after the economic crisis resulting from the pandemic. [ABSTRACT FROM AUTHOR]

This article aims at addressing the novelty introduced by Law 18/2022 of 28 September on the creation and growth of companies (also known as the "Create and Grow Law"), which expressly includes investment in Fintech companies as the main purpose of venture capital. This novelty leads us to address the concept of Fintech as an "eligible investment" from the perspective of its concept (financial entities whose activity is mainly based on the application of technology to new business models, applications, processes or products) and the main - if not entry barriers - considerations that the venture capital industry must take into account when considering investment strategies and opting for one type of Fintech or another. In particular, I will refer to the regulatory and supervisory aspects specific to each "vertical" or group of operators or entrepreneurs that have developed initiatives within the Fintech sector. Lastly, I have considered it interesting to include some of the new features recently introduced by Law 28/2022 of 21 December on the promotion of the start-up ecosystem ("start-up law"), which may provide a boost for Spain to position itself in the European Fintech ecosystem. In this regard, a new regulation is introduced for so-called carried interest, i.e. income directly or indirectly obtained by the directors, employees or managers of closed-end alternative investment entities and funds (listed in the Law itself, including venture capital entities and funds) or their managers, from units, shares or other rights, including success fees, which confer special rights over the aforementioned closed-end collective investment entities or funds (or their managing entities or entities of their group). [ABSTRACT FROM AUTHOR]

The UK government has announced plans to introduce the Reserved Investor Fund (RIF) through legislation in the Spring Finance Bill 2024. The RIF is a new investment fund open to professional and institutional investors, particularly attractive to commercial real estate investors. It aims to strengthen the UK's fund offering and promote investment in longer-term, illiquid assets like real estate. The RIF will provide lower costs and more flexibility than existing fund structures, benefiting both fund managers and investors. The proposal has received support from industry bodies and is expected to be well-received in the market. [Extracted from the article]

The article focuses on private capital fund managers turning to private wealth investors amidst a slowdown in institutional allocations. It discusses the challenges faced by individual investors, such as illiquidity and unpredictable returns, and proposes solutions through education, innovative investment structures, and increased access to high-performing funds.

China's annual growth target of around 5% is increasingly unlikely to be met, according to economists. UBS Group AG has lowered its forecast for China's gross domestic product (GDP) growth to 4.6% this year, down from an earlier forecast of 4.9%. Other major banks, including JPMorgan Chase & Co. and Nomura Holdings Inc., have also expressed skepticism about China achieving its growth target. The real estate downturn and tight fiscal policy are hampering economic momentum, leading to weaker consumer spending and confidence. The housing slump has had a negative impact on various sectors, including the job market and household wealth. The crisis has also affected the stock market, with the CSI 300 Index falling 4.2% in 2024. The Chinese government has implemented measures to revive the property market, but their impact has been limited. The slow implementation of these measures, along with low market confidence, weak household income growth, and high inventory levels, has led UBS to downgrade its outlook for the real estate sector. The bank now expects a bottoming out of new starts only in mid-2026. The deterioration in the real estate market has prompted some city governments to loosen or scrap new-home price guidelines, resulting in more real estate companies cutting prices. China has been considering allowing local governments to fund their purchases of unsold homes via special bonds. Despite Beijing's pledges to implement more forceful fiscal measures, public spending has actually contracted in the first [Extracted from the article]

UBS Group AG has revised its growth forecasts for China, expressing doubt about Beijing's ability to achieve its annual expansion target. The bank now predicts China's GDP to grow by 4.6% this year, down from the previous forecast of 4.9%, citing a real estate downturn and tight fiscal policy as factors contributing to subdued economic momentum. UBS also lowered its growth forecast for next year to 4%. Other economists and banks, including JPMorgan Chase & Co. and Nomura Holdings Inc., have also expressed skepticism about China meeting its growth target. The ongoing real estate slump has negatively impacted domestic demand and confidence, leading to concerns about China's ability to achieve its growth goals. [Extracted from the article]

