Elise Man

Pictet Wealth Management hires from JPM for market head in HK hiring drive. https://lnkd.in/gTyPBKDG The bank has also hired three private bankers for its Hong Kong desk, with the recruits previously at UBS, HSBC and another from JPM Private Bank. #peoplemoves #pictet #wealthmanagement #hongkong

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According to MPF Ratings' MPFR index, the top 5 MPF fund categories delivered attractive returns ranging from 1.36% to 4.6% in June, with a notable variance in returns. Standout categories included Asia Equity Fund, US Equity Fund, Global Equity Fund, Other Equity Fund and DIS Fund (Core Accumulation Fund). See the details of MPF Ratings' MPFR Index returns by asset class here: https://lnkd.in/gv29W_UD #mpfratings #MPFScorecard #MPFHealthCheck #MPFFastMover #MPFRConsistentPerformers #MarketInsights #MPFMarketShare #MPFFundFlows #MPFNetReturns #MPFIndustry #pensionschemes #assetmanagement #investmentmanagement #mpf #investment #empf

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【RISE FROM CRISES is now available on CFA Institute ARX】#RiseFromCrises   Read Section 3 of RISE FROM CRISES on ARX 🔗 https://bit.ly/4fjbWrn   Section 3 of CFA Society Hong Kong’s publication, RISE FROM CRISES, has just been published online by ARX Series, a premier Asia-Pacific Research Exchange hub initiated by CFA Institute.   To celebrate the 30th anniversary, we have published RISE FROM CRISES which summarizes how Hong Kong rose from successive financial crises over the past 30 years. Section 3 “Capital Formation: Sellsides, Research and Financial Intermediations” comprises essays that reflect on the process of capital formation, i.e. the ecosystem of the sell-side.   In Chapter 3.1, Erwin Sanft, CFA, recalls his lonely moments tracking mundane, earthly materials like cement and coal before the commodity booms took off.   In Chapter 3.2, Candy Wong, CFA, relives her personal AFC diary while giving an account of how she sees Hong Kong will survive or struggle by looking inward at the city’s pension system and then staying ultra-cost competitive.   In Chapter 3.3, Water Cheung, CFA, recounts his crisis management experiences in derivatives trading, structured credit products, and boutique merchant banking, concluding with four pairs of outs and ins.   In Chapter 3.4, Dr. Mariana Kou, CFA, presents her roller coaster-like career in equity research from New York to Hong Kong in motion-picture style, culminating in a switch to investment amid some sector upheavals.   In Chapter 3.5, David Ching, CFA, provides witness statements on the lethal calls from HR at Lehman London and, more recently, the uneasy rhythms of the Fed’s interest rate maneuvers, blockchain, and Web3.   In Chapter 3.6, Agnes K Y Tai, PhD 戴洁莹, reminds us of the days when a premier Hong Kong investment bank rose above its global and local peers through, among other things, sleepless nights in Central, and draws the comparison of talent crises.   In Chapter 3.7, Saputra Simon brings an Indonesian flavor to the volume, citing his early appreciation of living amidst the rich supplies of the “New York of Asia” and drawing similarities between Orang Kaya Baru and the Chinese new rich.   We are grateful for the support of the contributors who provide a comprehensive grasp of the sell-side ecosystem in Hong Kong to the readers!   #CFASocietyHongKong #CFA

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Asked in Evercore for Investment Banking Analyst on multiples 🚀 Q. How would you value a private company using multiples from public company comparables? 🤔 A. You may be thinking that its pretty straightforward, I can apply the comparable's multiple to my company and get to valuation.🤓✅️ That is correct, but as interviewer have focussed on private company, then we can add that💁‍♂️ While valuing a private company using public comps, you may apply a discount for liquidity, as private companies are less liquid than public firms.🙇 Additionally, you may adjust for size and growth rate differences.🙎‍♂️ Multiples like EV/EBITDA or EV/Revenue from public companies in healthcare like Apollo or Max can serve as benchmarks, but you can apply a private company discount, typically ranging from 10-30%.🙆‍♀️ Ultimately motive is to take a reasonable estimation of risk, in DCF WACC helps with it and here you may apply it directly.👨‍💻 P.S. If you are short on time, get all the Q&As consolidated in one file (source in comments👇) P.P.S. Wonder what are bare minimum Industry standards for DCF model ? Check comments for a comprehensive simple model.👇 #education #jobinterviews #InvestmentBanking

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#Deal 📈Apollo Global Management, Inc. has acquired the majority of Deutsche Bank significant risk transfer linked to a portfolio of leveraged finance debt with a value of approximately $3 billion, according to sources familiar with the matter. 💰 Bloomberg News reported earlier this month that Frankfurt-based Deutsche Bank increased the size of the transaction in response to strong investor demand. The SRT is a portfolio of credit facilities and loans, according to the individuals with knowledge of the matter. Global issuance of SRTs for the whole of 2024 is expected to reach $28 billion to $30 billion, based on a robust second-half pipeline, according to estimates released by Chorus Capital in July. This represents a significant increase on the approximately $24 billion recorded last year, which represents the highest annual volume on record.🚀 #Market #stock #Management #Capital #bourse

