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...This year at least six partnerships with major banks have been signed, most recently Barclays with Blackstone. Half of these have focused on opportunities in asset-backed financing....
...Barings, the asset manager housed within insurer MassMutual, has sued an upstart private credit platform, Corinthia Global Management, over charges the latter improperly poached several debt investors at...
...Our friends at the Unhedged podcast discussed the GFSR’s private credit chapter last week....
...Exclusive: Brookfield Asset Management is in advanced talks to buy a majority stake in $22bn private credit manager Castlelake, a specialist lender to airlines, as the world’s second-largest alternative...
...Within a few years, Dai-ichi will have the chance to acquire all of Canyon....
...The extended coverage is crucial given the huge growth of private credit as an asset class in recent years. JPMorgan Chase recently estimated the size of that market at $3.1tn....
...in its report on Wednesday, which analysed data from banks with at least $100bn in assets....
...According to the IMF, 19 per cent of global banking assets are now held in banks that do not meet its capital ratio guidelines, many of them in China....
...At that threshold, it is productivity-enhancing and good. Second, can it replace us? Then, it is productivity-destroying and must be stopped at all costs....
...The Basel Committee on Banking Supervision held a series of high-level meetings with bank executives, investors and credit rating agencies at the European Banking Authority in recent weeks, according to...
...Their dividend coverage is at all-time highs because the net interest income from their loans has outpaced the rise in payouts....
...US lawmakers finally passed the $60bn-plus military aid for Kyiv which had been held up by Republicans for many months....
...The bank had $2.8tn in assets under supervision at the end of 2023, including $450bn in alternatives....
...Nor does the EFW argument imply that no individual private credit manager can generate alpha. The point is simply that private credit does not generate alpha systematically, as an asset class....
...“The US guys were employed at will,” he said adding that they were due to start at Corinthia at the beginning of April....
...Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...Barings is suing a Nomura-backed venture after most of its top private credit team defected to the new firm, in what the fund manager described as one of the “largest corporate raids at an asset manager...
...All five of the governing partners at HPS spent time at Goldman, with chief executive Scott Kapnick running the investment bank from 2001-06....
...It held the US outlook at a “stable” rating....
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...That all changed on March 8 when more than 20 senior executives at $381bn asset manager Barings resigned en masse in what has been described as “one of the largest corporate raids” in asset management history...
...Private credit was, I think, the hot asset class du jour in 2023. It was absolutely inescapable. All these pieces, all this press coverage about private credit’s moment in the sun, etc, etc....
...Copper, which stores digital assets for customers, held the private party last week at the five-star Mandrake hotel in London after a large crypto industry conference....
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