The Winklvoss twins want you to join Gemini, their new Bitcoin exchange
A new Bitcoin platform is coming (Gemini Blog)
The Winklevoss twins, known for their efforts in helping found Facebook, will launch their digital Bitcoin platform, Gemini, on Thursday, October 8. According to their Gemini Blog, the twins have spent the past two and a half years educating themselves, and others, about Bitcoin. First the twins constructed a Bitcoin ETF, but soon realized a much bigger opportunity existed in creating a digital platform as investors were scared to invest in Bitcoin through overseas intermediaries. "Your US dollars on Gemini will be as safe and secure as they are in your bank account today," Gemini says.
The US trade deficit ballooned (Business Insider)
Department of Commerce data showed the US trade deficit ballooned 15.6% to a seasonally adjusted $48.3 billion in August. The deficit grew as total imports rose 1.2% and total exports fell 2%. Notable was the 3% increase in imports from China, which caused the US' deficit with its largest trading partner to swell $4.2 billion to $32.9 billion.
Broker-dealers posted a strong first half of 2015 (Reuters)
During the first half of 2015, Wall Street broker-dealers saw profits rise 29% year-over-year to $11.3 billion, according to New York state's financial watchdog. While the first half of the year was strong, New York state Comptroller Thomas DiNapoli warns the second half might be more challenging. "We can't predict how the year will end but it would appear that in the short run profits will be dampened, which certainly could have an impact on what we had anticipated would be continued job growth," DiNapoli said. According to Reuters, the comptroller's report suggests one in nine jobs in New York City are linked to the financial services industry.
Bain Capital is liquidating a macro fund (Bloomberg)
Bain Capital sent a letter to investors announcing it's liquidating its $2.2 billion ARC Macro hedge fund due to challenging market conditions. The letter suggested the difficult conditions and "lack of certainty over when a recovery will take hold, led us to conclude that the time was right to return capital to you." According to Bloomberg, the fund has lost approximately 8% annually over the past three years.
Why advisors should be working in teams (PriceMetrix)
A research report from PriceMetrix suggests financial advisors are better off working in teams than going solo. PriceMetrix's research found the average team controls $130 million in assets and takes in $950,000 in revenue, beating out the $110 million AUM and $830,000 of annual revenue of the average advisor. The report says teams create deeper and more meaningful relationships with clients than do individual advisors, leading to a higher returns on assets and causing clients to maintain their relationship longer.