Daily News Digest Featured News

Thursday April 6 2017, Daily News Digest

loan originations

News Comments

United States

  • Renaud Laplanche’s Upgrade launches as a consumer platform. GP:” With a $60mil A round from top investors and a 70-people team, Upgrade is Renaud Laplanche’s answer to being outsted from Lending Club. A very interesting nuance: Upgrade is using Blockchain to ‘enhance data integrity by creating time-stamped, immutable transaction records.’  Also they are already lining up Jefferies for securitization and the company will retain risk on balance sheet while providing whole loans for sale. I am not sure how you can sell whole loans if you retain risk. I assume the answer is that they will not retain risk on all loans. So put apart the confusion on their whole loan sale/balance sheet retained risk / what do they do with the rest of the loan-risk, it looks very promissing. I would also be curious if they plan to use direct mail for marketing or something more efficient. Their plan does include consumer tools for credit monitoring and understanding, but I wonder if that is enough to generate loan leads. Why not look into taking the lessons from Lending Club and launching a credit card business instead ?  ”   AT: “Lending Club’s Renaud Laplanche is back. And he may be bigger and better than before. A consumer credit platform for the MPL industry would be a huge boon.”
  • MPL securitizations reach $3B in Q1 2017. GP:” The full report can be found under our reports section with all charts and information. Very useful as usual.” AT: “PeerIQ’s report is a must-read.”
  • Fundrise files Reg A+. GP:” Reg A+ as our readers already know, is a mini IPO. A way to raise capital that shouldn’t be ignored.” AT: “Fundrise continues to innovate, which is probably why they’re still in front in the RECF niche. However, their shift into eREITs and eFUNDs is very telling. Where to next?”
  • Q4 slump caps off tough 2016 for US fintech lenders. GP:” Great data and summary. A must see table.” AT: “Despite major losses, Lending Club was still an industry leader in originations. I see them turning around.”
  • Lending Club is offering hardship plans for borrowers, protecting returns for lenders. GP:”Lending Club is trying to figure out a way to reduce defaults. Humans tend to game systems so I am curious how will such a program behave over time.”  AT: “Here’s the evidence, a tiny bit of it. Lending Club continues to focus on customer needs. I like this program. Hardship plans for borrowers has the potential to make a big impact on the economy and put a little confidence in everyday people.”
  • LendingHome’s investor platform hits $100M. AT: “Congratulations. Great milestone.”
  • Amazon launches Amazon Cash. AT: “As an avid Amazon shopper, I love this idea. It makes me wonder if Amazon will ever own a bank. I think they will, a digital one.”
  • OCC Fintech Charter is key first step. GP:” An article in support of the charter. In fact, most people are in support of the charter.”
  • Chase spent $600M on fintech deals in 2016. GP:” Chase has $26mil active customers on their mobile app.  Most of the spent was on mobile and digital… I wonder what else is there that is not mobile and digital.”
  • LC CEO sketches the future. GP:” A summary of the talk at Lendit. In 2016 LC lost $146mil, out of a $800 mil in cash approx. However, the 3 new initiatives look very vagues to me.”
  • Online lenders spooked by Colorado’s tough stance on interest rates. GP:” Even Upgrade, Renaud Laplanche’s new firm, doesnt’ originate in Colorado.”
  • The fintech accelerator in Little Rock.
  • Online RECF will flip industry on its head. AT: “I would say it already has. It just needs to go the next step and create more opportunities for non-accredited investors.”
  • Arizona gives legal status to blockchain-based smart contracts. AT: “I’d like to see more states draw attention to smart contracts. I see a lot of opportunity for mass acceptance.”
  • Online Lending Network to reduce fraud.
  • Goldman Sachs is bringing AI, blockchain to Columbia B-school.

United Kingdom

  • RateSetter targets growth in SME lending. GP:” An interesting move, not many personal lenders move into SME as the businesses are completely different and there isn’t much efficiency. In fact in the US Kabbage launched Karrot , moving from SME to personal lending, and last year they had announced they are shutting Karrot down.”
  • BofE still worried about personal lending. GP:” Personal lending is such a small piece of the credit markets I fail to see it as a major threat to anything at all.”
  • Bridging P2P lending’s data gap. GP: ”  ‘lack of independent research that allows investors and advisers to benchmark P2P platforms’ . There are a few options, perhaps not well know yet. Perhaps the research companies should advertise more and build real marketing arms. “
  • UK consumer slowdown underway.
  • When VCs get two bites of the apple. GP:” Participating preferred investments have been standard in the US since the VC industry existed. And yes, investors are in the investment to make money, and they will not only take participating preferred deals, but also coupons on their money, and control the budgets, key hires, force redemptions… Anybody thought investors were non profits giving money away for free?”
  • The complete guide to using Revolut for P2P lending investors.

