Weekly Flash Report 10/30/2020 2020.11.03

Current Happenings:

  • Markets took a big plunge last week. All three major stock indexes lost over 5.5% for their worst week since March.
  • Amazon’s brought in $96.1B in sales last quarter, profit tripled from the same quarter last year to $6.3B.
  • Spotify outperformed on subscriber growth: monthly listeners jumped 29% to 320M, and Premium subscribers were up 27%.
  • Netflix is raising their standard plan to $14/month which puts Netflix’s most popular plan almost at parity with HBO Max ($15/month) – which launched at a price point that some thought might be too much for a streaming service.

Regulatory Trends and Industry Trends:

  • Most contribution and benefit limits for employer-sponsored plans remain unchanged for 2021, according to the IRS.
  • The DOL issues final rule on with softer stance on ESG, using only ‘pecuniary’ factors int eh assessment of investment options within tax-qualified retirement plans.
  • A memorandum issued by the president first orders three departments to review the situation for Delphi retirees, then orders a review of pensions currently trusteed by the PBGC.

Investment Manager News:

  • American International Group Inc. (AIG) is intending to separate its Life and Retirement business from AIG. The AIG Board of Directors says its intent is to maximize shareholder value and establish two independent, market leading companies.
  • PGIM Real Estate has appointed Henri Vuong as executive director and head of real estate debt investment research.





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