Cybersecurity Lawsuits & ETF Expansions
Welcome to News Brief, a roundup of some of Ignites' top stories from the past week.
BNY?has taken over custody and fund administration services for?WisdomTree's $81 billion in U.S.-listed ETFs. The contract also includes accounting and securities-lending services, Ignites'?Joe Morris?reported. The custodian will also handle fund accounting and administration for the ETF firm's $234 million Bitcoin ETF and its suite of tokenized funds. BNY had $2.7 trillion in ETF assets under custody and administration as of the end of last month, up 70% over the last year, an executive?said?Friday.
Also last week,?Fidelity?disclosed that the personal data of more than 77,000 clients was?exposed?over the summer. A fraudster used accounts it had opened recently to access data from other clients, Morris reported. None of the data appears to have been misused, the disclosure said. Two Fidelity customers have already?sued?the firm over the breach,?Daniel Gil?reported. The plaintiffs claim that they have spent time examining their financial statements for signs of fraud and that they have already experienced an uptick of spam calls, which has caused them emotional stress.
In other news, the?Consumer Federation of America?wrote?a letter to the?Securities and Exchange Commission?last week, urging the regulator to reject?State Street Global Advisors' application for a private-credit ETF,?David Isenberg?reported. The fund, which will be part of a partnership with?Apollo Global Management, has an investment strategy that "raises red flags," because its holdings are too illiquid, the letter said. Apollo will be tasked with providing intraday executable firm bids on the fund's investments, but the agreement "does not transform inherently illiquid assets into liquid assets," the CFA wrote.
Deep Dive
Join us tomorrow, Oct. 16, for our next Exchange?webcast, "Target-Dates + Annuities: A Deep Dive." Panelists from?TIAA,?T. Rowe Price?and?Morningstar?will discuss the future of target-date products that offer guaranteed income. Panelists will examine the product landscape, the different types of offerings and the markets' response to them.
Partner Content
PAC to PAC Donations
The?Investment Company Institute's political action committee has pulled in at least $1.1 million in donations so far this election cycle,?Federal Election Commission?records showed. The PAC has donated at least $475,000 to Republican candidates and more than $290,000 to Democrats, Ignites Data Reporter?Madison Hall?found. Below is a look at some of the donations the committee received during the current election cycle, and how much those firms donated before the last presidential election.
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