Wealth Management Market 2020 Incredible Growth with Regional Outlook, Leading Players …

… PIMCO, Vanguard Group, DWS, Capital, BNY Mellon, BlackRock, Fidelity Investments, State Street Global Advisors, UBS, Credit Suisse, AXA.

Global Wealth Management Market report gives the overview of the Wealth Management industry along with potential growth opportunities. This encompasses Wealth Management product definitions, classifications, and Wealth Management market statistics. Also, it highlights Wealth Management market scenario, future scope by analyzing current/past world Wealth Management industry outlines. In addition, Wealth Management chain structure, applications, and types are available in the study. The report also presents Wealth Management drivers, import and export figures for the Wealth Management market. The regions chiefly involved in the Wealth Management industry includes Europe, Asia-Pacific, South America, The Middle East, and North America.

Furthermore, the Wealth Management study gives a brief idea of supply chain analysis and sales margin. Then Wealth Management report explains demand/supply ratio, the production rate, and Wealth Management volume. It also scales out important parameters of Wealth Management market such as consumer volume and production capacity. World Wealth Management market report illustrates the Price analysis along with features of the product. Moreover, it points out the major Wealth Management market share in different regions of the world.

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Major Participants in World Wealth Management Market are:


Credit Agricole


Vanguard Group



BNY Mellon


Fidelity Investments

State Street Global Advisors


Credit Suisse


Worldwide Wealth Management market report helps readers to gain a better understanding of the Wealth Management industry. The report deliberates restraints, opportunities, and threats of global Wealth Management industry on market share. The report catalogs number of traders, contributors, distributors, vendors in worldwide Wealth Management industry. Keen feasibility study of existing and turning Wealth Management market makes it an executive-level document for players. As a result, the Wealth Management market overview guides the new aspirants to make vital business judgments.

Comprehensive Segmentation Analysis of Global Wealth Management Market:

The report describes a detailed segmentation evaluation of the Wealth Management market. Additionally, it records detailed information of key Wealth Management market segments and their growth prospects. Similarly, it depicts Wealth Management segments along with revenue forecasts and volume shares. The type segment involves. Likewise, application segment represents.

The Wealth Management record profiles the key market vendors around the world. Further, it estimates Wealth Management market shares registered by the prominent players. Thus it helps to study the Wealth Management business strategies which significantly impacts the Wealth Management market. After that, Wealth Management study includes company profiles of top Wealth Management manufacturers and their contact information. Additionally, the report provides Wealth Management manufacturers market position and their website addresses.

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Wealth Management market study based on Product types:

Human Advisory

Robo Advisory


Wealth Management industry Applications Overview:


Investment Management Firms

Trading And Exchange Firms

Brokerage Firms


Section 4: Wealth Management Market Region Segmentation

1. North America Country (United States, Canada)

2. South America

3. Asia Country (China, Japan, India, Korea)

4. Europe Country (Germany, UK, France, Italy)

5. Other Country (Middle East, Africa, GCC)

Key Highlights of the Report: Global Wealth Management Market

– What constitute chief growth influencers and catalysts in global Wealth Management market

– Research isolates dominant deterrents and market inhibitors in Wealth Management market

– The Wealth Management report scouts for novel opportunity mapping

– Research also shares vivid details on competition spectrum, highlighting frontline players with further details on other contributing companies.

– The report also highlights crucial details on upcoming Wealth Management developments through the forecast span, 2020-25

– The Wealth Management report includes pertinent details on tier one companies and their winning business tactics

The Report Covers Following Fundamentals of Global Wealth Management Market:

The report starts with Wealth Management market overview including types, applications, and regions. Next part focuses on sales, revenue and Wealth Management market share by players. Furthermore, it analyzes Wealth Management manufacturing base distribution, sales area, competitive situation, and trends. Similarly, it presents Wealth Management players profiles and manufacturing cost analysis. The report also targets Wealth Management industrial chain, sourcing strategy, and downstream buyers. At last, study encompasses Wealth Management market forecast (2020-2025), Research Findings and Conclusion. Thus the overall Wealth Management study is a valuable guide for the people interested in Wealth Management market.

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No, Your 401K Is Not in Jeopardy if Trump Loses Re-Election

Ruchir Sharma, the chief global strategist at Morgan Stanley Investment Management, penned a recent column in The New York Times saying his own …

His many comments to the contrary, the stock market is NOT going to crash and your 401K is not in jeopardy if Donald Trump loses the presidential election. Despite being one of the several claims made by Trump over the past several months, a host of financial experts and analysts say that’s simply not true.

Financial experts and analysts have repeatedly pointed out that no market dip will occur specifically because Biden wins, and some have even said the market is likely to rise regardless of who wins.

