Dinesh Nair

ARTICLE: LPs have embraced secondaries to rebalance portfolio exposure across strategies, geographies, vintages and funds. They can now securitize positions via structured portfolios traded on the bond market. GPs are using direct secondaries, continuation funds and “strips” of portfolios to generate liquidity when exit markets sputter (as they’re doing today). Tools are also available to raise cash for firm-level objectives such as succession management or expansion.

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Great to speak with Nick Del Deo about the outlook for tower and data centre stocks in the US. We speak about the impact of rate cuts, slowing 5G rollouts and the implication on towercos and how protected data centre stocks are from a souring on AI Read all here!

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Itemised bill for Altice; MyTravel Plans Altice France’s cleansing statement for the French telecom group’s and senior secured creditors “final proposals” shows the bid/ask between the two sides has narrowed significantly. Frustratingly, the headline terms don’t give enough detail - it's tantalizingly close - for us to do a full valuation analysis to ascertain the size of the pie being divided. But we can assess some of the value drivers and value allocation at a high level, and identify the known unknowns. While the parties are close on debt reinstatement and debt terms, they are some way apart on equity splits and treatment of the junior debt. The EMEA Special Sits Weekly picks apart likely EV multiples, equity values and how a deal could be implemented, and in addition: We also highlight the importance of the MyTravel ruling on the treatment of out-of-the-money creditors in English Schemes and now RPs. This comes into sharp relief with the upcoming Thames Water UK RP, with the Relevant Alternative as a Special Administration, which none of the stakeholders want and destroys value for everyone - should a going concern valuation be a better comparator? And while we are at it, is the lack of a competitive DIP financing process, another deficiency for the UK RP? For non-Octus subscribers, DM if you want a copy/trial

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Competition is intensifying among credit-rating agencies for assignments to review securitizations of nontraditional assets, with Moody's Ratings, S&P Global and Fitch Ratings increasingly pursuing work in such sectors. And in some cases, they’re picking up work that otherwise might have gone to KBRA. An #analysis by Asset-Backed Alert has revealed several instances in which the Big Three rating firms have made their presences known in asset classes including #music royalties, whole-business cashflows and #solar-power equipment finance. Get the behind-the-scenes details plus other leading-edge news and authoritative statistics on worldwide securitization activities in this week’s Asset-Backed Alert, a Green Street News title. https://lnkd.in/euAbgSZb

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Barclays Global Head of Debt Capital Markets Meghan Graper will join me for an interview at Reuters NEXT on Tuesday. We'll discuss the lively debt markets this year and what's ahead for 2025. Check out our lineup of newsmakers: https://lnkd.in/eG8pV2sC #geopolitics #finance #climate #technology #ReutersNEXT

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“We’ve never had so many front row geopolitical spectacles at once” Fantastic to join Frank Holland in the CNBC London studio for Worldwide Exchange this morning to discuss the geopolitical outlook after a fraught couple of weeks, including the very welcome news here in Europe that the US House of Representatives has finally approved the long-delayed military aid package for #Ukraine. As I told Frank, this is not just a case the U.S. doing the right thing, this is about the geostrategic calculus that the US and our allies are operating in and so the decision is a major breakthrough (and one that apparently wrong-footed the Kremlin). Listen for more, including my views on the Middle East and the South China Sea, and whether the historic transmission mechanism of oil prices still captures #geopoliticalrisk in an era of U.S. energy independence. #geopolitics #oilprices #independentadvisors Fordham Global Foresight Edwina Frawley-Gangahar https://lnkd.in/dRxmFRgA

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Charles Paikert has these blunt comments about the recent unhappy experience by Goldman Sachs in the #RIA space. He points to the central argument - size of AuM - and finds it wanting. This is definitely a commentary where we would be interested in feedback, particularly from those who want to disagree. Jamie McLaughlin David DeVoe ECHELON Partners Chip Roame Stephen Harris Philip Harris Andrew Deane Rachel Fokes Theodora Viney Joseph Reilly #strategy #wealthmanagement #mergers https://lnkd.in/eu3iddV9

