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Finance

Global financial firms step up push into South Korea, targeting retail ETFs and institutional alternatives

Global financial firms are increasingly turning to South Korea as they expand local footholds to target demand from retail investors for overseas investment products and from insurers and pension funds for alternative assets. Alternative investment manager Hayfin said it will broaden cooperation with Korean institutional investors via its Seoul office. U.S. ETF managers Tradr ETFs and Tuttle Capital Management cited sizable Korean ownership in their assets.

Crypto

Bitcoin gains capped despite U.S. PCE tailwind, focus on break above $85,600

Bitcoin briefly rose above $85,000 after U.S. August personal consumption expenditures (PCE) inflation came in below forecasts, but the rally soon faded. It climbed to $85,598.94 intraday before slipping to around $83,600. Markets adjusted October rate expectations, though inflation concerns persisted as core PCE remained above the Federal Reserve’s 2 percent target and 10-year Treasury yields hit about 5.25 percent. Bitcoin stayed in a range after September’s surge, with attention on resistance near $85,599.