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  • Mon, Dec. 5, 12:40 PM
    • The FRBNY's William Dudley isn't concerned about the post-election jump in rates at the long end of the curve, and says the Fed is about to start following suit at the short end.
    • Even the dovish Charles Evans from the Chicago Fed admits inflation is getting closer to the central bank's target, and the labor market is close to full employment.
    • The 10-year Treasury yield had moved as high as 2.45%, but has pulled back to 2.40%, still up 1.5 basis points on the session.
    • On the regulatory front, Fed Governor Daniel Tarullo on Friday set himself up as the chief defender of the current bank regulatory regime, but whether his voice will be heard is a different story given the incoming administration, which looks to be staffed with those favoring a far lighter regulatory hand.
    • Financial sector stocks today are about doubling the S&P 500's 0.5% advance.
    • TBTF banks: Bank of America (BAC +2.3%), Citigroup (C +1.8%), JPMorgan (JPM +1.3%), Wells Fargo (WFC +0.9%), Goldman Sachs (GS +1.7%), Morgan Stanley (MS +0.4%)
    • Regional lenders: U.S. Bancorp (USB +0.7%), PNC Financial (PNC +0.4%), KeyCorp (KEY -0.8%), Fifth Third (FITB +0.5%)
    • Insurers: MetLife (MET +0.3%), Lincoln National (LNC), AIG (AIG +0.2%)
    • Brokerage: Schwab (SCHW +0.9%), E*Trade (ETFC +0.9%)
    • Custodial banks: State Street (STT +0.5%), Northern Trust (NTRS +1%)
    • Private equity: Blackstone (BX +0.9%), KKR (KKR +1%)
    • Asset Management: BlackRock (BLK +0.1%), Franklin Resources (BEN +0.5%), Affiliated Managers (AMG +1.8%)
    | Mon, Dec. 5, 12:40 PM | 7 Comments
  • Mon, Dec. 5, 11:41 AM
    • There are multi-year highs again across the sector as interest rates continue to rise, but, maybe more importantly, bank investors begin to envision a far less heavy regulatory burden.
    • In a speech Friday described by FBR's Ed Mills as "going out swinging," Fed Governor Daniel Tarullo set himself up as the chief defender of the status quo, saying he doesn't see a "sound economic case" for rolling back the post-crisis regulatory regime.
    • Whether anyone hears him much going forward is a different story, given names like former BB&T boss John Allison or former FDIC chief Thomas Hoenig being thrown around as possible Fed vice chairmen for bank supervision. Both Allison and Hoenig are fans of following simple leverage ratios, but Tarullo says just focusing on those is "inadequate and dangerous."
    • Tarullo's voice will also have to rise above that of Trump's Strategic and Policy Forum led by Blackstone's Stephen Schwarzman.
    • XLF +1.15%, KRE +1.1%, KBE +1.25%
    • Bank of America (BAC +2.6%), Wells Fargo (WFC +1.4%), JPMorgan (JPM +1.6%), Citigroup (C +2.3%), Goldman Sachs (GS +2.1%), U.S. Bancorp (USB +1%), Regions Financial (RF +1.5%), Synovus (SNV +1.1%), SunTrust (STI +1.4%), Primerica (PRI +2.1%), Bank of New York (BNY +1.4%), State Street (STT +1.1%)
    | Mon, Dec. 5, 11:41 AM | 16 Comments
  • Fri, Dec. 2, 11:51 AM
    • The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
    • XLF -1%, KBE -0.7%, KRE -0.7%.
    • Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
    • No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
    • Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
    | Fri, Dec. 2, 11:51 AM | 22 Comments
  • Wed, Oct. 26, 7:02 AM
    • State Street (NYSE:STT): Q3 EPS of $1.35 beats by $0.10.
    • Revenue of $2.75B (+3.8% Y/Y) beats by $30M.
    • Press Release
    | Wed, Oct. 26, 7:02 AM
  • Tue, Oct. 25, 5:30 PM
  • Mon, Oct. 24, 10:11 AM
    • Renewing a 16-year partnership, Pimco has reappointed State Street (NYSE:STT) to handle the firm's back-office investment operations in Newport Beach (in support of $1.5T of AUM).
    • Separately, the two have also agreed in principle for State Street to provide accounting, custody, fund administration and transfer agency services for another $140B in AUM. These would be in addition to the $397B of Pimco-managed assets similarly serviced by State Street, and should include the full suite of back-office services for Pimco's Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds.
    | Mon, Oct. 24, 10:11 AM
  • Tue, Oct. 18, 3:18 PM
    • Another $23.6B exited active U.S. equity funds in September, according to Morningstar. That's down from $25.4B which left the previous month.
    • Meanwhile, passive funds saw net inflows of $19.3B in September vs. $16.4B in August.
    • Vanguard topped the passive provider list with nearly $21B in inflows, with iShares (NYSE:BLK) and Fidelity next in line, and State Street (NYSE:STT) falling to fourth place with $1.5B of inflows. Alongside those passive inflows, Fidelity experienced $3.4B in outflows from its active funds.