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It's always an absolute pleasure to sit down with Hari Balkrishna, the Portfolio Manager behind T. Rowe Price's Global Impact Equity Fund. Over the next three weeks, we will be delving into three sectors that sit at the heart of Hari's mandate - healthcare, energy, and in this episode, AI. Watch this episode of The Pitch to learn Hari's view of the AI opportunity, why the fund does not own NVIDIA, and what companies it owns instead. Eddie Orchard Jason Conabere https://lnkd.in/gz_SvJTD

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Is Fundsmith's fee getting harder to justify? I'm a big believer in funds passing on the economies of scale to their investors as they grow, and many firms have been really good at this in recent years. So why, with assets of about £25 billion, is Fundsmith Equity still charging 1.04%? This week's column asks whether a pricey fee, coupled with a period of underperformance, is the reason for outflows from the fund. #fundsmith #investmentfees https://lnkd.in/eWq7Uen4

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Talking to investment analyst Peter Oppenheimer, feels a bit like uncovering a secret recipe or being privy to a fortune-teller’s insights. Dubbed ‘the godfather of stocks’, Oppenheimer, who serves as Goldman Sachs' chief global equity strategist and head of macro research in Europe, is an expert on financial market cycles and what they mean for investors. He tells me: ✅ we are about to enter a 'Super Cycle' ✅ decarbonisation and AI will be key drivers going forward ✅ there will be good opportunities for investors ⬇ Find out what advice he gives investors below at The Jewish News Than you Peter Oppenheimer for sharing your expert thoughts with me https://lnkd.in/ejmy36cR

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EFG International shares spiked after a report noted market speculation that Julius Baer may soon announce a takeover of its rival. The private bank’s share rose as much as 10% and were halted earlier on Thursday due to excessive volatility, after website Inside Paradeplatz reported rumors that an announcement could come on Friday after the market closes. Julius Baer shares fell as much as 5% after the report. Read more 👇🏼 https://lnkd.in/gpnQBtQ5

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Another one from the FX Markets Europe conference this week: liquidity providers say clients are embracing APIs to access bank liquidity directly #electronic #trading #liquidity #spot #fx https://lnkd.in/eTaDhMuA

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As the UK election campaign sets off at pace, joining the crucial contests in India and the US, the concept of 'security' will undoubtedly play a part. The UK is a key party involved by proxy in the wars in #Ukraine and #Gaza and its role is hugely important in these major geopolitical events. In addition, these conflicts significantly affect our economy, trade, energy consumption and migration patterns, as well as our moral compass. Geopolitics has become one of the key factors now taken into account by investment managers and wealth firms, when examining both opportunities and risks, particularly where China is involved. It was fascinating researching latest trends, with expert comment from former British Army chief of staff, General Sir Mark Carleton-Smith, Paul de Leusse of Sienna Investment Managers, a rising European player, the outspoken Dr. Jian Liang from Banque Internationale à Luxembourg (BIL), Yves Choueifaty from TOBAM, who is one of the most inspiring investment thinkers I have come across, and Natznet T. from S&P Global Market Intelligence, who offers a very detailed and thoughtful long-term view of geopolitical trends. Please read the article on Professional Wealth Management (PWM) and the Financial Times Wealth Management Hub https://lnkd.in/eCQk_5c6

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Last Wednesday at SuperReturn Middle East Namit Chugh and I had a freewheeling chat on the role Middle Eastern capital could play in emerging markets. Having lived and worked in the UAE for half a decade as a fund manager and pitched to several local LPs across two fundraising roadshows my key takeaway is that Middle Eastern LPs are conservative - they believe in capital preservation even when allocating to alternative assets class. Which is why ME allocations have typically found their way to the developed US and EU markets. One also notices that ME investments into new age businesses in India typically comprise large cheques (~USD100Mn) in late stage (Series D, E, F) "startups" ostensibly in the belief that later stage investments were safer bets. The ME is gradually turning the spotlight inwards to provide an impetus to its non-oil related fledgling private sector (eg KSA, Oman) and to emerging economies in the MENA region. But, I don't see the ME countries venturing into South Asia and SE Asia. Isn't this a missed opportunity given that India and some SE Asian countries like Vietnam, Indonesia, Malaysia, Philippines etc are together going to drive a major proportion of global GDP growth (as per the World Bank)? Hopefully, ME capital will wizen up and increase its India exposure but not only with few large late-stage cheques (which are also necessary for the growth of the ecosystem) but with several, and frequent, small and medium sized investments, across funds and startups, across stages. This will enable them to get to know the Indian market better and create a form of reciprocal symbiosis where their capital will benefit Indian startups and they could get dual returns in the form of pecuniary returns as well as the ability to tap India's R&D and innovation for the ME markets.