European Union




News Summary

United States

Upgrade, Inc. Launches New Consumer Credit Platform (Upgrade), Rated: AAA

Upgrade, Inc. (http://www.upgrade.com) today announced the launch of a new consumer credit platform that combines a marketplace lending approach with tools that help consumers understand and monitor their credit.

Upgrade started operations in August 2016 and closed its Series A round of financing in March, raising $60 million in equity and convertible notes from investors including Apoletto, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Uprising and Vy Capital.

All loans originated through the Upgrade platform are issued by WebBank, Member FDIC. Upgrade will acquire loans from WebBank, retain a representative portion of those loans on its balance sheets and offer whole loans for sale to institutional investors.

Jefferies is advising the company on its capital markets strategy and is expected to participate in loan purchases to help establish the company’s securitization program.

Personal loans are available through the Upgrade website starting today. Credit monitoring, alerts and education features will launch in coming weeks.

US MPL securitisations total $ 3bn in first quarter (P2P Finance News), Rated: AAA

SEVEN marketplace lending (MPL) securitisations took place in the US in the first quarter of 2017, with a total value of $3bn (£2.4bn), according to new research.

This is up from $2.4bn in the fourth quarter of 2016. Alternative lending research firm PeerIQ found that total issuance to date now stands at $18bn, equating to 80 US MPL deals since September 2013.

Read the full report: MPL securitization tracker for Q1 2017 from PeerIQ.

Fundrise Files Reg A+: “For Sale Housing eFUND”, New Real Estate Investment Offer (Crowdfund Insider), Rated: AAA

Fundrise is adding a new investment vehicle to its growing list of opportunities for smaller investors. This time the real estate marketplace has filed a Form 1-A with the SEC for a “Fundrise For-Sale Housing eFUND”.

Now Fundrise is looking to develop single family attached and detached homes, including condos in southern California.

For investors, the objective is to pay distributions from cash flow from operations as a partnership which means different taxation for investors (IE you receive a K-1)

As with their other Reg A+ filings, Fundrise is seeking a maximum amount of $50 million (the legal limit).
millennials rent

Q4 slump caps off tough 2016 for US fintech lenders (AltFi), Rated: AAA

S&P Global Market Intelligence, a research arm of major ratings agency S&P, has released 2016 origination numbers for 13 major online lenders. The data is headlined by a 14.5 per cent year over year fall in originations for the entire group in the fourth quarter.

Despite the difficult Q4, S&P estimates that the 13 lenders in question grew full-year originations in 2016 by 15 per cent. The student and SME focused lenders exhibited especially strong full-year origination growth, with 62.3 per cent and 43.0 per cent respectively.

Analysis from AltFi Data shows that originations in the UK’s marketplace lending sector grew 49 per cent in Q4 2016 on a year on year basis.

SoFi was the largest online lender by volume in the US during Q4 2016, with roughly $2.5bn lent. But Lending Club just about remained the largest player by yearly origination volume with a little over $8.5bn lent, besting SoFi by around $600m.

loan originations

Offering Hardship Plans for Borrowers and Protecting Returns for Investors (Lending Club Email), Rated: AAA

We’re excited to announce that after a beta test, we will begin offering hardship plans to borrowers effective May 4, 2017. Hardship plans allow borrowers to temporarily make interest-only payments to accommodate an unexpected life event. As part of this change we are also making additional data fields related to these plans available for investors.

Our hardship plan program specifically targets borrowers who are more likely to return to repaying their loan. Under the plan, borrowers are allowed to temporarily make interest-only payments for a period of 3 months to accommodate an unexpected life event. After 3 months, regular payment terms and obligations resume. Only borrowers who fulfill specific characteristics (such as a demonstrated history of repayment) and who claim a hardship will be offered plans. Importantly, borrowers’ loans must be either current or between 1 and 30 days past due to qualify for a hardship plan.

