Category: Report
Q1 2026 Factor Performance Analysis
Global equities in transition: factor rotation and market weakness
February 2026 Factor Performance Analysis
AI sell-off, mixed factor trends, and Canadian market outperformance
Q4 2025 Plan Universe Allocation & Return Analysis
Equity allocations drive defined benefit plan performance to post best annual performance since 2020.
Q4 2025 Preliminary Plan Universe Performance
Equity allocations drive defined benefit plan performance to post best annual performance since 2019.
Q4 2025 Sector Insights Dashboard
Introduction This report introduces the Sector Insights Dashboard, a new quarterly analysis that provides a clear, factor-based view of U.S. equity sector performance. Leveraging Style Analytics® data, the dashboard brings together sector weights, valuation dynamics, and factor exposures to highlight what is driving returns beneath the surface of the market. By combining cross-sector comparisons with security-level […]
Transparency, enforcement, and what’s ahead
Introduction: Key regulatory themes to start 2026 As the industry enters 2026, regulators across major jurisdictions are moving from rulemaking to closer supervision, validation, and enforcement. Expectations around transparency, governance, data quality, and operational resilience are no longer theoretical—they are being tested in practice through examinations, supervisory reviews, and enforcement activity. This January edition of the RegTech […]
Closing out 2025: A year of transition, transparency, and transformation
As 2025 draws to a close, the regulatory landscape for global asset managers has continued to evolve. From shifting disclosure regimes to heightened expectations on governance, liquidity, and transparency, this year has marked a notable turning point in how firms operate, report, and manage regulatory obligations. At Confluence® Technologies, we’ve followed the major developments closely—from the […]
SFDR review: Level 1 text published
Revised Level 1 text proposes a streamlined framework with key sustainability-related product categories better defined
From settlement speeds to strategic supervision: Regulation in transition
Introduction November’s regulatory developments reflect a continued recalibration of global supervision—faster markets, evolving consumer protections, and continuing regulatory attention on operational resilience. Europe is preparing for a move to T+1 settlement, expected to enhance efficiency but likely to test readiness across post-trade processes. In the UK, the FCA is refining both its MiFID organizational rules and the […]
Q3 2025 Preliminary Plan Universe Performance
Global equity markets posted strong performance in Q3 2025, led by continued excitement around AI.
Regulation in motion: Preparing for disclosure, oversight, and data-led supervision
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Global compliance moves in focus: From FCA signals to AI and beyond
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q2 2025 Plan Universe Allocation & Return Analysis
Fixed Income Allocations Drive Defined Benefit Plan Performance as Uncertainty Impacts Markets Q2 2025
AML rule delayed, not derailed: What advisers need to know now
Introduction In a move that surprised few but still raised eyebrows, the Financial Crimes Enforcement Network (FinCEN) has officially postponed the effective date of its long-anticipated Anti-Money Laundering (AML) rule for Registered Investment Advisers (RIAs) and Exempt Reporting Advisers (ERAs). Originally slated to take effect on January 1, 2026, the rule is now delayed until […]
Regulatory reform in focus: Preparing for the next wave of simplification
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
FCA to review the consumer duty: What it could mean for asset managers
In her Mansion House speech on 15 July 2025, Chancellor Rachel Reeves announced that the Financial Conduct Authority (FCA) will carry out a targeted review of the Consumer Duty, introduced in 2023. The review will focus specifically on its impact on wholesale firms and the application of obligations to professional client relationships. This initiative is […]
Q2 2025 Preliminary Plan Universe Performance
Equity Allocations Drive Defined Benefit Plan Performance Q2 2025.
Regulatory reality check: What compliance teams need to know in July 2025
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q1 2025 Plan Universe Allocation & Return Analysis
Fixed Income Allocations Drive Defined Benefit Plan Performance as Uncertainly Impacts Markets Q1 2025
From AI audits to accelerated pace of regulatory change
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Policy in flux: Where regulation stalls, accelerates, and evolves
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q1 2025 Preliminary Plan Universe Performance
Fixed income allocations drive defined benefit plan performance as uncertainty and market volatility impact markets Q1 2025.
