Richard Buchband

Pantheon's Three Pillars funds bag a $400 million commitment from CalPERS. The commitment was part of the $9 billion that CalPERS pledged to alt asset investment strategies in Q4 2023. Susan Long McAndrews | Amyn Hassanally #Secondaries #Secondary #SecondaryMarket #AlternativeInvestments #PrivateMarkets #Fundraising https://lnkd.in/eNphrwrc

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On the second day of the Broadridge 360 Advisor Summit, I presented on the significant implications of the Department of Labor's (DOL) fiduciary rule for both new and seasoned retirement plan advisors. As the founder and CEO of Pension Resource Institute, LLC, a firm that aids banks, broker/dealers, and registered investment advisers in understanding and responding to regulations, I explained how the new Retirement Security Rule broadens the scope of advisors considered fiduciaries. As reported by Amanda Umpierrez in 401(k) Specialist Magazine, I offered practical advice for advisors. For veterans in the field, I emphasized the importance of delineating non-investment services, updating disclosures and agreements to reflect their comprehensive value, and ensuring active involvement with plan sponsors. It's also crucial for experienced advisors to evaluate and pursue potential roles in pooled employer plans. PEPs can play a critical role in helping experienced advisors serve traditionally under-served markets with scale and statutorily shift “substantially all” of administrative duties from the employer to a professional fiduciary or pooled plan provider. If you’d like to learn more about PTE-2020-02 and Retirement Security Rule, hosted by the Investment Adviser Association & Broadridge, please plan to attend, "Are You Prepared for the Recent PTE 2020-02 Changes?" This online webinar, scheduled for June 12, 2024, from 3:00 pm – 4:00 pm ET, will feature IAA’s William Nelson, JD, LLM, and guest speakers Jason Roberts, CEO and Founder, Pension Resource Institute, LLC and John Faustino AIFA®, PPC®, Head of Retirement Products, Broadridge. Event Link: https://lnkd.in/eyVsdTg8 #secure20 #401k #planadvisors #fiduciary #PEP

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S&P Global Ratings' Quarterly Banking Update is loaded with insights and snazzy charts. The two parts that really spoke to me were: 🔶 Slides 9-10 show continuing #NIM compression. Banks should be looking to #CRT as a way to grow higher rate lending capacity without having to recognize unrealized losses in their existing book. 🔶 Slide 22 shows the increase in lending to nonbank financials (e.g., fund finance, warehouse, private credit, indirect consumer). Banks that have not converted these asset classes to securitization structures should look into it as an easy way to optimize capital. https://lnkd.in/eMna4r-D

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Founder and President Amy Lynch advises firms to be ready for SEC visits - For the remainder of this year, firms can expect the SEC to conduct more exams with an onsite component. With the lead comments in the ThinkAdvisor story, FrontLine Compliance Founder and President Amy Lynch is featured in the piece centered on FrontLine Compliance’s regulatory commentary informing the industry of the SEC’s latest exam trends. Ms. Lynch explains how an increasing pace of SEC exams means a busy time for compliance over the next several months. Firms…[Read More] https://lnkd.in/eSmWedke #regulatorycompliance #exams #onsite #enforcement #election2024 #frontlinecompliance #frontlineexperts #frontlineedge

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We're proud to share this insightful interview with our Global Head of Diversity, Equity & Inclusion, Raymone Jackson, CLU, MBA, FLMI, ACS, conducted by Natalie Koh for Pensions & Investments. Raymone discusses the evolving landscape of #DEI in asset management, addressing challenges such as budget constraints and legal considerations. He also highlights the importance of adapting DEI strategies to different cultural contexts, particularly in Asia. Read the full interview to learn more about T. Rowe Price's commitment to fostering an inclusive workplace globally. #TRowePrice 

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We're proud to share this insightful interview with our Global Head of Diversity, Equity & Inclusion, Raymone Jackson, CLU, MBA, FLMI, ACS, conducted by Natalie Koh for Pensions & Investments. Raymone discusses the evolving landscape of #DEI in asset management, addressing challenges such as budget constraints and legal considerations. He also highlights the importance of adapting DEI strategies to different cultural contexts, particularly in Asia. Read the full interview to learn more about T. Rowe Price's commitment to fostering an inclusive workplace globally. #TRowePrice 

