Family Office & RIA Weekly Roundup

Take a Lap Around the Industry

• Best Quarter on Record: US ETFs Net $287bn in Q3 (Citywire)
• China Markets Warn Xi More Stimulus Is Needed to Fuel Rally (Bloomberg)
• Zeta Global to Buy Marketing Tech Company LiveIntent in $250 Million Deals (WSJ)
  
• BlackRock, JPMorgan Asset Back Dynasty Financial at $800 Million Valuation (Bloomberg)
  

Jane Street, a historically low-profile trading firm, has emerged as a dominant force in the financial markets, particularly in exchange-traded funds (ETFs) and bond trading. In 2024, Jane Street reported an impressive 78% rise in net trading revenues, positioning it to potentially outpace larger firms like Goldman Sachs in annual trading earnings. Known for its innovative use of complex financial instruments and technologies, Jane Street has become a major player in bond ETFs, a market long dominated by banks. However, this rapid growth has brought challenges. Rivals like Citadel Securities are pushing back, and internally, the firm is grappling with the difficulties of maintaining its flat, collaborative culture as its workforce approaches 3,000 employees. Despite growing external competition and internal pressures, Jane Street continues to thrive, though some analysts believe the firm could face difficulties if its performance falters.

"There’s definitely increased competition, and I think it’s good for the overall ecosystem and good for investors.”

Matt Berger (Jane Street)

Private Funding Pulse Check

• Eleanor Health, an outpatient addiction treatment provider announced  that it has secured $30M in Series D funding, with support from Jobs' family office, Emerson Collective
• With support from Euclidean Capital, Judo Bio, a biotechnology company at the forefront of developing  medicines for kidney treatment, announced its official launch along with $100M in initial funding, comprising seed financing and a Series A round
• EvenUp, an AI startup that assists lawyers in streamlining tasks like document drafting and review, reached a valuation of over $1B following a $135M funding round with support from Azim Premji's family office
• With  backing from Edmond de Rothschild Group,  BE WTR, a Swiss-founded provider of sustainable and premium water solutions, has secured $45.45M in its Series C funding round to support its expansion plans in Singapore and across Asia
  Source: FINTRX Data 

M&A Activity Tracker 🚨

• Cetera Financial Group has announced its first direct acquisition of 2024, purchasing Concourse Financial Group Securities (CFGS), a hybrid RIA and broker-dealer owned by Protective Life Corp., with the deal expected to close in early 2025
• CFGS, based in Birmingham, Alabama, employs around 350 advisors and manages over $12 billion in client assets, with $4 billion under discretionary management
• Protective Life Corp., which went private in 2015 after its sale to The Dai-ichi Life Insurance Company, sold CFGS to focus on its core life insurance and annuity businesses
• Cetera continues to expand its M&A activities in the rapidly consolidating market, following previous acquisitions of Avantax and Securian Financial’s wealth business
  (Citywire)

Singapore is rapidly establishing itself as a leader in artificial intelligence (AI) development and adoption, driven by a robust public-private partnership model. The government’s National AI Strategy 2.0 includes a $767M investment over the next five years, aimed at securing advanced technology, building centers of excellence, and enhancing the country’s AI talent pool. The private sector is also heavily involved, with companies like Amazon, Microsoft, and Nvidia launching initiatives to support AI integration in Singaporean businesses. Ranked third globally in AI innovation by the Global AI Index, Singapore is capitalizing on its strategic investments by fostering partnerships and hosting key international tech events such as Tech Week Singapore and the Singapore Week of Innovation and Technology. These efforts not only support AI innovation but also reinforce Singapore's commitment to responsible AI governance, creating a fertile ground for future advancements in AI.

"Bringing together the public and private sector is crucial—the private sector has specific expertise and the government’s role is to complement it by establishing good infrastructure.”

Cindy Ngiam (Enterprise Singapore)

FalconX Eyes Acquisitions as Crypto Sector Braces for Consolidation in 2025

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