TechnologyEXCLUSIVE Goldman to launch Marcus UK robo-adviser early next year
Anna Irrera
4 minute read
A woman looks at Marcus, a new savings and loans app recently launched by Goldman Sachs in New York, U.S., January 10, 2020. REUTERS/Mike Segar/File Photo
Goldman Sachs (GS.N) will launch an app for UK users of its digital bank Marcus over the following weeks and plans to offer automated investment management to clients in the country by the first quarter of next year.
The U.S. bank has attracted just over $30 billion in UK deposits since launching a savings account in 2018, accounting for 30% of Marcus s deposits globally, Des McDaid, the head of Marcus UK, told Reuters.
TechnologyEXCLUSIVE Personal finance startup NerdWallet files for U.S. IPO -sources
Anirban SenDavid French
An undated handout image of the NerdWallet mobile app. NerdWallet/Handout via REUTERS
NerdWallet Inc, the owner of the eponymous consumer financial advice website, has confidentially submitted paperwork to U.S. regulators for an initial public offering (IPO), people familiar with the matter said on Friday.
NerdWallet has hired a group of investment banks, led by Morgan Stanley (MS.N), to arrange the IPO and is aiming to go public before the end of the year, the sources said. The San Francisco-based company could seek a valuation of as much as $5 billion, two of the sources added.
Institutional investors, including sovereign wealth funds, entered the pandemic with high levels of cash, said the report. Consequently, they were ready to support local economies or buy opportunistically in distressed international markets in March 2020.
Sovereign funds made $48.6bn in direct equity investments, more than twice the amount deployed in 2019, while $9.1bn was invested in real estate and $8.2bn in infrastructure, the report said.
Many sovereign funds were required to support domestic businesses in the pandemic s wake in 2020. Examples include Turkey s fund injecting 21bn lira ($2.5bn) into three state banks and Singapore s Temasek Holdings supporting a $1.5bn rights issue by Sembcorp Marine.
FinanceChina investigates Ant Groupâs IPO approval process - WSJ
Reuters
1 minute read
A sign of Ant Group is seen during the World Internet Conference in Wuzhen, Zhejiang province, China, Nov. 23, 2020. REUTERS/Aly Song
China is investigating how Ant Group (688688.SS) founder Jack Ma got speedy approvals for the companyâs stock listing last year, the Wall Street Journal reported on Tuesday, citing people with knowledge of the matter.
The central-government investigation, which started early this year, focuses on âregulators who greenlighted the initial public offering, local officials who advocated it and big state firms that stood to gain from itâ, according to the report.
ChinaBitcoin jumps 8%, on course to snap five days of losses
Reuters
2 minutes read
A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration
Bitcoin jumped as much as 8% on Monday and was on course to snap five straight days of losses, though the cryptocurrency has slumped almost a fifth from its all-time high hit earlier this month.
Bitcoin was last up 6.7% at $52,452 after touching its lowest since early March on Sunday. Other major coins ethereum and XRP , which tend to move in tandem with bitcoin, were up around 5% and 11% respectively.