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...H2O Asset Management’s auditor has warned that the firm’s accounts “do not give a true and fair view” of its financial position, handing the once high-flying investment group a rare “adverse” opinion....
...But on a full-year results call with bondholders on Wednesday, management said the assets would be designated as “unrestricted subsidiaries”, meaning that proceeds from the disposals do not have to be used...
...US hedge fund Elliott Management has been buying the bonds of troubled British utility company Thames Water, in a bet that markets have grown too pessimistic over the size of losses that investors may have...
...US investment firm Harris Associates, which has more than $100bn in assets under management, “sold the stock last year as [we] lacked confidence that management could repair the business”, David Herro, the...
...The 62-year-old Australian, whose audacious poaching of more than 20 senior executives from asset manager Barings last month has already sparked litigation, spent 20 years running a property business that...
...JPMorgan Asset Management’s Jack Manley made this case to us yesterday. He argues that the recent bout of stubborn shelter inflation is being caused by the lock-in effect....
...Although these terms are designed to reassure bondholders, they could straitjacket Thames Water’s management, preventing a turnaround at the creaking utility....
...H2O Asset Management will make a €70mn repayment to investors who have had their funds trapped at the once high-flying asset manager since 2020, as it continues to make limited progress in returning €1.6bn...
...How much of it is down to skilled management: risk management, strategic direction, and so on?...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...The balance between the two is now a hot topic where asset management increasingly finds itself, albeit unwittingly, serving as a “natural experiment”....
...holes than Swiss cheese, the company could keep hold of billions of dollars from recent asset sales without giving lenders a dime....
...Only two of the 16 onshore ETF issuers are international fund houses — Japan’s Nomura Asset Management and Singapore’s UOB Asset Management....
...Despite there being pressure in the traditional asset management world from cash and passive [investing], growth in those other areas is far more predictable.”...
...Macquarie Asset Management said: “We manage debt investments on behalf of long-term institutional investors in a range of infrastructure companies, providing long-term financing for essential infrastructure...
...Illiquid bonds linked to Windhorst’s companies were at the centre of a high-profile scandal at France’s H2O Asset Management....
...Goldman Sachs’ Petershill Partners, which owns minority stakes in alternative asset companies, has bought a stake of more than 20 per cent in private credit specialist Kennedy Lewis Investment Management...
...Though it has left consumer banking, elsewhere Goldman has tried to build a massive wealth and asset management business that brings in steady fees....
...I asked Bob Michele, head of fixed income for JPMorgan Asset Management (his Unhedged interview from January is here) if he could make sense of the spreads this narrow....
...H2O Asset Management has been hit with a lawsuit in Paris from a group of aggrieved investors claiming that they incurred more than €700mn of losses due to its investments in illiquid assets....
...In other words, it seems possible that the management team is just not very good.”...
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com. How much inflation is priced in?...
...One good read The risks of management by “hard numbers.”...
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