AIFMD II, ECB & EDGAR updates: what you need to know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q1 2025 Factor Performance Analysis
Momentum equities kick off 2025 — But sentiment is clearly shifting
EU, UK, and US regulatory reporting: key dates ahead
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q4 2024 Plan Universe Allocation & Return Analysis
Equity and alternatives drive top performing plans in 2024
Rule 13f-2 and Form PF deadline extensions; Redefining UK retail disclosures; Data Insights: biodiversity, ultra-long bonds, tariffs
Rule 13f-2: In the US, a temporary reprieve for short-selling disclosures On February 7, 2025, the SEC announced a temporary exemption from compliance with Rule 13f-2 and reporting on Form SHO, whereby institutional investment managers must disclose their short positions meeting certain thresholds. Originally due by 14 February 2025, initial reporting is now due by […]
Q4 2024 Preliminary Plan Universe Performance
The Confluence All Defined Benefit Plan Sponsor Universe posted the first negative quarter since Q3 2023.
Investing in biodiversity: Why it matters for financial markets
Biodiversity is not just a concern for environmentalists—it’s a critical factor in the stability and growth of global financial markets. Over $44 trillion of economic value, more than half of global GDP, depends on nature and its services. As ecosystems degrade, industries like agriculture, forestry, fisheries, and supply chains face growing risks. For investors, this […]
The long is even longer
The evolution of ultra-long bonds: A strategic asset for financial professionals
Navigating EU regulations: expectations for 2025 and beyond
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q3 2024 Plan Universe Allocation & Return Analysis
Defined benefit plans post their best third quarter performance in 14 years
Investment firms and the Trump administration: what’s next?
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Predicting the future of oil prices – Lessons from history’s biggest oil shocks
From its early discovery in the 19th century to its role as a geopolitical asset in the modern world, oil has consistently shaped global economies and influenced the outcome of wars. Historical oil price spikes, from the oil embargo of the 1970s to the Gulf Wars, have had profound effects on global markets, inflation, and […]
October 2024 Q3 Preliminary Plan Universe Performance
Plan Universe Performance During the third quarter of 2024, global equity markets posted another positive quarter, with the MSCI ACWI Index returning 6.72%. Year-to-date, global equity markets have been strong, with the MSCI ACWI Index returning 19.08%. Equity markets have been led by U.S. large cap stocks, with the Russell 1000 Index returning 21.18% compared […]
Form PF and AML compliance: key considerations
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Japanese equities in the wake of interest rate changes
Surge of volatility triggered by the Bank of Japan's decision to raise rates
What do AI stocks, the tech bubble, and Taylor Swift have in common?
What are your chances of scoring Taylor Swift tickets? You’ll likely find yourself in the pre-sale queue with odds of 1 in 20, or even 1 in 50. For most, this means turning to the secondary resale market. An “affordable” concert experience can range from $50 to over $1,000 per ticket. But why the surge? It’s basic […]
The big picture: a global perspective on U.S. disclosure regulations
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Treasuries should benefit from highly probable September cuts
As of the last policy decision in July 2024, the Federal Reserve maintained its interest rates at a high of 5.25% to 5.50%. However, it is expected that the U.S. Federal Reserve will lower interest rates by 25 basis points after each of its final three meetings in 2024, according to the majority of Reuters-surveyed economists who said a recession is unlikely. Inflation data (currently 2.9 %) and the August employment numbers (significantly weaker than initially estimated) will guide the Fed’s hand in September. Chair Powell stressed in a 2023 speech that the Fed “is navigating by the stars under cloudy skies.”
Q2 2024 Plan Universe Allocation & Return Analysis
Relatively flat quarterly performance for defined plans.
