Who Leads the Asset Gatherers? | SCHW, MS, GS, AMP, RJF & SF
- Jul 3, 2024
- 7 min read
Updated: Jul 10
July 5, 2024 | Premium Service | Happy July fourth! In this edition of The Institutional Risk Analyst, we return to look at Charles Schwab (SCHW) and the other asset gatherers, including Morgan Stanley (MS), Goldman Sachs (GS), Ameriprise Financial (AMP), Raymond James (RJF) and Stifel Financial (SF).
We generally use several groupings to describe commercial banks: Lender Banks, Universal Banks, Consumer Lenders and Asset Gatherers. We used to think about fintech banks or even crypto banks. With the fall of Silvergate Signature Bank, FTX and others, and now the Fed settlement, maybe we will forget that one for now ("Silvergate, Reverse RPs and the Theology of Prosperity").
Despite the resurgence of bitcoin prices earlier this year, the willingness of institutional investors to risk capital on coin-related ventures remains weak and highly variable one day to the next. The aftermath of the various ETFs and other fund vehicles seems to be first and foremost a liquidity event for incumbents, but now with far less robust volumes than many hoped.
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