Connect with us

Investment

Titan raises $58M for mobile crypto investment platform – VentureBeat

Published

 on


All the sessions from Transform 2021 are available on-demand now. Watch now.


Titan has raised $58 million to build an investment management platform to take on the likes of Fidelity and other traditional investment funds.

The company aims to enable everyday investors access to investment experts, including a focus on investing in cryptocurrency, Titan Crypto.

Andreessen Horowitz (A16z) led the round with participation from existing investors including General Catalyst, BoxGroup, and Ashton Kutcher’s Sound Ventures.

Titan said that what Fidelity and its iconic mutual funds were for baby boomers, Titan is for a new generations of investors, the company said.

Other investors included pro athletes and celebrities, including Odell Beckham Jr., Kevin Durant, Jared Leto, and Will Smith. Anish Acharya, an A16z general partner, will be joining Titan’s board.

To date, New York-based Titan has raised $75 million to support the mission to lead the world to better wealth by enabling everyone to invest in the world’s success. The funds will be used to build out Titan’s underlying platform and suite of investment products, alongside scaling core functional teams.

Titan is the first direct-to-consumer (DTC), mobile-first investment platform where everyday investors, irrespective of wealth, can have their capital actively managed by investment experts in long-term strategies. Like investment giants before it, the initial strategies on Titan’s platform are predominantly in stocks (for instance, its large-cap growth strategy called “Flagship” is a modern version of the revered Magellan Fund). But the platform is quickly expanding into other asset classes, entering new territory where legacy players have yet to tread.

Joe Percoco, CEO of Titan, said in an email to VentureBeat that traditional investment management tools are like the tech equivalents of VHS videotapes.

“After years on Wall Street helping the rich get richer, we were bothered by the divide between institutional and retail investors,” Percoco said. “We were telling our own family and friends to invest in the ‘bland menu’ of exchange-traded funds (ETFs) and mutual funds because they couldn’t afford a wealth manager. Meanwhile, accredited investors had a secret menu of hedge funds, VC, etc. This divide frustrated us, so we built Titan.”

Titan grew by 500% in the last 12 months, largely organically, as everyday investors turned to the platform looking for active investment management without having to do it themselves. Titan is expecting to cross its first $1 billion in assets under management later this year,
just over three years after launch.

Acharya said that Titan is reinventing investing for the Millennial and Gen Z generations, and it is adding transparency and the opportunity to learn. Of course, others are ahead in some respects. Robinhood is preparing to raise $35 billion in an initial public offering. While Robinhood promotes do-it-yourself investing, Titan focuses on in-house management of capital on behalf of clients while walking them through the steps of investing as they go.

Titan Crypto

Above: Titan is creating a modern way of investing.

Image Credit: Titan

Titan’s cryptocurrency investment focus will be launching soon. And it will be the first and only actively managed portfolio of cryptocurrency assets (easily) available to U.S. investors, the company said. The strategy seeks to invest in a concentrated basket of crypto assets that can outperform over a long-term time horizon.

It is actively managed by Titan’s in-house crypto investing team. At launch, Titan Crypto will be available to all U.S. residents except those with home addresses in New York. Access for New York residents will be provided once Titan’s custodial partner receives regulatory approval for the state’s jurisdiction.

How Titan works

Investing through Titan is meant to be easy. After a quick sign-up, clients choose to place their capital in one or more of Titan’s current investment strategies, including Flagship (large U.S.-based companies), Opportunities (small and mid-size U.S.-based companies), Offshore (international companies), and Crypto (concentrated basket of crypto assets). Titan’s minimum investment is $100, and both accredited and non-accredited investors can join. There are zero performance-based fees and no lock-ups. Each strategy is rigorously actively managed by Titan’s in-house investment team.

Titan clients also own the underlying fractional shares of the businesses in each investment strategy, offering greater flexibility when compared to pooled vehicles like hedge funds and mutual funds.

“The mutual fund or an exchange-traded fund (ETF) is fundamentally just a piece of technology for an investment manager to accept money from someone in order to invest in securities like a basket of stocks,” Percoco said. “We think this piece of technology is like a VHS tape. It does the job, but it’s archaic for a few reasons.”