    • Earlier today, BlackRock reported a Q3 earnings beat, with its iShares unit providing the vast majority of quarterly inflows.
    | Tue, Oct. 18, 3:18 PM | 3 Comments
  • Wed, Oct. 5, 9:53 AM
    • State Street (STT +0.8%) has been rated Underperform at KBW, but the stock's had a nice relative run, up 8.5% YTD vs. small declines for peers BNY Mellon and Northern Trust.
    • KBW upgrades to Market Perform.
    | Wed, Oct. 5, 9:53 AM
  • Wed, Oct. 5, 7:43 AM
    • The cuts affect 15 ETFs and cover $216B in assets, and will lower expenses on those funds to at or below those from Vanguard and State Street (NYSE:STT).
    • Among the now cheaper funds are the iShares Core S&P 50 ETF (NYSEARCA:IVV), which now costs 0.04% from 0.07%, and the iShares Core U.S. Aggregate Bond ETF (NYSEARCA:AGG), which now costs 0.05% from 0.08%.
    • Among the reasons for the reductions is BlackRock's (NYSE:BLK) belief that the new DOL fiduciary rule will push even more money into passive investing. "We believe the rule will have as big an impact for the wealth-management industry as Dodd-Frank had on banks,” says CEO Larry Fink.
    • Global iShares head Mark Weidman says BlackRock wants the IVV to top similar products from Vanguard (the VOO) and State Street (the SPY). SPY (with a fee of 0.0945%) currently has nearly $200B in AUM vs. VOO at $79B.
    | Wed, Oct. 5, 7:43 AM | 9 Comments
  • Wed, Sep. 28, 9:39 AM
    • Eric Aboaf will join State Street (NYSE:STT) as CFO in December. Fifty-two years old, Aboaf comes over from Citizens Financial Group (NYSE:CFG), where he was also CFO. Prior to CFG, Aboaf was at Citigroup for 12 years.
    • He will succeed Mike Bell, whose departure from State Street was announced in March.
    | Wed, Sep. 28, 9:39 AM
  • Wed, Sep. 21, 12:10 PM
    • Smart Beta ETFs may be key for the next leg of industry growth, says asset manager analyst William Katz. Further, he expects to see a narrowing of winners, with low probability for newer entrants to pick up sizable market share gains. The key areas of opportunity, he says, are fixed-income, non-U.S., and institutional channels, with growth there coming from further declines in active management and single-stock trading.
    • Back to being an early entrant: Katz says there's +0.81 correlation between the age of an ETF and AUM, and 71% of first-mover funds have the highest AUM for their category. For these reasons, current leaders like iShares (NYSE:BLK), Vanguard, State Street (NYSE:STT), PowerShares (NYSE:IVZ), and Schwab (NYSE:SCHW) should remain among the largest ETF sponsors.
    | Wed, Sep. 21, 12:10 PM
  • Fri, Sep. 16, 1:10 PM
    • There were an estimated $25.4B of outflows from active U.S. equity funds in August compared to $32.9B in July. Passive money attracted $16.4B of inflows versus $33.8B in July.
    • Emerging markets remain popular, with $7.3B flowing out of developed markets and $6.2B into emerging ones.
    • Looking at the top 10 U.S. fund families, only Vanguard, State Street (NYSE:STT) and T. Rowe Price (NASDAQ:TROW) saw inflows into active strategies. Vanguard also led the way in passive, with $20.7B in inflows.
    • Previously: Active managers close out worst five years since 1999 (Sept. 16)
    | Fri, Sep. 16, 1:10 PM
  • Thu, Sep. 15, 4:58 PM
    | Thu, Sep. 15, 4:58 PM | 1 Comment
  • Tue, Sep. 6, 7:39 AM
    • "Call it a Comeback," is the title of analyst Ken Usdin's note on State Street (NYSE:STT), boosting the price target to $80 from $74 (current is $70.63).
    • Beacon cost initiative progress and record Q2 asset servicing wins are not fully baked into the shares, says Usdin.
    | Tue, Sep. 6, 7:39 AM
  • Thu, Sep. 1, 4:09 AM
    • Despite an increasing regulatory burden and lackluster share performance, the U.S. banking industry just logged its most profitable quarter ever, according to figures from SNL Financial and S&P Global Market Intelligence.
    • Earnings for the three-month period totaled $43.6B, compared to the $43.01B in Q2 of 2015, a 1.4% beat.
    • On a sequential basis, the April-to-June period topped the previous quarter by $4.56B, an 11.7% rise.
    • Related tickers: JPM, C, BAC, WFC, GS, MS, USB, BK, STT, PNC, COF
    | Thu, Sep. 1, 4:09 AM | 38 Comments
  • Thu, Aug. 18, 3:26 PM
    • AUM at U.S.-listed funds rose to $2.367T at the end of July, up from $2.256T a month earlier, according to ETFGI.
    • Meanwhile global ETF assets rose to $3.34T, also a record.
    • Equity funds drew is $33.36B amid a major stock rally; fixed-income $13.25B, and commodity funds $5.45B.
    • BlackRock's (NYSE:BLK) iShares was number one for inflows with $23.45B, followed by SSgA's (NYSE:STT) SPDRs with $14.34B, and Vanguard with $7.17B.
    | Thu, Aug. 18, 3:26 PM