AIFMD II and SEC Names Rule: what you need to know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Tech in transaction reporting: new ID rules and ESG changes
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q2 Preliminary Plan Universe Performance
Plan Universe Performance During the second quarter of 2024, global equity markets posted another positive quarter with the MSCI ACWI Index returning 3%. Year to date, global equity markets have been strong with the MSCI ACWI Index returning 11.58%. Equity markets have been led by U.S. large cap stocks, with the Russell 1000 Index returning […]
Q1 2024 non-profit plans & active U.S. value equity analysis
Executive summary In June, we released a report on a recent webinar highlighting key trends driving institutional hiring activity incorporating analysis from our Prism and Style Analytics platforms. We focused the analysis within the U.S. region and concentrated on the managers winning new mandates within Large & Small-Cap growth from Non-Profit clients. In this analysis, […]
U.S. Supreme Court curbs regulatory power
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q1 2024 non-profit plans & active U.S. growth equity analysis
Executive summary Highlights of key trends in institutional hiring activity, incorporating analysis from Confluence’s Prism & Style Analytics platforms. The focus is on the equity part of the analysis within the U.S. region as it was responsible for 67% of actively managed new mandates in the last three years (compared to 23% for non-U.S. and […]
Market reaction during historic political crises in Europe provides key insights ahead of French election
French markets are bracing for significant volatility following President Emmanuel Macron’s announcement to dissolve parliament and call for fresh elections. This extraordinary move follows a strong performance by the far-right Rassemblement National (RN) in recent European elections, raising concerns about the country’s economic future.
Factor Performance in UK General Elections
With the UK general election scheduled for July 4th 2024, we conducted a historical analysis of factor performance in the periods surrounding previous elections. In total, we analyzed six UK general election periods between 2001 and 2019, examining how factors performed in the six months leading up to and following the vote. Key Findings The […]
UK election and SEC Marketing Rule: key takeaways
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
2024: A year of uncertainties for global markets
As we navigate through 2024, uncertainties loom large on the horizon. High interest rates in major economies influence global economic dynamics, and geopolitical tensions cast shadows over the future. Investors find themselves grappling with the complexities of analyzing financial market trajectories amidst this backdrop of uncertainty. Bonds The anticipation of rate cuts by the FEDs […]
Q1 2024 Plan Universe Allocation & Return Analysis
Defined benefit plans post their best quarterly performance in three years.
Private fund adviser reforms and EU due diligence updates
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
EMIR reporting enhancements: transitioning to T+1
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q1 2024 Preliminary Plan Universe Performance
Plan Universe Performance During the first quarter of 2024 U.S. equity markets posted strong returns as the economy continues to show resilience although inflation remains above 3% and the federal reserve is unlikely to cut interest rates before July. The Investment Metrics All Defined Benefit Plan Sponsor Universe posted a median net return of 4.47% […]
2023 active developed market equity fee study
Executive summary In the following report we review separate accounts and commingled funds post negotiated fees using Confluence’s Prism Analytics. Utilizing data from Confluence’s PARis platform, Prism Analytics aggregates insights from 80% of the top 20 consultants as ranked by P&I on institutional assets, including over 15K institutional plans, 400K portfolios, and $8T Assets Under […]
Climate disclosure rule: implications of a Trump victory for the SEC agenda
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
AIFMD II and SEC reforms: what to expect in 2024
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q4 2023 Plan Universe Allocation & Return Analysis
Defined benefit plans post their best quarterly performance in three years.
Factors and falling interest rates
Growth equity performance On December 15th, the Federal Reserve delivered a significant announcement, suggesting possible federal funds rate cuts in 2024. This revelation triggered a ripple effect across global equities, leading to an “everything” rally near the end of the year as markets priced in anticipated rate reductions as early as Q1 2024. While the […]
Value & yield factors drive active managers to outperform in emerging markets equity
Emerging markets equity performance 2023 marked the third consecutive year that developed markets equity has outperformed emerging markets. For the year, the MSCI World Index returned 24.42%, more than double the MSCI Emerging Markets Index return of 10.26%. Although their performance lagged in absolute terms, active managers of emerging markets equity outperformed their benchmarks. For […]
January 2024 Q4 Preliminary Plan Universe Performance
During the fourth quarter of 2023, markets rallied, especially toward the end of the year, after the Federal Reserve’s optimistic comments propelled U.S. equity markets to two-year highs. Despite lingering challenges such as geopolitical tensions and the high cost of borrowing, the potential of loosening monetary policy renewed optimism in global markets. The Investment Metrics […]
ESG requirements and EU reporting: navigating the changes
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Navigating new SEC rules, ESG deadlines, and AI developments
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Navigating PRIIPs & UCITS challenges: Preparing for the annual refresh
With the Packaged Retail and Insurance-based Investment Products (PRIIPs) Key Information Document (KID) transition complete and the industry looking forward, Confluence’s Shane Flatman and Stephane Turpin took the time to reflect on the move from UCITS KIID to PRIIPs KID overall in a recent webinar. And now that we’re in the fourth quarter of the year, now is the time to start the process of refreshing your PRIIPs KIDs and UCITS KIIDs. Here, we discuss the key areas and challenges the industry worked through as part of the transition and the crucial areas KID producers should focus on to ensure they are ready for the annual refresh.