The investment manager can’t talk to the client. A mutual fund is a black box. This is bad for a lot of reasons, he said. On top of that, the investment manager has no idea who the client is. When you buy an ETF, you’re just an anonymized dollar value, Percoco said.

And these products have layers of costs, have high minimums, and are difficult to create, he said. The factory that creates the mutual fund itself is very old.

“Believe it or not, the entire investment management industry (i.e., the use case of someone giving their money to an investment expert) is predicated on these VHS tapes,” Percoco said. “These are the archaic technologies being used. We’re rebuilding it entirely. Fidelity is an old factory. Titan is effectively a new factory.”

With Titan, investment managers can talk to clients (see the in-app video messages they send to explain market situations). The clients aren’t anonymous and so Titan can personalize investment recommendations for them. And Titan’s products can be created faster, better, cheaper,” he said.

“Like investment giants before it, the initial strategies on Titan’s platform are predominantly in stocks (for instance, its large cap growth strategy called “Flagship” aims to be a modern version of the revered Magellan Fund),” he said. “We’re already getting in-bounds from multi-billion dollar managers asking to launch products on Titan.”

Titan was founded by Clayton Gardner, Maxwell Bernardy, and Percoco. The company has 30 employees, and it hopes to have 100 a year from now.

VentureBeat

VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact.

Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:

  • up-to-date information on the subjects of interest to you
  • our newsletters
  • gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
  • networking features, and more

Become a member

.article-content .boilerplate-after
background-color: #F5F8FF;
padding: 30px;
border-left: 4px solid #000E31;
line-height: 2em;
margin-top: 20px;
margin-bottom: 20px;

.article-content .membership-link
background-color: #000E31;
color: white;
padding: 10px 30px;
font-family: Roboto, sans-serif;
text-decoration: none;
font-weight: 700;
font-size: 18px;
display: inline-block;

.article-content .membership-link:hover
color: white;
background-color: #0B1A42;

.article-content .boilerplate-after h3
margin-top: 0;
font-weight: 700;

.article-content .boilerplate-after ul li
margin-bottom: 10px;

@media (max-width: 500px)
.article-content .boilerplate-after
padding: 20px;

Adblock test (Why?)



Source link

Continue Reading

Investment

$364 Billion Investment Manager Invesco Files For Bitcoin ETF – Bitcoin Magazine

Published

 on


Independent investment firm Invesco, which currently operates 233 ETFs in the U.S., quietly applied for a Bitcoin ETF on Thursday.

The filing for a Bitcoin Strategy ETF falls under the 40 Act, a notable move that follows public recommendations by SEC Chairman Gary Gensler. Gensler spoke of the potential paths to a Bitcoin ETF earlier this week, at the time stating that he believes the act “provides significant investor protections” and that it will be used to evaluate applications.

Invesco is the first firm to file after the preferences expressed by Gensler. Eric Balchunas, senior ETF analyst for Bloomberg noted on Twitter that it was a “rare 6am filing = rushed it out. Won’t be surprised if we see 5-10 of these by Friday night.”

Noted in bold on the filing is that “the Fund will not invest directly in bitcoin.” The fund’s strategy is to provide exposure to the bitcoin price largely through exchange-traded futures, and to a lesser extent, exchange traded products, and private investment trusts that hold bitcoin.

The ETF would largely provide price exposure to bitcoin futures, Grayscale Bitcoin Trust, as well as several Canadian Bitcoin ETFs.

Invesco’s filing is just one among a series of funds seeking Bitcoin ETF approval in the United States. Notably, Goldman Sachs, Grayscale Bitcoin Trust, and Viridi Funds have all recently filed for or begun to offer investment vehicles tied to Bitcoin ETFs.

A Bitcoin ETF would give a massive boost to adoption, providing Bitcoin price exposure to millions of Americans.

If approved, the Invesco ETF is proposed to become effective 75 days after its filing. 

Image via Invesco website

Adblock test (Why?)



Source link

Continue Reading

Investment

IGM posts record profit in second quarter – Investment Executive

Published

 on


The firm also reported record-high investment fund sales of $1.9 billion for the quarter, more than doubling the $864-million total a year ago. Assets under management and advisement hit a new high of $262 billion, up 5.4% from the previous quarter and 39.2% from June 30, 2020.

