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...These types of asset-backed debts have become hotly coveted in the private capital industry as large managers such as Brookfield, Apollo Global and KKR manage insurance-based investment assets, generating...
...It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts....
...The UL network traces its roots to a late 19th century effort to help insurance companies save money by testing electrical products for fire risk....
...Case studies cited in the CPA report highlight Vanguard’s role in channelling US clients’ money into subsidiaries of Aviation Industry Corporation of China (Avic) and Aero Engine Corporation of China, aerospace...
...He concluded that assessments on transaction, monitoring and agency costs would compel managers to either produce internally or outsource to another company....
...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...
...After a review by the board, Boeing created a board-level aerospace safety committee and centralised its safety reporting functions....
...It said it was still looking for ways to recover losses including through insurance claims and litigation....
...The company spent billions of dollars acquiring truck-stop operator Pilot Flying J and insurance conglomerate Alleghany in recent years, adding them to a portfolio that includes ice cream purveyor Dairy...
...That has weighed on the valuations of publicly traded companies and prompted some portfolio managers to search for better returns in fixed income markets....
...“We are going to have a ‘world is not flat’ moment, when asset managers are going to realise we are not prepared to help people draw down,” said Bill Meyer, CEO of Retiree Inc, a retirement planning software...
...“There have been fewer LBOs and therefore less new loan volume,” said Michael Patterson, a governing partner at asset manager HPS Investment Partners....
...Chang’s and business technology provider Computer Services Inc....
...There was a bright spot at a unit that has plagued Berkshire: aerospace parts manufacturer Precision Castparts....
...They have been replaced with value investors, including money managers Christopher Davis and Wally Weitz....
...Last year it raised $4.5bn towards an eventual $8bn goal from global pension funds, insurance companies and sovereign wealth funds....
...SocGen and Brookfield said the fund was expected to meet the needs of insurance companies for investment-grade products....
...Meanwhile it built up its own formidable insurance vehicle. Last winter, AEL rejected a $45-per-share offer backed by Elliott Management....
...“It’s a way for companies to lower their all-in borrowing costs,” said John McClain, a portfolio manager at Brandywine Global Investments, who added that securing debt can also improve a company’s credit...
...Brookfield has offered to acquire American Equity Investment Life for $4.3bn, making it the latest private capital manager looking to expand in credit investing by adding retirement annuity and life insurance...
...Berkshire’s other big overweights are in energy, utilities, rails, and insurance....
...Industry also needs to persuade governments that defence is not just an insurance policy at times of war....
...But in the US, for whatever reason, insurance and banking do not grow together very well....
...A version of this article was first published by Nikkei Asia on October 2. ©2023 Nikkei Inc. All rights reserved....
...Blame car insurance and repair inflation (for details, listen to the Unhedged podcast)....
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