Ruchir Sharma, the chief global strategist at Morgan Stanley Investment Management, penned a recent column in The New York Times saying his own investment research, dating to the 1860s, showed the stock market “has no clear bias in favor of either party and that market volatility in the run-up to an election is perfectly normal.”

Sharma added investors largely believe Biden would, if elected, “govern more moderately when in office, raising taxes and regulation while decreasing tensions over immigration, global trade and China,” which would have “little effect on the market’s overall direction.”

Other finance experts have predicted that if Biden wins and can wrangle control of the Covid-19 pandemic, the stock market could rise considerably.

Mitch Tuchman, Managing Director of investment firm Rebalance, said his company reviewed more than 100 years of financial data to understand the impact of presidential elections on the stock market (1960-2016) as well as stock market returns under different ruling political parties (1860-2010).

“History clearly shows us that stock markets generally behave positively during both presidential election years and subsequent years and that the market has maintained its upward trend over long periods of time regardless of who ends up in the White House,” he said.

According to Rebalance stock market returns under different ruling political parties from 1860 to 2010 show annual returns of 8.2% per year for Republican presidents and 8.4% per year for Democratic presidents, based on a 60% equity, 40% fixed-income portfolio. The annualized compounded return is minimal between the two parties.

Tuchman said the long-term average returns of a diversified portfolio of stocks and bonds is virtually the same during Republican and Democratic administrations and historically not significant for stock market performance. “Any exceptions related to the party of a president are likely more related to economic conditions than politics,” he said.

Why millennials will win Trump’s war on socially responsible investing

Large asset managers have taken notice and have begun to act on issues of importance to this rising generation. As Blackrock CEO Larry Fink recently …

The United States Department of Labor (DOL) spent the summer declaring war on socially responsible investing. Under current Labor Secretary Eugene ScaliaEugene ScaliaWhy millennials will win Trump’s war on socially responsible investingBusiness groups, universities file lawsuit over new rules targeting H-1B visasBaldwin calls for Senate hearing on CDC response to meatpacking plant coronavirus outbreakMORE, DOL took two huge steps to crush so-called “ESG” — environmental, social, and governance investing. The first, smaller, mostly procedural step took place in June with a move that would sharply increase the paperwork and regulatory burdens on ESG investors. The second, more brazen step took place just before Labor Day, when DOL proposed a rule change designed to get pension investors to stop voting in annual corporate elections. Though these attempts pose a significant threat to ESG, particularly if the Trump administration wins a second term and has a chance to enforce them for the next four years, we think this effort will ultimately fail. The reason is that the law is often weak in the face of powerful social and economic forces. And the overwhelming force driving ESG is the economic rise of the millennials.

Millennials — raised in the shadow of the threat of climate change — came of age during the 2008 global financial crisis and are now raising their young children amid a pandemic punctuated by social upheaval. Substantial research shows that, more than the Gen Xers or Baby Boomers, they integrate their social values into their economic life as employees, customers, and now investors. Unsurprisingly, millennials care far more about environmental issues than do their parents and grandparents. Large asset managers have taken notice and have begun to act on issues of importance to this rising generation.

As Blackrock CEO Larry Fink recently observed, U.S. society is already undergoing “the largest transfer of wealth in history: $24 trillion from baby boomers to millennials.” Millennials have also now entered the workplace, comprising 50 percent of the workforce within the next two years, and 75 percent by 2030. If they are fortunate to work for an employer that offers a retirement plan, they are making their initial retirement allocations now, choices that may prove sticky for decades. The current focus on ESG reflects market competition among asset managers to manage Millennial wealth.


Now, the United States Department of Labor, which regulates the nation’s retirement plans, is attempting to thwart ESG.

The new rules, if adopted, would serve not the interests of investors but the managers of oil and gas giants chafing under ESG scrutiny from their own shareholders. The first proposed rule would categorize any investment choices that deviate from maximizing shareholder returns as, in effect, illegal for trustees overseeing the $10 trillion in retirement plans under the Department’s jurisdiction. While many ESG investors argue that ESG factors are consistent with long term value, the rule requires plans to justify including options that consider ESG with extensive documentation requirements that will be bait for plaintiffs’ attorneys.

The second, even more aggressive step would scare many pension plans off voting their shares at all. Under current law, pension plans are required to vote in annual director elections for companies they own, but DOL’s proposed new rule would shift the burden against voting, requiring pensions to first undertake a costly legal and economic analysis to justify their voting, while explicitly permitting nonvoting.

These rules are a transparent attempt to silence the voices of small investors. They amount to economic voter suppression. And they are also attempts to thwart investors from responding to the new market reality.

