IT Collapse & PR Crisis in Asset Management
Welcome to FundFire's weekly news brief.
CrowdStrike Fallout Hits Managers
The asset management industry Friday contended with the global IT systems collapse, triggered by a faulty systems update by cybersecurity provider CrowdStrike.
The fallout, for some firms, affected everything from trading systems to operating platforms. Get the details from FundFire Associate Editor Tony Rifilato here.
A Political PR Crisis
BlackRock found itself fending off an unexpected public relations crisis last week, after reporting that the gunman who attempted to assassinate former President Donald Trump had once appeared in one of the company's video advertisements. The "wild coincidence" spurred a host of new conspiracy theories on the internet.
BlackRock quickly got out ahead of the news with a statement.
"In an environment where misinformation and conspiracy theories are all around us, the possibility for [a political public relations crisis] to blossom into something so much bigger is definitely there," Megan Paquin, founder and CEO of Paquin Public Relations, told FundFire's Bridget Hickey. "I think it's a good wake up call for a lot of organizations to say, 'if this happened to us, what would we be doing about it?'"
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Table of the Week
Morgan Stanley, Charles Schwab and Merrill Lynch topped the list of industry's largest separately managed account distributors. But those rankings could change. Several other firms are nipping at the leaders' heels as SMAs emerge as one of the fastest growing segments of the investment advice industry. Here's a deeper dive into what's driving growth from FundFire reporter Nate DiCamillo, including more stats from Cerulli Associates, here.
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