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...Castlelake would sit in Brookfield’s recently formed credit unit, which also houses a controlling interest in Oaktree Capital Management....
...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....
...BlackRock, which already draws more than 8 per cent of revenue from technology services, is aiming to get ahead of its asset management peers. “GenAI will change how people interact with technology....
...Bond yields have “come down enough from their peak that we see demand [from companies and households] for credit going forward”....
...Others, such as Goldman Sachs and Morgan Stanley, have relied on their wealth and asset management arms....
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...And don’t miss Antoine and Brooke’s profile of Ogunlesi, who rose to head investment banking at Credit Suisse before founding GIP in 2006....
...Bespoke rules make contracts “very, very difficult to port from one provider to another”, said Nikesh Patel, chief investment officer at Van Lanschot Kempen Investment Management....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...In July 2021, the SEC fined UBS Financial Services, now owned by Credit Suisse, $8mn for holding short-term, volatility-linked ETPs for customers longer than designed....
...As Fink built BlackRock into a force in traditional asset management, Ogunlesi rose to head investment banking at Credit Suisse before founding GIP in 2006 with a group of other alumni of the now-defunct...
...Liontrust’s fortunes illustrate how M&A is not a panacea for the challenges facing the fund management industry....
...The management of Altice’s heavily indebted French telecoms business badly burned bondholders last month, when they carefully explained on a results call that, because modern-day debt covenants have more...
...Flynn will retain another role as co-head of private wealth management, and succeeds Kim Posnett....
...In 2008, Blackstone acquired GSO Capital, a credit manager with $10bn in assets managed. Today, Blackstone has $300bn in credit assets, even as most of the original GSO brass have long departed....
...Apollo Global Management’s Marc Rowan called it a “worldwide phenomenon”, and Ares Management’s Michael Arougheti sees “risk-reward characteristics that are as favourable as we’ve seen in many years”....
...Moelis has hired Robert Mendelson as a managing director focused on credit investment institutions and platforms. He joins from Venor Capital Management....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...Capital for the loans would come from overseas credit funds and local banks, Arora said....
...A $600mn equity investment in UK waste management company Biffa in early 2008 proved disastrous....
...Goldman Sachs and Morgan Stanley, whose businesses skew more towards investment banking and money management, report earnings on Tuesday....
...Fink and Ogunlesi have known each other since both were at Credit Suisse in the 1980s....
...But, as with all things in financial services, the hand that giveth is the hand that takes away....
...Société Générale and Brookfield Asset Management are to team up for a €10bn fund in the fast-growing, private credit market as the French bank’s chief executive Slawomir Krupa looks to shake up the lender...
...Apple is looking to generate more value from the millions of users of its devices by expanding its service offerings. Its credit card is built into its tap-to-pay wallet service, Apple Pay....
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