Toby Lawes

Has anyone ever tasted the garlic they put in their dish ?

Mike Green: Passive ownership is approaching dangerous levels Size begets size

www.etfstream.com/articles/mik...

The beginning of the end?

Leverage Shares forced to fold leveraged IonQ ETP Days before a potential 100% single day windfall

Last week: investors in Leverage Shares 3x Long IONQ ETP were wiped out after IonQ's share price fell more than 33.3% intraday.

Yesterday: IonQ rallied 33.5%. The ETP investors therefore missed out on a potential 100% single day windfall.

www.etfstream.com/articles/lev...

Correctly pointed out to me that those high levels weren't sustainable. There was a lot of switching into ESG equivalents around that time. Once everyone who was going to switch had switched - ESG's share on inflows was always going to fall.

Interesting chart from Morningstar...

underweight the US in 2025

More synthetic ETF competition is coming BlackRock has entered the fray, others may follow

State Street - provider of Europe's cheapest product - is now considering synthetic ETFs.

This follows BlackRock's dramatic 2020 volte-face over the structure.

www.etfstream.com/articles/mor...

Bolognese

Bologna vs Hellas Verona last night. Miles from the pitch of course but loved the tower and the lack of roof

Ravenna, Italy earlier today…

Dark, dark orange card that

He’s actually magic

The EUR5.1bn takeover is expected to close in summer 2025 - with the combined entity to managed approx EUR1.5trn in assets

2005: BNP Paribas and AXA IM co-found EasyETFs in a joint venture

2009: BNP Paribas buys AXA IM out of the JV

2022: AXA IM re-enters Europe's ETF market

2024: BNP Paribas agrees to acquire AXA IM

The great Guinness shortage has lessons for Diageo Consumer companies should beware neglecting historic brands in favour of celebrity start-ups

Really enjoyed this from @johngapper.bsky.social of the FT last week on the Guinness 'shortage'

www.ft.com/content/1cd9...

UK Guinness shortage: Reserves earmarked for Irish customers raided to ease pressure Brewery has also put shipments bound for North America on standby for potential diversion to the UK in case security stocks fail to fill gap

A strategic Guinness reserve ?

www.irishtimes.com/business/202...

Cairney over lukic was the weird one for me

That was painful…just don’t understand why Marco treated it like a league cup game

Luxembourg regulator to relax transparency requirements for active ETFs The move is designed to steal a march on the CBI in the race to be Europe’s leading active ETF domicile

BREAKING

www.etfstream.com/articles/lux...

Inference being that something other than investment performance is setting the winners apart. ('Sales excellence' if you ask McKinsey.)

Quite a nice chart I pinched from McKinsey showing that a small handful of managers command almost all of the flow - even among 5* rated funds.

Insiders tell me there has been a ‘tone change’ since Salim Ramji took over as CEO in July.

Vanguard to end launch hiatus with fixed income ETF trio The funds have received regulatory approval

www.etfstream.com/articles/van...

Liverpool

SSGA extends Aristocrats range with quality ETF duo A slightly different flavour to their dividend-focused predecessors

EXCLUSIVE: SSGA extends Aristocrats range with 'quality' ETF duo

www.etfstream.com/articles/ssg...

looool

Good result against a well-oiled machine. The choreography on their set piece routines…we could use some of that

The vampire weekend set from the other night in Hammersmith. Very cool

New ‘anti-woke’ ETF makes Starbucks its first target Azoria Partners launches new fund at Donald Trump’s Florida resort

Ffs

on.ft.com/4gblJQ6