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...XTX, one of the world’s biggest proprietary trading and market-making groups, had sought to use Aviva Investors’ and L&G Investment Management’s money-market funds to invest some of its own cash....
...That sign of robust consumer demand, despite a 4 per cent increase in P&G’s pricing globally, also lifted shares in other consumer goods groups....
...Simões, who joined the business from Santander, replaced Sir Nigel Wilson, L&G’s chief of more than a decade....
...P&G reported net sales of $21.9bn in the three months ended September 30, a 6 per cent increase from a year earlier and beating analysts’ expectations for $21.6bn....
...Z.d.G....
...“It’s a market that at some point will run out,” said Citi’s Baker. “As that whole market matures . . . does [L&G] just become a run-off company?...
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...The benchmark S&P 500 fell 0.2 per cent on Thursday afternoon, notching five straight daily losses for the first time since October....
...L&G sells these to defined benefit pension schemes, capping their risks. A record £25bn have already occurred this year. L&G expects to transact about £11bn itself....
...But what’s most entertaining is that the government goes ahead and shows the professor’s ongoing work calculating Alameda’s historical balances with FTX — basically the firm’s net P&L — from last year:...
...The company’s Ageing Population and Healthcare Innovation ETFs have also fallen out of favour, alongside the L&G Cyber Security Ucits ETF....
...P&G has increased prices across all of its main divisions in the three months to the end of June....
...In the second half, L&G has completed another £1.8bn and agreed a similar amount of deals in the US since the end of June....
...That would bring them back to where they were a decade ago. Also on a multiple of sales, L Catterton’s offer looks underwhelming — just 1.7 times this year’s revenues....
...This could represent a shift to a slightly more hospitable climate for L/S hedge funds, whose shorts have generally been a grisly mess over the past decade, he argues: Macro Matters for Hedge FundsRegardless...
...L&G dominates bulk UK annuities market with about a quarter of the market. Specialists Pensions Insurance Corporation and Rothesay have a fifth each....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...L&G said that it had written £13.4bn of pension transfer business globally so far this year....
...Its share price and that of bigger rival L&G have snaked sideways for more than a year. Just trades at a 60 per cent discount to book value. Its life insurance peers are closer to parity....
...A serial non-executive director at Tesco and formerly at L&G and the foreign office, Platt joins the new chief executive officer Dan Olley as he attempts to turn the fortunes of Britain’s largest funds supermarket...
...He did gain a seat on the P&G board after a very close vote and recount....
...The investor group also includes private credit groups Ares Management and HPS, and L Catterton, a private equity group that invested in Equinox in 2017....
...P&G posted core earnings per share of $1.84, above FactSet estimates of $1.70....
...“When you think about places like Nigeria, when you think about places like Argentina, it’s very difficult for us as a US dollar-denominated company to create value”, Andre Schulten, P&G’s chief financial...
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