Asset management

ECB bank snub is good for Orcel, bad for M&A bulls

26 Mar 2025

The supervisor has queried Banco BPM’s use of the ‘Danish Compromise’ in its swoop on fund group Anima. That’s bad for the acquirer. But it’s good for UniCredit CEO Andrea Orcel, who wants to buy BPM – and for those who want M&A to be based on logic, not capital arbitrage.

What investment firms can teach us about AI

25 Mar 2025

Though artificial intelligence seems new, fund managers have used it to spot patterns for years. In this episode of The Big View podcast, Gary Collier, chief technology officer of Man Group, talks about the surprising lessons he’s learned and debunks some common AI tropes.

Prudential’s India listing may prove short-sighted

25 Mar 2025

The insurer might seek a $12 bln valuation for its local asset management unit. Returning proceeds to shareholders could boost Pru's stock, which trades at a discount to AIA. But a sale would be a partial retreat from a fast-growing market while giants like BlackRock pile in.

India’s banks face a new credibility test

12 Mar 2025

Shares in IndusInd, the country's fifth-largest private lender, fell 27% after it reported a derivatives lapse that will hit earnings. Cascading issues from management churn to bad loans seem to set it apart. But the latest mess will inspire heightened scrutiny of its peers too.

The debit and credit of the private lending boom

11 Mar 2025

Loans supplied by funds have swelled to some $2 trln, disrupting regular banks. In this episode of The Big View podcast, Huw van Steenis of Oliver Wyman explores the drivers of the industry’s rapid growth, how much bigger it could get, and what risks it might be storing up.

China’s new financial captain faces tough mission

11 Mar 2025

Beijing has given sovereign fund Central Huijin control of key players in previous market bailouts. The state giant now oversees firms with more than $27 trln in assets. That better equips it for complex tasks such as defusing local government debt and reflating stock prices.

Abrdn finds its missing vowels but not value

4 Mar 2025

New CEO Jason Windsor is renaming the $4.2 bln fund group Aberdeen and pledging to boost profit. Both steps are welcome but come amidst tricky markets and growing competition from index funds. Small wonder he is getting little credit for yet another turnaround from shareholders.

A Chinese Morgan Stanley is worth an M&A shot

3 Mar 2025

CICC may merge with Galaxy, per Reuters. They denied it, but a tie-up would combine a retail broker and an investment bank, as CICC’s Wall Street co-founder did with Dean Witter. It has more logic than earlier state-led deals, though being a global player would remain a stretch.

City of London rent surge is boon for Canary Wharf

28 Feb 2025

Office rents in central London are approaching twice those further east, thanks to a post-Covid rush to newer buildings in prime locations. But businesses are also being priced out. With more demand and less supply, Brookfield and Qatar-owned Canary Wharf may see an influx.

Fracturing world muddies Bill Winters’ options

21 Feb 2025

The CEO of $35 bln Standard Chartered has had a mostly underwhelming decade at the bank. Recent departures at the top make it hard to bow out. And a global trade war may benefit the emerging markets lender, enticing him to stay. But the fallout could upend his progress, too.

Imperialist ways flow from Oval Office to C-suites

20 Feb 2025

Money managers like BlackRock, which oversees some $12 trln, are grappling with SEC guidance that makes it trickier to pressure companies. It befits Donald Trump’s war on climate and diversity initiatives. The chilling effect will be broader, though, further boosting CEOs’ power.

New HSBC CEO leaves growth question on backburner

19 Feb 2025

Georges Elhedery announced $1.5 bln of cost cuts that should help keep the $200 bln bank fairly lean. The bigger problem is HSBC’s revenue, which risks stagnating as rivals expand. The implication is that growth is out of the new CEO’s hands, making a valuation boost unlikely.

EQT’s new boss has a private-credit hole to fill

17 Feb 2025

Per Franzén will replace CEO of six years Christian Sinding at the $40 bln Swedish buyout firm. EQT’s valuation premium to rivals has shrivelled, partly because fixed-income shops like Ares have soared. Franzén, who lacks a private-credit unit, may want to think about buying one.

Buyout firms’ equity-debt double act is creaking

14 Feb 2025

Groups such as Blackstone and Apollo spent trillions of dollars buying companies when interest rates were low. They also provided loans to buyouts. As borrowing costs have risen, tensions between the two are mounting. Private credit’s future growth will depend on other borrowers.

Blackstone pushes pharma investors their cash fix

13 Feb 2025

Drug companies like Novartis must constantly add new therapies as old ones gain new competition. Snag is, shareholders want stodgy giants to pay dividends, not splurge on research. A $3 bln deal shows how the buyout shop can tend farmed-out programs, for a hefty price.

Buyout barons’ evergreen rush is risky money tree

12 Feb 2025

Private-market firms from KKR to Blackstone are creating funds with no set payback date to target mom-and-pop investors. Letting clients withdraw cash at will jars with the nature of illiquid assets. The race to create a $13 trln market may see returns fall.

Blackstone safely stays in its own high-speed lane

6 Feb 2025

The buyout shop raised another $4 bln from rich folks in January alone, leveraging its brand power the old-fashioned way. Rivals are getting creative with ETFs and partnerships. Unless and until they pose a threat, there’s little reason for boss Steve Schwarzman to change course.

Answer to UBS’s chronic US problem may be M&A

4 Feb 2025

CEO Sergio Ermotti’s key Americas wealth unit manages $2.1 trln but has a tiny 9% pre-tax margin. He wants to get that figure to 15%, which is still miles below Morgan Stanley’s equivalent number. Buying a US money manager, or even an investment bank, could help close the gap.

Larry Fink’s legacy project is a work in progress

29 Jan 2025

The BlackRock chief’s deal savvy helped build a fund management colossus. A recent $28 bln splurge on infrastructure specialist GIP, private lender HPS, and data firm Preqin requires a hefty earnings bump to pay off. There’s much to do before the 72-year-old hands over the reins.

Mediobanca’s best M&A defence is the market

27 Jan 2025

The 13 bln euro bank is facing a hostile bid from MPS. CEO Alberto Nagel could in theory court a white knight, like Intesa, or try a deal of his own. But his own rebel shareholders and the Italian government make that tricky. Attacking the merger’s logic looks like his best bet.