Mandate winners and market shareholders 3Q 23
Data derived from the Confluence Prism Analytics platform covers 80% of the top 20 institutional consultants as ranked by P&I
ESG reporting and SEC amendments: key changes you should know
Explore our RegTech Reports. Your trusted source for essential insights into regulatory technology and industry updates. This curated collection of reports, blogs, and video series covers a wide range of topics, from upcoming regulatory changes to the latest technological advancements, helping you navigate the complexities of compliance with confidence.
Q3 2023 Plan Universe Allocation & Return Analysis
Corporate plans continue to struggle in the third quarter
October 2023 Factor Performance Analysis
Quality shows strength world-wide during market downturn
Exploring the relationship of interest rates to value vs growth investment strategies
After the economic turmoil caused by the COVID-19 pandemic, developed economies faced inflation rates reminiscent of the early 1980s. With the United States and the United Kingdom embarking on an unprecedented cycle of interest rate hikes to counter inflation, investors were left wondering about the potential impact on equity markets. Specifically, the question was whether […]
August 2023 Factor Performance Analysis
US Quality-Growth public equity outperforms Value in Developed Markets
Cyclicals vs. defensives in rising interest rates
The macroeconomic backdrop holds a paramount influence on driving growth and value factor performances. Among these, interest rates have had the most profound effect, as shown in the charts below. Changes in interest rates from 2022 to 2023 have predominantly guided the returns of Large Cap Growth and Large Cap Value portfolios: Job reports are […]
Q2 2023 Plan Universe Allocation & Return Analysis
Public equity exposure drives 2023 performance
Top compliance concern: An SEC exam on the marketing rule — forewarned is fair play?
Elevated Fears and Stress abound for registered SEC Adviser firms as they evaluate their firm’s readiness for an inevitable SEC examination for compliance with the new Marketing Rule. The SEC’s Division of Examination (“EXAMS”) staff is currently examining SEC Registered Investment Adviser firms for compliance with the Marketing Rule with breakneck focus. Registered SEC Investment […]
Q2 2023 manager research: U.S. large cap value equity performance
U.S. large cap growth continues to outperform value, but value managers outperform benchmark as growth managers struggle to keep pace with Russell 1000 Index
Institutional client lifetime revenue report
Confluence’s first-of-a-kind analysis tool empowers users to explore our extensive dataset, conduct valuable research, and generate reports like this to assist asset managers in evaluating revenue retention, quantifying opportunities, and precisely valuing accounts.
Q1 2023 Preliminary Plan Universe Performance
Defined Benefit plans in the Investment Metrics Plan Sponsor Universes posted a median net return of 4.47% for the first quarter of 2023. Plan performance rebounded over the last two quarters with a median return of 10.07%, after three consecutive negative quarters to start the calendar year in 2022. For the quarter, corporate plans posted […]
Making the right adjustments: managing liquidity risk for SEC Rule 22e-4 compliance
Introduction One of the many lessons learned from recent financial crises is that under unpredictable circumstances, the liquidity of traded financial instruments can nearly vanish. As we saw in those instances, this lack of liquidity coupled with the highly interconnected nature of modern derivatives, can lead to massive fund redemptions, which naturally increases the pressure […]