The US Securities and Exchange Commission (SEC) has abandoned a proposal that would have required mutual funds to implement swing pricing during periods of high redemptions. Swing pricing would have made it more expensive for investors to cash out during market volatility. The proposal faced opposition from both the industry and Democratic lawmakers, who argued that it would burden retirement savers. Instead, the SEC has approved more frequent disclosures of mutual fund performance and will issue new guidance on liquidity-risk-management rules. The regulator will also require mutual funds to report portfolio holdings on a monthly basis, with the data made public 60 days after the end of the month. [Extracted from the article]

Creditors in Brazil are facing difficulties in seizing land as bankruptcies in the agricultural sector increase. A court decision in Sinop protected a corn and soybean producer's land from seizure by creditors, raising concerns among lenders about their ability to take control of land pledged as collateral for agribusiness receivables certificates (CRAs). CRAs are fixed-income securities used to finance grain and oilseed growers, and they are backed by real estate and other assets. The court ruling has led to fears of costly and lengthy legal battles for creditors seeking to take possession of collateral. [Extracted from the article]

Billionaire Charles Koch's company has invested in a new closed-end fund called Sound Point Meridian Capital, which focuses on collateralized loan obligations (CLO) equity. CLO equity funds have become popular among institutional investors due to their high yields, and closed-end CLO equity funds listed on exchanges often trade at a premium. Starting a closed-end fund requires a significant upfront investment, which is why there are currently fewer than 10 of these funds available. Koch Financial Assets III, a unit of Koch, acquired a stake in a private fund that invested in CLO equity tranches before merging with Sound Point Meridian. Koch Financial also owns a significant portion of the closed-end fund's adviser, Sound Point Meridian Management Co. [Extracted from the article]

Boaz Weinstein's activist fund, Saba Capital Management, has seen a 22% increase in value this year through July. The fund focuses on investing in BlackRock Inc.'s closed-end products and aims to close the discounts at which these funds trade compared to their holdings' value. Weinstein has been involved in several activist campaigns against the closed-end fund industry, including BlackRock, Nuveen Investments, and Franklin Resources Inc. He has urged money managers to boost returns by buying back shares and liquidating funds. Weinstein is currently suing BlackRock over a bylaw that he believes allows un-elected trustees to remain in place indefinitely. [Extracted from the article]

The Science Based Targets initiative (SBTi) has proposed a new approach to addressing Scope 3 emissions, which account for over 70% of a company's carbon footprint. SBTi suggests including new metrics that evaluate a company's procurement and revenue generation in relation to global climate goals. The goal is to measure how a company's operational expenditure and revenue align with net-zero emissions targets. SBTi acknowledges that tackling supply chain emissions is challenging, but believes that focusing on suppliers' direct emissions is crucial. The proposed approach is part of SBTi's efforts to enhance Scope 3 target setting and align with the goals of the Paris climate accord. [Extracted from the article]

JPMorgan Chase & Co. has appointed Darren Novak and Alfredo Porretti as global co-heads of its shareholder engagement and mergers and acquisitions capital markets team. They will join existing leader David Freedman in advising companies facing activist investors. Novak, based in London, joined the bank in 2021 after working at UBS Group AG, while Porretti, based in North America, joined the bank in the same year after previous roles at Greenhill & Co., Morgan Stanley, and Lazard Inc. JPMorgan has recently advised companies such as Walt Disney Co., BlackRock Inc., and BioMarin Pharmaceutical Inc. in their battles against activist investors. Porretti expects a busy summer for shareholder engagement bankers, particularly in sectors like healthcare, technology, and industrials. [Extracted from the article]

JPMorgan Chase & Co. has appointed Darren Novak and Alfredo Porretti as global heads of its shareholder engagement and mergers and acquisitions capital markets team. They will join existing leader David Freedman in advising companies facing activist investors. Novak, based in London, joined the bank in 2021 after working at UBS Group AG, while Porretti, based in North America, previously worked at Greenhill & Co., Morgan Stanley, and Lazard Inc. JPMorgan has recently provided counsel to companies such as Walt Disney Co., BlackRock Inc., and BioMarin Pharmaceutical Inc. in their battles against activist investors. [Extracted from the article]