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Hedge funds up 0.6% in July, says Citco: (CNBC) Hedge fund performance improved in July to an average weighted return of 0.6%, up from 0.4% in the previous month, with over two-thirds of strategies ending the month in positive territory, according to the latest Monthly Hedge Fund Update […] #hedgefund #portfoliomanagement #capital

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China imposes tighter hedge fund rules: (Hedgeweek) The Asset Management Association of China (AMAC) has published tighter rules for the country’s hedge fund sector, including an increase in the minimum asset threshold as well as new restrictions on the use of derivatives and leverage, according to […] #hedgefund #portfoliomanagement #capital

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Hedge funds up 0.6% in July, says Citco Hedge fund performance improved in July to an average weighted return of 0.6%, up from 0.4% in the previous month, with over two-thirds of strategies ending the month in positive territory, according to the latest Monthly Hedge Fund Update from The Citco Group Limited. Data from the $2tn AUA asset-servicer shows that fixed income arbitrage led the way with a 1.4% weighted average return, followed by multi-strategy and global macro. Asset under administration categories were all positive in July. Funds with $1bn to $3bn AUA achieved the highest weighted average return of 1.1%, closely followed by funds with $200m to $500m with a weighted return of 0.8%, indicating solid performance among mid-sized funds. Hedge fund capital flows also returned to positive territory over the month with net inflows of $3.3bn. Subscriptions reached $10bn ahead of redemptions of $6.7bn, taking net inflows year-to-date to $3.1bn. Treasury payment volumes in July set a new record with 52,650 transactions, surpassing the previous high from December 2023, signalling continued strong market activity. Funds in the Americas ($1.9bn) and Europe ($1.6bn) both saw positive net inflows in July, while Asia funds saw net outflow of $0.2bn. #hedgefund #assetmanagement #investment

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【RISE FROM CRISES is now available on CFA Institute ARX】#RiseFromCrises   Read Section 4 of RISE FROM CRISES on ARX 🔗 https://bit.ly/4fs4o62   Section 4 of CFA Society Hong Kong’s publication, RISE FROM CRISES, has just been published online by ARX Series, a premier Asia-Pacific Research Exchange hub initiated by CFA Institute.   To celebrate the 30th anniversary, we have published RISE FROM CRISES which summarizes how Hong Kong rose from successive financial crises over the past 30 years. Section 4 “Capital Deployment: Buysides, Speculations and Derivatives” has the shortest sectional word count among all sections of “RISE FROM CRISES”, appropriate to the fact that it is coming from the buy side, or capital deployment in systemic terms.   In Chapter 4.1, James A Soutar, CFA, befittingly takes us back to the closures of the stock exchange in 1987 and draws a comparison to the present-day COVID-19 prevention measures with unintended consequences in both episodes.   In Chapter 4.2, Ronald Chan tells of an incident where investors’ forced liquidation turned out to be a blessing for the money manager in terms of performance and character building.   In Chapter 4.3, Peter Phillips, CFA, begins with a 45% drop in the HSI and closes the chapter by asserting, almost religiously, that a crisis of any magnitude will occur again, but the city of Hong Kong will manage.   In Chapter 4.4, Sean Debow, FCPA, CFA, who has completed the CFA program for more than 20 years, adds rich anecdotes, including the unsteady taxi ride to the Grand Hyatt Jakarta and the importance of on-the-ground, in-the-heart-of-the-storm research capability for all styles of investment.   In Chapter 4.5, Ning Lin, CFA, goes for singularity rather than multiplicity by zooming into his moments on 12 September 2008, the last business day of Lehman Brothers.   In Chapter 4.6, in a no-nonsense way, Alex Au, CFA, writes a mini random walk on Stanley Street, tracking the changing investor mix, the “A-share-rization” and the self-imposed high trading costs of the Hong Kong bourse, and closing his piece with some question marks.   In Chapter 4.7, Sarah S., CFA, provides a refresher by citing her recent involvement in a CFA Institute’s ethics campaign, highlighting a crucial fiduciary aspect of money managers.    Our sincere thanks to the contributors for their articles, for which their insights and expertise made a significant impact!   #CFASocietyHongKong #CFA

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Instructure LBO Kicks Off Buyout Flurry   The USD2.25bn debt financing package backing the leveraged buyout of New York-listed educational technology company Instructure Holdings by KKR launched this week, as the broadly syndicated loan market re-opened after the summer break.   The deal is currently split between a seven-year USD1.685bn TLB, which currently has terms of SOFR+325bp-350bp and an issue price of 99.5, as well as an eight-year USD365m 2LTL, with terms set at SOFR+525bp-550bp and an issue price of 99.5.   This is the eleventh second-lien loan that has been in the market this year, and like all but one of the second-lien loans issued so far it is only 200bp behind the first-lien loan, way below the historic 325bp-375bp range. Reported by Jack Unwin.   Read the full article on our Leveraged Finance (LFRD) Bloomberg page or sign up to this service by contacting [email protected]. #LeveragedLoans #Loans #CapitalMarkets #DebtCapitalMarkets #SyndicatedLoans #LBO #BuyOut #Instructure #KKR  

