News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
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Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
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IMF Analyst: A Lot of Mutual Funds Could Collapse in a Panic
International Monetary Fund analyst Laura Kodres warns that investors are putting too much faith in mutual funds. According to Deutsche Bank, half of the high-yield asset funds could experience liquidity shortfalls in a market panic.
Is China Winning the Artificial Intelligence Race?
The artificial intelligence race draws many comparisons to the moon race between the United States and China. But is that an overreaction, and, if so, who is winning right now?
Facebook’s New Payment System to Roll Out This Week in the U.S.
Facebook announced Tuesday the launch of Facebook Pay, a new payment system.
Facebook Pay will handle payments across the Facebook ecosystem, namely, Facebook, Messenger, Instagram, and WhatsApp.
Payments via Facebook and Messenger will be available this week in the US.
Bad to Worse: WeWork Bonds are Plunging
WeWork bonds hit new lows this week after a financial review of the company MarketAxess.
Woodford Investors Might Lose One-Third of Their Money
The LF Woodford Equity Income Fund might lose more than one billion pounds, according to a new Reuters report. The fund – backed by 300,000 investors – failed due to liquidity challenges. The company owned a significant number of hard-t0-sell stocks at a time that it saw a wave of redemption requests.
New Swiss Regulated Bank is a Bridge Between Traditional Banking and Crypto
Switzerland -headquartered SEBA Bank AG became fully operational on Tuesday and started taking on Swiss customers. It received a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August. It lets clients seamlessly convert between the crypto and banking worlds.
JP Morgan Invests in “Research Atomising” Startup Limeglass
JP Morgan invested an undisclosed amount in a startup that uses AI and NLP to simplify and focus research documents.
Imagine you wanted to find all references to Netflix in a bulky financial research document. JP Morgan may have made that easier for you by investing in fintech startup Limeglass.
Limeglass uses proprietary rich Natural Language Processing (NLP), artificial intelligence (AI), machine learning, and their comprehensive cross-asset and macro taxonomy to smart-tag each paragraph in context.
Its “Research Atomization” solution will find out all references to Netflix in that research document with a simple search.
European Money Market Funds and the ESG Juggernaut
Goldman Sachs Asset Management tweaks a money management fund for ESG, especially diversity.
Goldman Sachs is heeding the ESG clarion call from investors. The asset manager has introduced environmental, social, and governance criteria in a Euro money market fund.
The Low Volatility NAV money market fund has been “enhanced” for ESG considerations via a two-fold strategy.
Whoa… Primavera Capital Raises $3.4 Billion China Fund
Primavera Capital Group has raised $3.4 billion for its Primavera Capital Fund III. This is the second-largest close ever by a domestic manager with a focus on China. The record belongs to Boyu Capital Fund IV at $3.6 billion.
Hedge Fund Whitebox Advisors is Making a Big Bet on Gunmaker Remington
Whitebox Advisors is replacing a number of banks as a lender to Remington Outdoor Company. While Wall Street turns away from gun producers, the credit-focused hedge fund sees opportunity on the horizon.
Preqin Executive Report: Less than 12% of Senior Roles in Alternatives Are Occupied by Women
A new Preqin executive report shows that women hold a small number of executive roles in the alternative investment industry. Preqin data shows that more women are working in the hedge fund and private equity space than in 2017.
Alipay’s Brute Power on Display on Singles Day
Alipay is the 800-pound gorilla in the global fintech room. It processed more than US$38 billion of payments in a single day.
Alipay’s global fintech supremacy is without question. On the highly-anticipated Singles Day in China, Alipay processed all the online payments emanating from Alibaba’s e-commerce platforms.
Neuberger’s ESG Investing to Include Small Japanese Companies
Neuberger Berman, a US private equity firm, is creating a niche ESG fund focused on small Japanese firms.
Neuberger Berman is looking at small (also mid-sized) Japanese companies because they have a lot of ESG catch-up to do.