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📣 Jeff LeMaster and Andrew Nelson joined forces with AIMA - The Alternative Investment Management Association to produce the PFAR Implementation Guide, which discusses the SEC's rule that imposes new requirements on private fund advisers on the operation of their funds and relationship with fund investors.   If implemented, the rule will become effective for large private fund advisers on September 14, 2024, and small private fund advisers on March 14, 2025. Read on for help navigating the potentially far reaching requirements 👉 https://lnkd.in/eKD6v8iP   #FundsAndInvestmentManagement #PrivateFunds

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12:30 pm ET today. Free. Join us as we discuss the changing nature of financial advisor independence and what it means to the profession and the industry at large. We'll cover all of that in a half hour. If you can't make it today, no worries. The video will be posted at the same FP link below a couple of days later for on-demand viewing. #professionaldevelopment #financialadvisors #wealthmanagement

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The American Lawyer recently spoke with Managing Director, Jesse P. Hyde Hyde and Senior Principal, Robin Wexler about how shifts at the SEC are influencing demand in key legal practice areas. Their insights shed light on the evolving landscape and what it means for attorneys navigating today’s opportunities. Read the full article here: https://lnkd.in/gc6S34Gg #LegalRecruiting #CapitalMarkets #BigLaw #CareerOpportunities #LegalIndustry #LateralLink

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Marcum LLP's Chairman and CEO, Jeffrey Weiner, shares his Thoughts of the Week - The Marcum Retrospective – Part 4 Last week, part 3 of The Marcum Retrospective left off with the entrance of outside capital to the #accounting profession. Only time will tell if the evolution of our profession will be successful, not just for the PE firms but also for the future #CPAs navigating the economics of the corporate world as compared to the partnership model. And will it help us attract and retain the talent we desperately need? It will also be interesting to watch how accounting firms fare as they’re traded from one PE firm to another every 3-5 years. #AskMarcumSearch#AskMarcum #MarcumEverywhere #privateequity https://hubs.ly/Q02Sb0bN0

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Why has the North American secondaries market grown so rapidly over the past decade? Co-head of Proskauer’s Secondaries and Liquidity Solutions practice, Chris Robinson, discusses the market’s growth with Secondaries Investor’s editor, Adam Le, Ares Management’s Edward Keith, and Dawson Partners’ Yann Robard in a new podcast. Tune in to hear their expert insights on the market and predictions for its future growth. https://bit.ly/3UuVeff #Proskauer #privatecapital #secondaries #liquiditysolutions #privateequity

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Gottfried Shareholder Advisory LLC CEO Keith Gottfried recently spoke with Ronald Orol of The Deal for his article “Behind the Scenes: The ISS Dress Rehearsal.” The article discusses how shareholder activism advisers, recognizing that the recommendations of proxy advisory firms like ISS | Institutional Shareholder Services and Glass, Lewis & Co. can be outcome determinative in proxy contests, prepare their clients for potentially critical meetings with proxy advisory firms. Read the full article in The Deal (subscription required): https://lnkd.in/gy548VCd #shareholderactivism #activistinvestors #proxycontests #corporategovernance #investorrelations

