Nasdaq’s Friedman Says Returns Are Driving Flows Into US Markets
(Bloomberg) — Companies from around the world remain focused on American markets, driven by the money they’re getting out of the US, Nasdaq Inc. Chief Executive Officer Adena Friedman said.
“The investment firms are obligated to find the best returns,” Friedman said Wednesday in a Bloomberg Television interview from the World Economic Forum in Davos, Switzerland. There’s been a $3 trillion increase in equity flows into the US from foreign investors in the past year, she said. “We just have to continue to drive those outsize returns within our economy to continue the flows coming in.”
As CEO, Friedman has steered Nasdaq to grow beyond its roots as an exchange operator so it can continue to expand even amid dips in its markets-based business.
“In terms of companies looking to go public, the US markets are the deepest and most liquid markets. They have the deepest investor bases, people understand — especially for innovative tech companies,” Friedman said.
New York-based Nasdaq last year announced a new regional headquarters in Dallas to serve as a hub for clients in Texas, along with additional investments in the state. Nasdaq had previously unveiled plans to reorganize its listing business into three regional divisions to be led by senior executives amid efforts to capture demand for initial public offerings at a local level.
A year ago in Davos, as President Donald Trump returned to the White House, Friedman said she hoped to work with the Trump administration to loosen regulations and requirements for public companies, with the goal of ensuring “that it is more balanced between being a public company and a private company.”
Friedman, who has led Nasdaq since 2017, last year signed on to continue as chair and CEO through Jan. 1, 2030. The agreement includes an annual base salary of $1.4 million, a target yearly bonus of 300% of her base salary and equity awards.
Nasdaq shares have climbed 22% in the past year, more than triple the increase in the S&P 500 Financials Index.
In December, Walmart Inc., the world’s biggest retailer, moved its stock listing to the Nasdaq, marking the largest defection from the New York Stock Exchange in that exchange’s history. The Bentonville, Arkansas-based company had been on the NYSE since 1972. Earlier this month, Nasdaq said it would add Walmart to the Nasdaq-100 Index, replacing AstraZeneca Plc.
–With assistance from Lisa Abramowicz, Jonathan Ferro and Annmarie Hordern.
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