“The result reflects record-high second-quarter client inflows across the companies and continued strong investment returns for our clients,” said IGM president and CEO James O’Sullivan in a statement.

The company’s wealth management business, which comprises IG Wealth Management and Investment Planning Counsel (IPC), reported a $134.3-million profit, up 33.6% from the previous year.

IG’s assets under advisement totalled $112.2 billion, up from $93.8 billion a year ago. IPC reported assets under advisement of $31.2 billion compared to $26.6 billion on June 30, 2020.

IG saw record client inflows of $670 million, compared to net outflows of $62 million a year ago.

Wealth management revenue for the quarter totalled $627.6 million, up from $531.1 million in 2020.

Asset manager Mackenzie Investments saw record investment fund sales of $1.7 billion for the quarter, up from $1.1 billion last year. Mutual fund sales accounted for $1.1 billion compared to $376 million in 2020.

Mackenzie reported mutual fund assets under management of $61.7 billion (up from $60.1 billion) and ETF assets totalling $4.9 billion (compared to $3.1 billion a year ago). If investments in ETFs by IGM mutual funds are included, ETF assets totalled $10.6 billion.

Asset management revenue for the quarter totalled $248.3 million, up from $190.8 million in 2020.

In an interview with Investment Executive last month, Mackenzie president and CEO Barry McInerney pegged alternatives and environmental, social and governance funds as growth areas for the firm.

He also talked about how Mackenzie is addressing the challenge of advisors shrinking their product shelves in response to the client-focused reforms.

Adblock test (Why?)



Source link

Continue Reading

Investment

Federal government launches investment blitz to mark first #EVWeekinCanada – Electric Autonomy

Published

 on


Cross-country investments focus on charging infrastructure, solutions for electric trucks, buses and residential buildings, and breaking down barriers to EV adoption

July was a significant month for government investment in cleantech and zero-emission transportation at the federal level. In all, four different program arms of Natural Resources Canada invested $32 million. The projects ranged from the installation of 853 electric vehicle chargers, to increasing public awareness of zero emission vehicles and improving progress to green transportation planning and infrastructure.

The announcements coincided with the Government of Canada’s declaration of #EVWeekinCanada, a coordinated effort at a policy level to bring awareness to the transition. Quebec, too, offered more government support with over $21 million invested in public charging initiatives through Hydro-Québec.

“EV Week in Canada is about promoting and highlighting the benefits of owning and driving Zero Emission Vehicles (ZEV) in Canada,” wrote a spokesperson from Transport Canada in response to emailed questions from Electric Autonomy Canada about the initiative. “Transportation is the second largest source of greenhouse gas (GHG) emissions in Canada, accounting for a quarter of Canada’s total emissions. Decarbonizing the transportation sector will be essential to meeting Canada’s climate change commitments.”

The funding and programming blitz is a key indicator that the government is gearing up to push adoption and policy in the second half of the year — possibly against the backdrop of a federal election where EVs, reducing emissions and renewable energy could play a pivotal role.

Investment highlights

The menu of federal investments for July was wide-ranging:

  1. $4.95 million to Hydro One Ltd. in Ontario for heavy-duty electric truck charging station development.
  2. $2.5 million for the implementation of a smart charging platform for the Toronto Transit Commission’s electric bus fleet.
  3. $2 million to Opus One Solutions for a project to develop a shared economy model for EV chargers, focusing on residential EV charging impact on local power grids.
  4. $1.32 million to Alectra Inc. for the development of EV charging models for single-family and multi-unit residential buildings that provide affordable and easy access, while managing energy cost increases.
  5. $1.3 million for an enhanced SmartCharge Incentive system to Geotab Inc., with the goal of demonstrating price signals and optimal charge windows for owners of EVs.
  6. $635,000 to Blackstone Energy Services Inc. for a discharge energy system that encourages EV owners to send power back to the grid during peak demand periods. Blackstone are also to assist facility operators with offsetting their power use during such periods.
  7. $310,000 for Calgary and Edmonton to fund the installation of 44 EV chargers. The City of Calgary will partner with ENMAX Utilities and combine to contribute an additional $125,000 for the 20 chargers to be built at major light rail transit stations and recreational centres. Meanwhile, the City of Edmonton is collaborating with EPCOR Utilities to install 24 chargers at 13 different sites near busy recreational facilities.
  8. 170 EV chargers will be funded by $800,000 in British Columbia, which includes 168 Level 2 EV connectors and two fast chargers over the province. The chargers will be ready for use by the public come this winter.
  9. An additional $1.2 million will fund cities across the province to install 98 more EV chargers. 7-Eleven Inc. is one of the businesses that will benefit, as they plan to install six fast chargers at its stores in Vancouver, Langley, Abbotsford, Kamloops, Kelowna and Victoria.
  10. Finally, through a combination of federal and provincial funding, Quebec will see 215 new EV fast chargers installed by December 2022 due to a $9.4-million investment to Hydro-Québec, which is also contributing more than $10 million to the initiative. A related investment of over $3 million is also going to the utility to tackle barriers to EV adoption.