To an unprecedented degree, corporations face pressure to react quickly and decisively to issues that were once considered political. The environment and diversity have become particularly salient not just to electoral politics but to the market. The corporate space is increasingly being reshaped in the Millennial image, one in which investment, employment, consumer, environmental, and political decisions do not operate in distinct spheres but are ever-present in all spheres. In this context, consideration of ESG factors isn’t just about blunting the sharper edges of capitalism: Being attuned to a company’s reputational and social risks is just smart investing.


As much as $30 trillion is at stake in the fight to manage Millennial wealth, and ESG is the proven path to winning it. Investment managers and companies that fail to get on board risk significant market penalties from Millennial employees, consumers, and investors. In standing athwart this social movement, DOL is fighting, not fiduciary breaches, but market forces set in motion by deep social currents.

There is a debate to be had over the role of ESG factors in investing, but that debate shouldn’t be settled by the Department of Labor or an increasingly shaky view of what it means to maximize value. It also shouldn’t shift the default presumption towards silence and away from voting. DOL should withdraw both rules and let investors decide for themselves how to get the most out of their retirement portfolios.

Michal Barzuza is professor of law at the University of Virginia, specializing in corporate law, corporate governance and corporate finance.

Quinn Curtis is professor of law at the University of Virginia, specializing in corporate law, securities and venture capital. He is a charter board member of the Society of Investment Law.

David H. Webber is associate dean for intellectual life and professor of law at Boston University. He is author ofThe Rise of the Working-Class Shareholder: Labor’s Last Best Weapon(Harvard University Press 2018)

IPO Launch: Lufax Looks To US For $2.2 Billion IPO

Goldman Sachs is the lead left underwriter. Like many Chinese firms seeking to tap U.S. markets, the firm operates within a structure where U.S. …

Lufax (LU) intends to raise $2.2 billion in an IPO of its American Depositary Shares representing underlying ordinary shares, according to an F-1 registration statement.

Shanghai, China-based Lufax was founded to create the ability for consumers in China to obtain loans and wealth management services via an online portal.

Management is headed by Chief Executive Officer Mr. Gregory Dean Gibb, who has been with the firm since 2016 and is Chairman and CEO of Chong Qing Financial Assets Exchange.

Below is a brief overview video of Lufax (In Mandarin):

Source: Lufax

The company’s primary offerings include:

  • Retail credit facilitation
  • Wealth management

Lufax has received at least $2.1 billion from investors including Ping An Group and Tun Kung Company

The firm operates a ‘capital light, hub and spoke’ business model around its credit facilitation and wealth management hubs.

LU’s relationship to the Ping An Group provides access to that company’s 210 million financial services customers, some of which are small business owners and middle class and affluent investors.

The chart below shows the firm’s two-hub approach:


Sales and Marketing expenses as a percentage of total revenue have been rising as revenues have increased.

The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped by half in the most recent reporting period.

According to a 2018 market research report by China Daily, the consumer finance market in China is projected to reach $1.6 trillion by the end of 2020.

This represents a forecast CAGR of 18% from 2018 to 2020.

Despite the demand, only 28% of consumers in China possess credit ratings of any kind, as compared to 86% of the US.

Also, according to another market research report by the Boston Consulting Group and Lufax, China had around $2 trillion in online wealth management [OWM] in 2017 while the Chinese OWM market had reached $6 trillion with an online sales penetration rate of 34.6%, as of the end of Q1 2018.

The major factor driving market growth is the use of technology by fintech companies in OWM services.

The independent third-party internet wealth management segment has a penetration rate of only 10%, as compared to 35% in the US.

Major competitive or other industry participants include:

  • Ant Financial
  • Tencent Licaitong
  • Domestic commercial banks
  • Wealth management firms

Lufax’s recent financial results can be summarized as follows:

  • Growing topline revenue
  • Increasing operating profit but decreasing operating margin
  • A swing to cash used in operations

Below are relevant financial results derived from the firm’s registration statement:


Source: Company registration statement

As of June 30, 2020, Lufax had $5.5 billion in cash and $19.9 billion in total liabilities.

Free cash flow during the twelve months ended June 30, 2020, was negative ($8.4 million).

Lufax intends to raise $2.2 billion in gross proceeds from an IPO of 175 million its American Depositary Shares representing underlying ordinary shares, offered at a proposed midpoint price of $12.50 per ADS..

Assuming a successful IPO, the company’s enterprise value at IPO would approximate $26.1 billion, excluding the effects of underwriter over-allotment options.

Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 7.17%.

