Layoffs threaten asset managers

Hiya gang.

Robinhood, one of the biggest beneficiaries of the boom in retail trading in recent months, revealed data for the first time on its daily average revenue trades (DARTs) on Monday. The startup's June DARTs totaled 4.31 million, beating out incumbent brokerages TD Ameritrade (3.84 million), Interactive Brokers (1.86 million), Charles Schwab (1.8 million), and E-Trade (1.1 million), as first reported by Bloomberg. 

But as one door opens another closes. The $8.6 billion startup is no longer allowing third parties to track its trading data. Robinhood users will have to resort back to trolling r/WallStreetBets for investing ideas, I suppose. 

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at [email protected] or on Twitter @DanDeFrancesco. 

Return of the layoffs

It appears asset managers have not weathered the storm, but instead are merely in the eye of it.

While the rise of US stocks in recent months might be viewed as a sign of good things to come, there still seems to be a reckoning awaiting asset managers. Rebecca Ungarino has the dire details of how layoffs are expected to pick up at asset managers based on a recent report from Johnson Associates, a New York-based compensation consulting firm.

The news is salt on the wound for an industry that is already reeling from shrinking profit margins thanks to low- or no-fee investing options. 

Rebecca spoke with Alan Johnson, a managing director of Johnson Associates, about what to expect, including which roles will be most susceptible. 

Private-equity giants like Carlyle are inking more deals in Asia to get in early on an economic recovery — and that's offering a preview of the next hot investment themes

Always in search of the next big return, private equity has set its sights on Asia as its next target. Casey Sullivan spoke with PE executives about why they are so bullish on opportunities in the region. 

TD Ameritrade's growth accelerator just launched an app for college debt as its first startup. Execs at the brokerage giant explain why it's a key tool to build entirely new businesses.

As mentioned in yesterday's newsletter (this is why it's important to pay attention), incubators can be a dime a dozen at financial firms. However, as written by yours truly, TD Ameritrade is taking a unique approach backing startups with business cases entirely separate from the brokerage giant via its incubator, Discotech. No word yet on if dancing is mandatory for all founders. 

A Y Combinator-backed payments startup that's raised $16 million just launched out of stealth mode. Here's a look at how it's plugging into accounting software like Quickbooks to help companies manage bills.

Whether you're a big business or a normal person, paying bills is an absolute pain. It's no wonder so many fintechs have looked to push into the space. Shannen Balogh has an update on Routable, a startup banking on its integrations with accounting software as being a differentiator.

Odd lots:

Warren Buffett may have dumped his entire Wells Fargo stake last quarter, finance professor David Kass says (Business Insider)

28 books by billionaires that will teach you how to build a fortune and run the world (Business Insider)

We've been tracking big hires and exits across Wall Street. Here's a look at 2020's must-know people moves and recruiting trends. (Business Insider)

From warehouses to office space, real-estate markets are getting turned upside down. These are the must-know deals and key trends. (Business Insider)

Sources: Big Ten expected to cancel football season; no games for Michigan, Michigan State in 2020 (Detroit Free Press)

Exclusive FREE Slide Deck: 10 Up and Coming Fintechs by Insider Intelligence

Source: Read Full Article