Finally, we are adding 15 new data attributes of borrowers who utilize hardship plans to investor reports and the API. The fields will only apply for hardship plans offered as of May 4, 2017 and going forward. You can find more information on these new data fields here.

LendingHome, the leading mortgage marketplace lender, today announced that $100 million has now been invested on its platform for individual investors since the platform’s launch in January 2016.

Individual investors can access LendingHome’s marketplace with a minimum opening balance of $50,000 and a minimum investment of $2,500. Investors benefit from fractional notes backed by mortgages that yield 8.75 percent on average. They also receive immediate monthly cash flows and the ability to diversify across hundreds of investments.

In its first year of operation, more than 500 loans were fully funded through the investor platform. Currently all loans offered on the platform are short-term bridge loans for professional real estate investors who buy, renovate, and resell properties. The average loan duration is under one year.

Amazon launches Amazon Cash, a way to shop its site without a bank card (TechCrunch), Rated: A

Amazon this morning announced the launch of Amazon Cash, a new service that allows consumers to add cash to their Amazon.com balance by showing a barcode at a participating retailer, then having the cash applied immediately to their online Amazon account. The service will support adding any amount between $15 and $500 in a single transaction, Amazon says.

Amazon Cash will be available at brick-and-mortar retailers across the U.S., including CVS Pharmacy, Speedway, Sheetz, Kum & Go, D&W Fresh Market, Family Fare Supermarkets, and VG’s Grocery. Other stores will be added in the future.

The service is not all that different from a similar effort by PayPal, whose PayPal My Cash Card lets you add funds to your online PayPal account, using cash from your wallet. It also has a barcode-only service, powered by Green Dot.

The advantage to Amazon Cash is that, as soon as you checkout at the register, the funds are available in the customer’s Amazon account. There are also no fees – something that can’t be said of all the prepaid cards on the market.

The OCC Fintech Charter is a Key First Step, Not the Last Word (Crowdfund Insider), Rated: A

While Americans prize the innovations that can improve their lives, our regulatory framework today is structured in such a way that makes experimentation and greater competition in financial services expensive and difficult.  For instance, obtaining and maintaining licenses in 50 states is a major hurdle, and can impose outdated and arbitrary restrictions that are hardly even applicable to platforms that born on the internet.

This has important implications, because while the incumbent national institutions bypass all these state rules, those same traditional bricks and mortar players currently may not always deliver credit products that best meet the current needs of under-served urban and rural communities.

The recent charter proposal from the Office of the Comptroller of the Currency (OCC) strives to strike the balance of promoting greater innovation but doing so within the constructs of existing national bank laws and regulations.  As it has done with previous generations of innovative products, like credit cards, the OCC recognizes that the business of banking is not static, and the agency is working within its existing authority to create a single national regulatory option for financial technology firms.

Finally, promoting competition from the formation of innovative “de novo” banks is clearly a bipartisan priority. The OCC special purpose bank charter is a critical response to help advance this goal nationally and its associated benefits.

Chase Spent $ 600 Million on Fintech Deals in 2016 (Bank Innovation), Rated: A

$600 million of JP Morgan Chase’s $9.5 billion technology spend in 2016 went to fintech solutions, and given the company’s 2016 results, it seems like money well spent.

According to the company’s Annual Report 2016, released today, the bank’s spend on fintech included improving its mobile and digital services.

Chase ended the year with 26 million active customers on its mobile app.

It also reported 94 million transactions took place in 2016 on its P2P service, Chase QuickPay, representing a 30% increase year over year—and as Chase is one of the banks supporting Zelle, it expects further development in P2P during the course of 2017.

Lending Club CEO sketches the future (Banking Exchange), Rated: A

When Lending Club CEO Scott Sanborn spoke at the LendIt USA Conference in March the majority of the audience represented a key part of Lending Club’s funding base—institutional investors, including banks—as well as potential partners and competitors in the marketplace lending community.

“Roughly 60% of our loans are to people who are paying off existing credit card debt with a lower interest fixed-payment loan from us,” Sanborn said. “On average borrowers are telling us they’re saving about 25% versus their credit cards so it’s a pretty material spread there that we’re comfortable with.”

Lending Club lost $146 million in 2016.