Minister of Natural Resources Seamus O’Regan Jr. said in the press release announcing the initiatives, “We’re giving Canadians the greener options they want to get to where they need to go. We’re building a coast-to-coast network of electric vehicle charging stations from St. John’s to Victoria. This is how we get to net zero by 2050.”

Investing in future challenges

One of the unique elements of the funding announcements is the commitment to heavy-duty electric truck charging. It’s one of the first major federal signals it is anticipating a swift transition with a need for significant infrastructure.

In Ontario, and like other utilities, Hydro One has a massive task ahead of it: charging large batteries that long-haul trucks need in order to become fully-electric. It will also have to account for the need to do so in a quick and efficient manner, while still managing the demand on the grid.

The federal investment of nearly $5 million will help fund charging solutions to yield greater carbon reductions in the commercial transport sector.

Hydro One senior vice-president, strategy and growth Jason Rakochy said of the electric truck charging station model, “We’re integrating sustainability practices into all aspects of our business as part of our vision for a better and brighter future by developing innovative solutions such as our electric heavy-duty vehicle pilot to help achieve net-zero emissions by 2050.”

Similarly, local grid demand will also have to be accounted for by Opus One Solutions as it investigates residential EV charging using $2 million in public funds.

Opus One’s mission is to build out smart grids in order to manage charging loads from public adoption of EVs. Using grid management software, the company is aiming to create harmony between grid battery storage, renewable energy and vehicle-to-grid draw-and-storage capabilities. Opus One emphasizes energy planning and off-peak charging to help balance the grid in an EV-centric future.

That’s where the investment in Geotab’s SmartCharge Incentive system — a program tied to Geotab Energy, launched in early 2021 — comes in.

Geotab Energy “arms utilities and electric vehicle owners with advanced electricity demand-management solutions” according to company materials. The mission is to determine how best to communicate off-peak price signals to EV drivers, whether it be through the property owner of the charging station, workplace or the homeowner.

While figuring out the times when both the price and demand on the grid are lower isn’t materially different from Time of Use (TOU) patterns that exist with current electricity plans, grid conditions do change. This makes communication “to bridge sustainable transportation with sustainable energy” all the more important, says the company.

Geotab Energy is primarily focussed on facilitating more efficient and fast communication between utilities and their customers and it has developed a SmartCharge Reward program to incentivize EV drivers to charge at beneficial times for the utilities.

Knocking down barriers

In order to tackle obstacles to EV adoption, the combined government investment in Hydro-Québec will allow the public utility to test ultra-fast new-generation charging stations. The goal is to assess technologies from different manufacturers under real-world conditions. Critical information will be collected and the utility will learn more about the strength of the power grid’s infrastructure.

“[W]e deployed our 500th rapid-charging station, and we are moving toward more than 2,500 rapid-charging stations by 2030 so that electric vehicle drivers can travel with peace of mind throughout Quebec,” said France Lampron, director of transportation electrification at Hydro-Québec in a press release.

So far and in total, Canada has invested over $1 billion in EV incentives and infrastructure as the country pushes toward 100 per cent new EV sales by 2035.

Adblock test (Why?)



Source link

Continue Reading

Trending