Management says it will use the net proceeds from the IPO as follows:

We plan to use the net proceeds of this offering primarily for general corporate purposes, which may include investment in product development, sales and marketing activities, technology infrastructure, capital expenditures, global expansions and other general and administrative matters. We may also use a portion of these proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement our business, although we have no present commitments or agreements to enter into any acquisitions or investments.

Management’s presentation of the company roadshow is available here.

Listed bookrunners of the IPO are Goldman Sachs [Asia], BofA Securities, UBS Investment Bank, HSBC, China PA Securities, Morgan Stanley, CLSA, Jefferies, J.P. Morgan, BOCI, Haitong International, Stifel, China Renaissance and KeyBanc Capital Markets.


Lufax is seeking to go public in the U.S. as industry giant Ant Financial is finalizing its monster $35 billion IPO on the Hong Kong Stock Exchange.

The company’s financials show continued topline revenue growth despite the Covid-19 pandemic, an impressive result.

However, operating cash flow has taken a hit and turned negative in the most recent reporting period.

Sales and Marketing expenses as a percentage of total revenue have also risen; its Sales and Marketing efficiency rate has been cut in half. Neither trend is positive.

The market opportunity for providing credit facilitation and wealth management services in China is in a long upswing as consumers seek online platforms to achieve better returns on their increasing discretionary income and to obtain credit.

Goldman Sachs is the lead left underwriter.

Like many Chinese firms seeking to tap U.S. markets, the firm operates within a structure where U.S. investors would only have an interest in an offshore firm with uncertain rights to the firm’s operational results.

This is a legal gray area that brings the risk of management changing the terms of the relationship or the Chinese government altering the legality of such arrangements. Prospective investors in the IPO would need to factor in this important structural uncertainty.

As to valuation, it’s difficult to find a direct comparison for the firm’s combination of services and scale of operations.

However, much smaller 9F provides many of the same functions but has performed poorly in the current year

Given Lufax’ strategic relationship with Ping An and solid revenue growth and earnings, its proposed EV/Revenue multiple of 3.75x appears reasonable.

LU may be a company that is able to weather the remaining Covid-19 pandemic effects better than most.

My opinion on the IPO is a BUY at up to $12.50 per ADS.


Expected IPO Pricing Date: October 29, 2020

Glossary Of Terms

(I have no position in any stocks mentioned as of the article date, no plans to initiate any positions within the next 48 hours, and no business relationship with any company whose stock is mentioned in this article. IPO stocks can be very volatile in the days immediately after an IPO. Information provided is for educational purposes only, may be in error, incomplete or out of date, and does not constitute financial, legal, or investment advice.)

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Firsthand Technology Value Fund Discloses Preliminary NAV of $13.81 Per Share as of …

IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver intra-operative radiation to cancer patients.

SAN JOSE, Calif., Oct. 23, 2020 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its preliminary NAV, as of September 30, 2020, was $13.81. The Fund further announced that its top five holdings as of September 30, 2020, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.

1.Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of September 30, 2020, the Fund’s investment in Pivotal consisted of 38,090,506 shares of common stock equivalents (CDI’s) and represented approximately 30.7% of the Fund’s preliminary net assets.

2.IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver intra-operative radiation to cancer patients. As of September 30, 2020, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 23.3% of the Fund’s preliminary net assets.

3.Wrightspeed, Inc. is a supplier of electric drivetrains for medium-duty trucks. As of September 30, 2020, the Fund’s investment in Wrightspeed consisted of 60,802,795 shares of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 19.8% of the Fund’s preliminary net assets.

4.Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of September 30, 2020, the Fund’s investment in Revasum consisted of 46,834,340 shares of restricted and unrestricted common stock and common stock equivalents and represented approximately 8.0% of the Fund’s preliminary net assets.

5.SVXR, Inc. is a manufacturer of automated X-ray inspection tools for the semiconductor and microelectronics industries. As of September 30, 2020, the Fund’s investment in SVXR consisted of 8,219,454 shares of preferred stock and represented approximately 5.6% of the Fund’s preliminary net assets.

The Fund’s preliminary net assets as of September 30, 2020, include cash and cash equivalents of approximately $0.34 per share. Preliminary total investments as of September 30, 2020 were $95.5 million, or approximately $13.85 per share. As of September 30, 2020, the Fund’s top five holdings constituted 87.3% of the Fund’s preliminary net assets, and 87.1% of our preliminary total investments. The Fund’s NAV for September 30, 2020, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s quarterly report filing on Form 10-Q in November 2020.

About Firsthand Technology Value Fund

Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com.

The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.


Phil Mosakowski

Firsthand Capital Management, Inc.

(408) 624-9526