BlackRock has appointed Rob Jasminski, former head of Citi Investment Management (CIM), to lead a new wealth-management initiative overseeing approximately $80 billion in client assets transferred from Citigroup. The move follows a strategic agreement announced in September, under which a significant portion of Citi’s wealth portfolios will be managed by BlackRock through “Citi Portfolio Solutions...
The AI investment boom is entering a riskier phase, as Big Tech increasingly relies on external capital to fund surging costs — a shift that raises bubble risks, according to Greg Jensen, Co-CIO of Bridgewater Associates. “There is a reasonable probability that we will soon find ourselves in a bubble,” Jensen wrote. 🔹 Why the...
Phillips 66 has approved a $2.4 billion capital budget for 2026, slightly above its 2025 outlook, as the company sharpens its focus on midstream expansion and higher-return refining projects. The move reinforces the U.S. refiner’s strategy to enhance margins, cash flow, and shareholder returns, CEO Mark Lashier said. 🔹 Capital Allocation Shift 🔹 Key Midstream...
Hedge funds reduced exposure to tech stocks in Japan and Hong Kong last week, just ahead of a sharp decline in the Hang Seng and Nikkei indices, according to a Goldman Sachs client note. The move came as concerns over stretched tech valuations and a potential AI bubble intensified. 🔹 Key Flow Signals 🔹 Japan:...
ICICI Prudential Asset Management’s $1.2 billion IPO was fully subscribed by day two, underscoring strong institutional appetite for one of India’s largest and most established fund managers. The deal ranks as India’s fourth-largest IPO this year, keeping the country on track for a second consecutive year of record primary market fundraising. 🔹 Key Highlights 🔹...
Foreign investors turned cautious on Indian government bonds last week, posting their largest weekly selloff of index-linked debt in over six months, as expectations for near-term rate cuts faded, bond supply remained heavy, and the rupee weakened. According to clearing house data, foreign funds net sold ₹54.3B (~$600M) of index-linked bonds — the sharpest outflow...