Sanborn likened the situation to the online retail business, where he had worked earlier. The launch of eBay and Amazon in 1995 spawned a host of dotcom competitors, many of which went away. Amazon itself was expected to close doors, first in 1999 and then in 2001, he noted. Today the behemoth has $100 billion in e-commerce sales, with Walmart a distant second. Likewise, the development of the online lending business is not a linear process, said Sanborn, but more of a cycle.

Sanborn said the good news for 2016 that didn’t get a lot of press: “Lending Club remained the number one provider of personal loans in the country. We issued $8 billion in loans last year, bringing our total [outstandings] to $25 billion.”

Sanborn spent the bulk of his speech describing three initiatives he sees shaping the online lending industry—and Lending Club—going forward.

  1. Evolving the customer experience
  2. Unleashing the platform’s potential
  3. Amplifying core innovations

Online lenders spooked by Colorado’s tough stance on interest rates (American Banker), Rated: A

The ongoing battle over the interest rates that online lenders can charge has moved to Colorado, which is taking aggressive steps to enforce its 12% rate cap for consumer loans.

Inside the fintech accelerator program in Little Rock (Tearsheet), Rated: A

A recent addition to the pool of development programs for financial technology startups is the Venture Center Fintech Accelerator based in Little Rock, Arkansas, which just graduated its first class. It is backed industry giant FIS, a banking technology company that operates in over 130 countries.

The program selects 10 entrepreneurs a year, and it covers a broad range of focus areas, including core banking services, wealth management, wearables, wallets, back office, compliance and payments. For the startups, it’s an opportunity to get honest feedback from counterparts in the banking sector. This year, organizers received 295 applications.

Grant Easterbrook, co-founder of Dream Forward, a 401(k) startup and 2016 class graduate, said the program was mix of meetings and independent work organized around a series of themes relevant to growing the business.

Each week, every company had deliverables, and the work culminated in a demonstration day for investors, bankers and other stakeholders. Bauer said that while many accelerators focus on fundraising, the FIS program zeroes in on getting the products to market, which he said can be the biggest challenge for early-stage entrepreneurs.

Online real estate crowdfunding will flip industry on its head (Daily News), Rated: A

An acronym for Jumpstart Our Business Startups, this lesser-known, but very impactful law has substantially relaxed some of the most stringent securities laws dating back to the Depression era and single-handedly created a whole new investment category known as equity crowdfunding.

And while the title of the category is equity crowdfunding, in reality both equity and debt opportunities are allowed. It is now possible to take relatively small amounts of money and purchase a small stake in a Silicon Valley startup, loan money to an established small business, and — yes — participate in real estate deals.

As an early adopter I have been participating in this space since late 2013, patriating in over 30 deals. They have almost exclusively been debt and I have had several successful exits with no loss of capital this far. My net return over this time has been a very satisfactory 11%.

While we are still in the early phases, I think that real estate crowdfunding is here to stay. From a few million dollars in 2012 to over $3 billion in 2016, we have clear evidence of growing momentum in this space.

Arizona Gives Legal Status to Blockchain Based Smart Contracts (Trustnodes), Rated: A

Ethereum’s technology has just been given the seal of approval by the State of Arizona which passed a bill giving legal status to smart contracts and blockchain based signatures, considering them as any ordinary contract or signature.

In effect, the new legislation applies current contract law to blockchain based contracts, erasing any uncertainty and making it clear that any blockchain based agreement is fully enforceable in a court of law.

The law goes further to state that blockchain based data amounts to ownership, importing current property rights to the nascent field and removing any legal ambiguity as to what may amount to theft.

Things like futures, as in you pay a farmer now for his crop at a set price with delivery at a later date, things like escrow, things like blockchain based insurance, and so on, can now be set in code with the code itself applying enforceable contractual terms where it operates as intended.

Online Lending Network to reduce fraud (Bankless Times), Rated: B

ID Analytics hopes its new Online Lending Network will reduce fraud committed against participating members.

Within a year of its inception, ID Analytics believes the Online Lending Network has gained visibility into 75 per cent of the U.S. domestic marketplace lending activity.

Goldman Sachs Is Bringing Artificial Intelligence And Blockchain To Columbia B-School (Business Because), Rated: B

New York’s Columbia Business School will host a fintech conference sponsored by Goldman Sachs, Microsoft and Deloitte — the latest example of the fintech frenzy at elite business schools.

