There are five main gold-mining ETFs, with the biggest by assets under management being the Market Vectors Gold Miners ETF (GDX).
Some of these leveraged ETFs were introduced in November 2008, including the Direxion 3X Daily Bull Fund (NYSE: FAS) and Direxion 3X Daily Bear Fund (NYSE: FAZ), and these funds could not have had the assets under management to really affect market moves to the extent we were seeing in late 2008, and 2009.
This reflects the growth of firms' funding needs after the financial crisis, the increase in institutional investors' assets under management, declining interest rates and market reforms.
The central government, in response to the 1990s crisis, took bad loans off the books of the four largest banks by having newly formed asset management companies buy troubled assets at above-market values.
Clever hedge fund managers, who stand to reap huge rewards from their 20% carried interest (in addition to their 2% annual fee for assets under management), gleefully bet against the market on the way down and then for it on the way up and made giga-bucks from the rapid down-and-up.
Deals struck at the peak of the market comprise about a quarter of KKR's private-equity assets under management, while the company's efforts to diversify have yet to make much of an impact.
The increase in margins is supported by increase in premiums due to the implementation of the new variable annuity products and increase in fee income due to increases in average assets under management resulting from improvements in equity markets and increased deposit activity as equity market improvements created an environment where investors were willing to re-enter the capital markets.
Looking at the decline in total assets under management, equity assets are currently at about beginning-of-year levels, indicating that while many equity markets have not provided negative returns for the year, dedicated emerging market equity fund managers may have lightened up in their positioning to account for this retreat in assets under management.
Despite the global bear market, the ETF business outside the U.S. had a banner year in 2001, and assets under management continued to surge in the first quarter of 2002.
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Buffett has commented on the excellent management of his favorite bank, Wells Fargo, ranked fourth in assets, but first in market value of its common stock of all U.S. banks.
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The contribution that four important intangible assets--reputation, innovation, management and human capital--make to a company's market value is deemed to be its corporate brand value.
His principled stand lost him nearly half his assets under management due to client defections, but those that stuck with him did well in the bear market that followed.
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