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If Citi asked you this question, how would you answer it? 👀 --- 💡 If you want to learn how to answer these questions and prepare for your interview, join the WSO Academy waitlist >>> https://lnkd.in/g6dZnAk5 #investmentbanking #wallstreet #financecareers

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THIS WEEK'S 100 INVESTMENT BANKING INTERNSHIPS, CAREERS, TIPS AND MORE INCLUDING: LAZARD, HSBC, CASCADIA CAPITAL 100 INVESTMENT BANKING INTERNSHIP/CAREERS WEBSITE TO APPLY: 1. Lazard: https://lnkd.in/gNCnPxZZ 2. HSBC: https://lnkd.in/fDEHiwA 3. Meridian Capital: meridianllc.com/careers/ 4. Shea & Co: www.sheaco.com/careers 5. Cascadia Capital: https://lnkd.in/gbbpR9N 6. Griffin Financial Group: https://lnkd.in/g3ZMn3YN 7. Hyde Park Capital: https://lnkd.in/gXuepQJr 8. WestPark Capital: https://lnkd.in/gDN3-jEb 9. Tigress Financial Partners: https://lnkd.in/gDWb8hSY 10. EdgePoint : www.edgepoint.com/careers 11.-100. See 90 more here: https://lnkd.in/gv3y4Mww 100 IB CAREER TIPS: 1. Review all workstreams daily even if only for 5 minutes. Review all your projects once a week in great detail. Check your calendar both 2 weeks ahead and back and set up to-do list and deadlines 2. Be diligent about updating trackers / internal databases to save others time (creds book, profile tracker, etc.). Be an expert of keeping and organizing lists (your personal to-do list, lists for each deal you’re on, etc.) 3. Manage your seniors and remind them to deadlines, they might have more important things to track 4. Verify time zones when scheduling meetings (Outlook has a great feature for that) 5. Always keep mark-ups. Scan them to your drive just in case 6. As an associate, talk to analysts instead of sending emails all the time and hiding behind your desk 7. Always add value, don't just pass on task blindly. Own the process. It's easier to tell than you may think who actually does work  8. Never delegate a task you personally don’t know how to do 9. Don’t just copy client slides and reformat them, always think about how the presentation flows from one page to the next. Typically, we can re-use many client slides, but we need to create a few new from scratch to connect the story and flow 10. Imagine that you are a PE firm: Would you invest? What things we might not want to mention and what is not clear? 11.-100. See 90 more here: https://lnkd.in/gPPY2Bc5 1,000+ MORE US INVESTMENT BANKS: WALL STREET CONNECTOR HELPS YOU TO FIND HIGH-PAYING INVESTMENT BANKING JOBS — No other website provides you a searchable list of 7,500+ investment banking contacts, 1,000+ US investment banks in 40+ states with website, internships and careers page, contact email address, address of each office location, phone number and more. Use promo code WSCARTICLE20 to get 20% off: https://lnkd.in/dv84ppgY #investmentbanking #investmentbanks #investmentbank #investmentbanker #investmentbank #financecareers #financecareer #wallstreetintern

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Citadel ups Asia fundamental equities headcount to more than 60 🇭🇰🇸🇬 Citadel the $64bn multi-strategy hedge fund major, has ramped up its Asia fundamental equities team to more than 60 employees in just over three years, with the latest additions – Portfolio Managers Doris Yang and Jerry Jiang – set to join early next year, according to a report by the Business Times. The report cites unnamed sources familiar with the firm’s operations as highlighting that their appointments will bring the number of investment pods operating within the region to nine. Citadel declined to comment on the hires. Yang and Jiang previously worked at Point72 as portfolio managers. Yang, who also held roles at Man Group’s GLG Partners, will focus on Chinese equities at Citadel, while Jiang, who has experience at Millennium and FIL Investment Advisors, will specialise in technology, media, communications, and consumer industries. Despite its rapid expansion in the region, Citadel is taking a more measured approach to hiring in Asia, adding fewer teams than competitors such as Millennium Management, Balyasny Asset Management L.P., and Point72 Asset Management. The firm has focused on strategic hires, such as Kewalramani—a former Asia head at Balyasny—and his predecessor Avinash Abraham, who also previously worked at Citadel. Other notable hires include Cathy Xie, a China-focused portfolio manager who joined in June after nearly a decade at Marshall Wace while Arnab N. a former Balyasny Asset Management L.P. portfolio manager, is expected to start at Citadel’s Singapore office later this year. Nandi’s investment career has spanned TPG-Axon Capital Management, FIL, Myriad Asset Management, and Oxbow Capital Management Management in Hong Kong. #peoplemoves #jobs #assetmanagement #hongkong #singapore

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