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Always a great report that tracks the growth of leading hedge fund managers and the strategies that are winning investors.

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New Trader TV This Week - Phil Milburn at Liontrust Asset Management PLC warns of major political volatility ahead and the need for de-risking portfolios over the next few weeks. While the fund manager spoke to Trader TV ahead of Biden’s announcement to withdraw from the election race late on July 21, in this episode, he unpacks how he sees politics and economics driving trading activity this year and dissects what a Trump presidency could mean for markets. In this episode: 📈 Economics Vs Politics – how they will drive market activity 🏛 What a potential Trump presidency could mean for markets? ⚠ Preparing for election volatility and risks 📊 The US Stock rotation – a blip or a trend? 🌍 Europe and the UK –where are they in their interest rate cycle? In the extended show, available to our audience that signs up to Trader TV’s mailing list and available on Tradertv.net, Milburn also his concerns on broader market liquidity and why he fears a potential “liquidity-based accident” sometime this year. If you didn’t sign up to Trader TV’s newsletters and wish to have the full interview sent to your inbox each week reach out to [email protected]. The show is supported by Cabrera Capital Markets and MTS Markets. #trading #fixedincome #equities #electionvolatility #Trump #Biden #markets

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New on Global Trading: Major restructuring at Legal & General sees a new asset management division created from Legal & General Investment Management (LGIM) and Legal & General Capital, while LGIM CEO Michelle Scrimgeour announces her departure. All this and much more below... #moves #peoplemoves #restructuring #markets #trading #assetmanagement

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Capital markets, risk, and growth: this Financial Conduct Authority capital markets conference was a great event and it's a really positive development to see a strong line up of regulators and senior industry figures from the UK and beyond exploring the role of regulation in the balance between risk and growth. Funnily enough...later this week we are publishing our own paper on precisely this topic. With a new government focused on how to increase investment and growth - and a few weeks ahead of the budget – we thought it would be a good time to take stock of the first decade of the UK regulatory framework since the Financial Conduct Authority and Prudential Regulation Authority were launched in 2013 (which roughly coincides with our 10th anniversary at New Financial). We think it's important to evaluate the UK framework in the context of market outcomes so we analysed the change in activity over the past decade across nearly 60 metrics of activity in different sectors of banking, finance, and capital markets - from equity and corporate bond markets, to bank lending, private capital, pensions and investments, London as an international financial centre, and the wider economy. It would be unfair to 'blame' regulators for these outcomes - overall we think they have done a near impossible job pretty well - but the framework has played a part in many of these outcomes not turning out as you might have hoped. The report analyses the main challenges with the regulatory framework, highlights the wider context under which regulators have been operating, and outlines some directional reforms for the new government and regulators to consider. Our member firms and government network will receive the full report tomorrow. If you are interested in finding out more, please get in touch.

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BREAKING: @Skydance - RedBirdCap said to be final stages of negotiating purchase of Paramount&Co.though talks remain fluid, sources say. Under terms being discussed, Shari Redstone will retain stake in company through preferred stock. RedBird’s Jeff Shell will play key management role; Jeff Zucker eying return to broadcasting as well by likely running @CBS. Talks remain fluid, but $PARA increasingly concerned that Sony -Apollo deal wouldnt pass regulatory muster. Deal could be finalized in 2 weeks; final terms could value payment to Redstone at $3 billion

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