![]() Vanguard is also the largest TDF manager in the industry and the No. 1 “recipient of cash flowing into target-date funds,” the lawsuit continues.īecause most of the money in Vanguard’s target date funds “comes from company and institutional retirement plans,” Vanguard “is therefore incentivized to keep the managers of its retirement plans happy,” according to the complaint.īefore December 2020, “only retirement plans with $100M or more could access the Institutional Funds. Plans with under $100M were limited to the Retail Funds, with higher fees. Naturally, plans with under $100M wanted the lower fees available to the Institutional Fund investors,” the lawsuit says. Vanguard did not respond to a request for comment by press time. William Galvin, Massachusetts’ top securities regulator, launched an investigation in late January into the purchase of target date mutual funds by Massachusetts customers in taxable accounts at five broker-dealers - T. Rowe Price Investment Services, American Fund Distributors, BlackRock Investments, Fidelity Brokerage Services and Vanguard Marketing Corp. Galvin said he was particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to small-dollar investors, resulting in large tax bills for those who held the funds in non-retirement accounts. The Massachusetts Securities Division “is looking at issues like those that recently happened with Vanguard,” a spokesperson for Galvin’s office told ThinkAdvisor then.Abby Steiner ran a world-leading collegiate record of 21.80 to win the 200m – one of four medals claimed by the University of Kentucky sprinter on the fourth and final day of NCAA Championships action in Eugene on Saturday (11). University of Florida secured the women’s team title, completing a double following the men’s team success the day before. The women’s team performances were led by Anna Hall, who contested a unique double and won the heptathlon alongside securing a second-place finish in the 400m hurdles, and Jasmine Moore, who took the triple jump to go with her long jump win from Thursday.įor Steiner, her 200m win came 45 minutes after a third-place finish in the 100m, won by Julien Alfred of Texas in a photo finish from Oregon’s Kemba Nelson as they both clocked 11.02 (0.2m/s). Six women, led by Alfred and Steiner with 10.90, had broken 11 seconds in Thursday’s semifinals.Īfter equalling the NCAA Championships 200m record with a PB of 22.02 to win her semifinal on Thursday, Steiner next lined up for the 200m final and took another 0.22 off that lifetime best. Seeking Alpha contributor The Value Investor analyzes BLZE’s future prospects here.Narrowly ahead off the bend, she continued to pull away from her rivals and raised her arms to the air as she glanced at the finish line clock. one for every Class A share, giving Class B stockholders 97% of the voting power. Additionally, company executives and pre-IPO investors own Class B shares that carry 10 votes each vs. ![]() ![]() BLZE also gave underwriters the option to buy 937,500 extra Class A shares for overallotments. Backblaze ( BLZE) last week raised $100M selling roughly 6.3M Class A shares at the midpoint of the IPO’s expected $15-$17/share range.The company competes with the likes of S3 service from Amazon (NASDAQ: AMZN), Azure from Microsoft (NASDAQ: MSFT) and Google Cloud from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). BLZE provides business and consumer clients with subscription cloud-based computer storage and backup services.The stock popped 24.4% last Thursday in its first trading session, then added another 10.8% Friday and extended its rally to a third day on Monday. Backblaze ( BLZE) was rising on no apparent news other than continued enthusiasm for its initial public offering.BLZE rose as much as 29.7% to $28.59 before pulling back to close at $25.50, ahead 15.7% for the day and 59.4% since the stock staged an IPO at $16 a share.Backblaze (NASDAQ: BLZE) was fire Monday for the third straight session since its IPO last week, up some 16% on the day and roughly 60% since the cloud-storage firm went public last Thursday.
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