Overstock.com has launched a robo advising investor platform that will be presented by tZERO Advisors; investors can choose from a group of portfolios or create their own for $9.95 a month; tZERO Advisors uses FusionIQ’s investment platform which allows for the online investing; “This service introduces robo-advising investment management services to our millions of customers and continues Overstock’s commitment to bridging Wall Street and e-commerce,” shared Overstock founder and CEO Patrick Byrne to Crowdfund Insider. Source.
News Roundup
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Overstock.com launches a joint venture with RenGen and Argon Group for an automated trading system for tokens via ICOs; according to Overstock CEO Patrick Byrne the JV will be the first platform to meet regulatory requirements of both the SEC and Finra. Source.
Overstock.com plans to launch their new regulated token exchange with its own initial coin offering; launched under Overstock.com's capital markets arm, tØ, the token offering will be the first listed event on the new exchange; CoinDesk reports that Overstock.com CEO Patrick Byrne said the company will be able to raise between $200mn and $500mn easily. Source.
Overstock.com is utilizing blockchain for a blockchain security offering; the offering is part of its preferred stock capital raising which provides investors the option to invest through the company's blockchain technology using a URL; this offering has confirmed subscriptions with the post-trade process being managed on a shared, distributed ledger; since Overstock.com is a publicly traded company, all details of the subscription process have been documented with the SEC. Source
Overstock has been building out their FinanceHub for the past few months to include Overstock credit cards and insurance products, loans by LendingTree, Prosper and SoFi, a robo-adviser for automated investing and a discounted trading platform; Raj Karkara, Overstock VP of loyalty and financial services, tells TearSheet, “Consumers don’t want to sit and sign 50 documents, they just want to go online and get through the steps they need to take to move forward.”; the moves made are part of a broader strategy for the retailer to become a full service fintech firm that caters to their clients needs. Source.
In early 2008 Jillian Kay was drowning in debt. She had multiple...
The National Internet Finance Association has announced the establishment of a P2P Finance Association; the Association will be led by the People's Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission and the China Insurance Regulatory Commission; the Association will seek to improve the industry and promote its development. Source
UK listed marketplace lending fund, P2P Global Investments, has reported struggling performance in 2016; monthly return in September was 0.23% for a year-to-date return of 3.41%; target annual return is 6% to 8%; peripheral factors such as debt facilities and currency hedges have affected the return; the fund is now selling at a discount of 19.8%; has been steadily buying back shares to help improve the NAV and also using securitization to reduce debt costs; loan defaults and delinquencies have been higher as a result of longer maturities, however the primary factor affecting the return is the broad global diversification of the loans resulting in losses from currency hedging. Source
The P2P Global Investments Fund has assets under management of GBP833 million ($1.07 billion) and reported an increase of 0.55% in its March NAV; total NAV return for Q1 2017 was 1.18% and the Fund has decreased its discount to 15%; the Fund has been continuously evolving its strategy and is also reviewing its investment manager. Source
The P2P Global Investments Fund is reviewing its fund management arrangements with investment manager MW Eaglewood Europe LLP; MW Eaglewood has submitted plans for improving the performance of the fund which include fund management changes and a discount reduction plan; further discussions over the fund's management are expected to continue; the fund is also reporting some factors that could improve including better risk default characteristics from loans concentrated at durations of 7 to 21 months and increased utilization of credit facilities. Source