Students at the business school run Columbia FinTech Club, an organization that aims to develop education and innovation in the field of financial technology. Columbia alumni include Jon Stein, the founder of digital wealth manager Betterment, which uses software to create a portfolio and automatically rebalance it, which is valued at $700 million.

United Kingdom

RateSetter targets growth in SME lending (P2P Finance News), Rated: AAA

RATESETTER is planning to ramp up its business lending, after working behind the scenes last year to boost its small- and medium-sized enterprise (SME) technology and grow its dedicated team.

But it sees opportunities for growth within the sector, as SMEs across the country grow increasingly hungry for working capital.

Small businesses have shrugged off Brexit, with the weak pound creating a very strong case for boosting exports, Marston said. The firm found that in the South East region alone, at least 40 per cent of small companies are looking to grow in the next six months.

Bank still worried about personal lending (BBC), Rated: AAA

The recent rapid rise in consumer borrowing is still a potential threat to the stability of the UK’s financial system, says the Bank of England.

These elements of household borrowing – known as consumer credit – are dwarfed by the amount of money that has been lent to home buyers in the form of mortgages.

But the Bank fears that lenders may have become too slack in deciding to whom they should lend.

Data from the price comparison service Moneyfacts shows that some card issuers will now offer interest-free periods of as long as 43 months.

Another area of concern, the Bank said, was that some lenders had been offering larger, unsecured, personal loans than before.

Consumer credit lending is still less than 10% of all lending by UK banks to household borrowers, and is far smaller than mortgage lending which amounts to 70% of loans to households.

Bridging P2P lending’s data gap (Professional Adviser), Rated: A

A strange thing happened in April last year, when the regulator allowed financial advisers to recommend peer-to-peer (P2P) lending to their clients. What happened was – nothing. At least not to begin with.

To an extent, this reflects a certain wariness for the P2P lending sector among some advisers, which is based on a lack of familiarity with the asset class. But there is a much bigger problem – the lack of meaningful data about the sector and a dearth of tools with which to interrogate what little information is available.

In short, there has been a lack of independent research that allows investors and advisers to benchmark P2P platforms. Independently assessed default and return rates have been hard to find – as have been industry-wide figures on subjects such as the total size of the market.

This matters increasingly as the P2P scene grows ever larger. There are now more than 50 P2P platforms and, in the three years from 2014 to 2016 alone, lending grew from £1.25bn to £3.13bn, providing credit to both consumers and businesses. Currently, just over 177,000 retail investors are active in this space. By 2020, it is estimated 2.7 million people will be investing in P2P lending.

They will need independent data, analysis and insight to guide their decisions.

UK consumer slowdown underway, caution needed on rates-Bank of England’s Vlieghe (Arab News), Rated: A

Bank of England rate-setter Gertjan Vlieghe said on Wednesday a consumer slowdown was already underway in Britain and was likely to worsen, underscoring the need for caution on interest rates.

Vlieghe, who is considered one of the central bank’s most dovish policymakers, repeated his view that a premature rate hike was more dangerous than one that came too late.

The BoE is widely expected to keep interest rates at their record low throughout this year and possibly until 2019 as it steers the British economy through the uncertainty linked to the exit from the EU.

However, one rate-setter — Kristin Forbes — voted last month for a rate hike and others said they might follow suit soon if there were signs of inflation picking up by more than expected or that economy was maintaining its momentum of 2016.

When VCs get two bites of the apple (Financial Times), Rated: A

But this is finance and that means things inevitably get even more complicated. This time we’re going to look at the way venture capitalists have structured their investments in two of the UK’s rising fintech stars: Funding Circle and Transferwise.

Transferwise, a payments business, has raised just over $100m from investors including Index Ventures, Peter Thiel’s Valar Ventures, Andreessen Horowitz, and Baillie Gifford, according to Crunchbase.

Funding Circle, a lender to small businesses, has raised $370m from the likes of Index Ventures, Accel Partners, BlackRock, Baillie Gifford, and others, also according to Crunchbase.

Funding Circle, on the other hand, seems to have a more complicated setup called a “participating preferred” structure. This means the investors get their money back in a sale, ahead of anyone else, and they get a share of the cash that’s left over.