Compared to similarly-sized companies in the US or Europe, smaller Japanese companies are lagging at ESG practice and reporting.
A Profitable Portfolio: Let Casino REITs Boost Your Odds
Daniel Adams, an analyst at Nomura Instinet, thinks gaming REITs are likely to be re-rated higher by investors.
Valuations in the three-player sector could notch higher based on property sales, and deal-making feels the analyst.
WeWork’s ‘Mr Fixit’ CEO May Be Drawn from A Telecom Company
Fixer-upper WeWork’s new CEO could be T-Mobile Head, John Legere.
That’s from a report in the Wall Street Journal that says WeWork is in talks with T-Mobile CEO John Legere to appoint him as CEO.
WeWork is the troubled office-sharing start-up recently forced to shelve its IPO. Flamboyant CEO Adam Neumann was shunted out, and executives Artie Minson and Sebastian Gunningham currently run the company.
Saudi Arabia ETF Pops Into an Uptrend After MSCI Review of Kingdom Stocks
The KSA Saudi Arabia focused ETF, took out a key technical level after an MSCI review.
The iShares MSCI Saudi Arabia Capped ETF (KSA) surged 1.8% Monday, entering a bullish trend. MSCI recently reviewed the inclusion and weight of stocks of the Kingdom of Saudi Arabia.
Is Private Equity Giant KKR Buying Walgreens Boots Alliance?
Is KKR buying Walgreens Boots Alliance? Based on a new buyout proposal, the answer could be “yes.” The private equity giant has put together a $70 billion proposal that would take the pharmacy benefits firm private.
With Tencent Backing It, a Virtual Blockchain Bank May Launch Sooner Than You Think
The Hong Kong Monetary Authority has approved the issue of a banking license for a virtual bank to Tencent.
Hong Kong has been quick off the mark to give digital banks the go-ahead. The HKMA has approved licenses so far to eight out of 29 applicants who applied by September 2018. Tencent is the first to propose a blockchain bank.
The Top Market for European Real Estate Investment Is…
The top European real estate market for investors is Paris, France. That rank comes from a new report on emerging trends in the European markets from PwC and ULI. Paris is followed by Berlin and Frankfurt, Germany in the second and third slots. London, England sits fourth on the list.
Billionaires’ Wealth Falls for First Time in Three Years
The richest people in the world saw their wealth decline in 2018 for the first time in three years. According to the UBS/PwC Billionaires’ Report, the selective class of billionaires saw their global wealth fall by $388 billion. Today, they control about $8.54 trillion in global wealth.
Nasdaq Deploys Artificial Intelligence for Market Surveillance
Nasdaq, for the first time, has brought in A.I. and machine learning to detect any malicious trading.
“By incorporating AI into our monitoring systems, we are sharpening our detection capabilities and broadening our view of market activity,” says Martina Rejsjo. Martina is VP and Head of Market Surveillance, North America Equities, Nasdaq. Her objective is to safeguard the integrity of the country’s markets – “the largest, most liquid ecosystem in the world.”
CEO Firing: McDonald’s Investigation Commenced Weeks Before
McDonald’s became aware of CEO Steve Easterbrook’s relationship with a female employee two weeks before his firing on November 1. According to the Wall Street Journal, the company’s general counsel Jerry Krulewitch conducted an internal investigation and informed its board. The company appointed an NYC law firm to assess the risks.
Does the Apple Card Like Women Less, or is it ‘black-box’ A.I.? DFS Investigating…
New York’s DFS, a financial regulator, will investigate whether the Apple Card differentiated between men and women over credit limits.
Apple co-founder Steve Wozniak has accused the Apple Card of gender bias by offering men higher credit limits compared to women. Wozniak found that his credit limit was 10X that of his wife, even though they both share banks and other credit cards.
Carl Icahn: Gee… Occidental Petroleum is a lot like WeWork
Occidental Petroleum took a shot from activist investor Carl Icahn in more ways from one. Icahn slashed his stake in the company and threatened to launch a proxy fight.