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Ares Management Corporation has released a market update, offering a sophisticated analysis of factors influencing the near-term M&A outlook. Below are key takeaways from their report, along with my own observations. 𝗞𝗲𝘆 𝗘𝘅𝘁𝗿𝗮𝗰𝘁𝘀 𝗳𝗿𝗼𝗺 𝗔𝗿𝗲𝘀’ 𝗠𝗮𝗿𝗸𝗲𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: • Ares notes an uptick in NDAs, signaling that M&A activity may be stirring. Winston & Strawn LLP has observed this as well, along with an increase in LOI negotiations. • Many companies have weathered the high interest rate environment better than expected and balance sheets are only strengthening. • Despite these positive indicators, the M&A recovery remains sluggish. • Although rate cuts have begun, current interest rates are still too high to fuel robust investment activity. The spread between the risk-free rate and three-year private equity returns is at its tightest in 20 years. • While corporate balance sheets are improving, personal balance sheets are showing signs of strain. A critical unknown is whether the Fed can achieve a soft landing or if we face a recession. 𝗠𝘆 𝗧𝗵𝗼𝘂𝗴𝗵𝘁𝘀: • Today’s jobs report offers a positive signal that the Fed may indeed manage a soft landing. • However, positive economic indicators also takes pressure off the Fed to cut rates. This will allow the Fed to proceed cautiously in its rate cuts. Ultimately, this a good thing but it will likely slow the return to interest rate levels more conducive to vigorous investment activity. • Presidential elections can sometimes stimulate M&A activity (e.g., with sales designed to lock in returns before anticipated changes in tax policy, such as increases in capital gains rates). • That said, presidential elections also create uncertainty. We often see this uncertainty manifest in the months leading up to the election via a measurable increase in volatility, as measured by the VIX Index. Uncertainty and volatility make it harder for parties to agree on pricing. • Despite the existential rhetoric surrounding this presidential election, I don't see dynamics that force a stampede to close deals before January 1, 2025. • As a result, I believe this election may create more headwinds than catalysts for M&A activity. • While M&A is showing signs of life, momentum takes time to build. We may see a measurable uptick in deal activity in Q4, but I don't expect a tidal wave to close out 2024. • However, I remain optimistic. With inflation seemingly under control, the conditions for sustained M&A growth are falling into place. • M&A is a tool companies use to respond to change & change is accelerating across industries. • I recently read a prediction we're on the precipice of a “valuation supercycle” that will kick-off once rates come down. • I don't know about a supercycle but I do see an ecosystem gearing up. The tidal wave may not hit in Q4 but the ocean is pulling back from the shoreline. • Never discount the black swan. Geopolitical dynamics make this risk real.

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In a recent American Banker article, "Secrets of a 'turnaround guy," Senior Managing Director Alan Tantleff spoke with reporter John Reosti to discuss the challenges restructuring professionals face. He provides insight into the social issues of turnarounds, important skills needed for success and the excitement of being “in the trenches” and fighting for clients’ rights. Read the full article here: https://bit.ly/3JJneqD. #AmericanBanker #Turnarounds #RealEstate #ExpertsWithImpact #FTIConsulting

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I just had a great conversation with Co-Head of Moelis & Company in Europe, Matthew Prest, on the Turnaround Podcast. Matthew quoted Ken Moelis, likening the role of a financial adviser to that of a corporate firefighter. We delved into various aspects of the financial adviser's role, touching on crisis management, stakeholder trust building, financial modeling, stakeholder dynamics, and legal and ethical considerations in restructurings. It was truly insightful to hear Matthew's perspectives on these critical elements. #restructuring #conflictsofinterest #corporatefinance #firefighting https://lnkd.in/eXB-A5cY

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The SEC has recently taken action against an independent director for failing to disclose crucial information to the board, highlighting the importance of transparency in corporate governance. This case underscores the SEC's commitment to enforcing disclosure requirements and managing conflicts of interest at the board level. Corporate Securities expert Lenin E. Lopez examines the SEC's allegations, the likely reasons behind the decision not to charge the company, and provides practical strategies for mitigating director conflict risks. https://lnkd.in/e-jV_Xxm #wsinsights #DOnotebook #SEC #CorporateGovernance

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Raising capital has been a significant challenge for emerging managers of private funds. Managers often turn to third-party marketers or finders for assistance but many managers often fail to conduct proper due diligence at the outset and on an ongoing basis. Managers must navigate numerous regulatory requirements in the process. For more insights on overcoming these hurdles, check out our article by Ron S. Geffner, Erika W., Thomas Kennedy and Vartika Naithani.

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John Koeppel, Private Equity, Independent Sponsor Leader, Partner, Lippes Mathias LLP, comments on being a lawyer to independent sponsors, GRIT, and getting deals closed on "Independent Sponsor Success Strategies" roundtable. Watch the entire programs right here on Expert Webcast: https://lnkd.in/giUnAZM8 The panel discusses winning transactional strategies for independent sponsors from the LOI stage to closing and subsequent deal integration, including equity and debt availability, partnerships with private equity, due diligence, M&A insurance risk mitigation, and other deal drivers. #MergersAndAcquisitions #WarrantyAndIndemnity #RiskManagement #Corporatefinance #transactionliability #transactionservices #CorporateLaw #deals #mandA #PrivateEquity #FundlessSponsors #institutionalinvestor #privatecapital #privatemarkets #fundlesssponsor #independentsponsor #privateequity #privatecompany #private #takeprivate

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