The Complete Guide to Using Revolut for P2P Lending Investors (P2P-Banking), Rated: B

The important fact is that with the own account number it is possible to use that for withdrawals from UK marketplaces as no reference is needed for the transfer. I have done this a couple of times now and it takes only a few hours for the money to arrive and get credited.

Entering the recipients bank details on a smartphone is a bit cumbersome, but it needs to be done only once, as the details are stored and can be reused for future transfers.

Note to UK investors: You cannot use the Revolut app likewise for transfering funds from on p2p lending platform in the Eurozone to another p2p lending platform in the Eurozone.

And when I did a comparison of exchange rates at the time of writing this article, I found that actually Revolut offers a much better exchange rate. This is what I got when I compared:

  • Revolut: 238 Euro gets 206.12 GBP
  • Transferwise: 238 Euro gets 204.92 GBP
  • Currencyfair: 238 Euro gets 202.91 GBP

Important tip: Never exchange money on Revolut on a weekend, as Revolut will charge a 1% fee then.

European Union

Deutsche Bank acquires stake in FinTech TrustBills (Deutsche Bank), Rated: A

Deutsche Bank AG today announced the acquisition of a 12.5 percent share interest in the receivables auction platform TrustBills. Founded in 2015, the Germany based FinTech TrustBills is an electronic True Sale marketplace for national and international trade receivables. TrustBill’s goal is to become an international receivables market place for companies of all sizes. Terms of the agreement are not being disclosed.


Speakerbus today announced a milestone in its TRADECOM European Union funded project with the successful submission of its scheduled phase 1 reports. The European Commission’s innovation in SME’s programme (Horizon2020), awarded Speakerbus an innovation grant to advance the commercialisation of its vTurret; itself a prototype developed from a UK Government Innovation Grant, a grant specifically awarded to showcase and fast-track technological innovation in technology.

The partly funded project demonstrates Speakerbus commitment to Software as a Service (SaaS), cost pressures, scalability, redundancy, VoIP, compliance, access to an advance API and multi-vendor collaboration, as the project matures.


Fintech all talk no action in bank competition race (Fiancial Review), Rated: A

One theme often overlooked in the debate around the role of the major banks and home lending is competition, or lack of it. Australia’s banking sector is one of the most highly concentrated in the world and the much-hyped arrival of digital disruption has hardly shifted the dial.

Sims makes no bones about the fact that he thinks the market share of the big banks, along with their profits, are too high. He notes that their earnings have increased over the past 15 years as their share of the lending market continues to rise.

The hype around the changes digital technology was going to have on the industry has also failed to materially affect the competitive landscape, although it has forced the existing players to compete with each other with better payments systems and smartphone apps. The biggest competitive shift has been the rise of mortgage brokers, although they will be impacted the most from the banking regulator’s latest crackdown on interest-only loans.


NewOak Asset Management Partners with LendingArch to Purchase up to Billion in Consumer Loans (LendingArch Email), Rated: AAA

Today LendingArch, the Calgary-based online and point-of-sale lending platform, announced a partnership with NewOak Asset Management LLC, a New York-based asset management and institutional advisory firm who have advised on over $5.5 trillion in assets on behalf of the world’s top banks, institutions, law firms and regulators. This partnership gives NewOak the ability to purchase up to $2 billion worth of loans originated through LendingArch’s platform over the next three years, the largest deal of its kind for a Canadian consumer lending platform.

NewOak will also be taking on an advisory role with LendingArch, providing insight on capital markets, credit, growth, and additional business opportunities as the company further expands its point-of-sale lending platform.

The NewOak partnership is LendingArch’s first of many institutional-based deals that they are looking to strike in North America and internationally, and means that the company can continue to provide high-quality, low-cost loans across a range of verticals, giving Canadians a viable alternative to banks for consumer lending.


CFA challenges investment industry: transform or be disintermediated (The Asset), Rated: A

CFA Institute, the investment management industry’s global think-tank and lobby group, has come out with a very strong challenge to the industry to “transform” itself or risk being “disintermediated” in the face of industry difficulties.

Among the significant trends that the study cited are:
• Uncertainties brought about by geopolitical developments such as Brexit, Trump’s election, regulatory reform, etc;
• Disruptions brought about by fast-paced developments in the financial technology (fintech) sector;
• The persistent low-yield environment and the resulting shift from passive to active management.



George Popescu
George Popescu
Allen Taylor
Allen Taylor


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