Since the assets under management in the global ETF industry are highly concentrated on different levels (domicile, promoter, classification) it is not surprising that the assets under management are also highly concentrated on the custodial level. The high concentration of the assets under custody might raise concerns about the competition between the different custodians. With regard to this, I would agree that a high concentration of assets at a single company in the ETF ecosystem/value chain should raise the attention of market observers and authorities since such a situation can cause some market and/or systemic risk.   Chart 1: ETF

Refinitiv Lipper Fund Awards 2020 Best Group over 3 years: BOND A global recession is looming due to the health and economic wreckage caused by the Covid-19 pandemic. However, for investors seeking income from bond investments, there are both opportunities and risks in the market today, says Ramon Maronilla, J.P. Morgan Asset Management’s managing director, head of the Asia ex-Japan investment specialist team for global fixed income, currency & commodities (GFICC) group. “The key question is no longer whether we will enter a recession, but rather its severity and length. The answer to this centres on the speed with which