David Bateman

The recent acquisition of the UK's Aquis Exchange by SIX, the Swiss stock exchange operator, is a compelling development in the financial markets. This move signifies an ongoing shift towards consolidation in European exchanges, aiming to enhance market liquidity, efficiency, and cross-border trading capabilities. For exchanges, liquidity is the lifeblood that attracts companies and investors alike. The NASDAQ, for instance, has established itself as a primary exchange choice by providing deep liquidity and advanced technological infrastructure. This liquidity ensures competitive pricing, faster trade execution, and better capital-raising opportunities, making it attractive for companies globally. Exchanges across Europe are now competing to provide similar value propositions to maintain their relevance in an increasingly globalized marketplace. SIX's acquisition of Aquis Exchange can be seen as a strategic effort to expand its liquidity pool and diversify trading options across asset classes, especially in an era where technology-driven platforms are critical for competitive edge. For market participants, this might mean improved trading conditions, broader access to liquidity, and enhanced opportunities to participate in cross-European capital flows. The deal also highlights the significance of technology in modern exchange operations—advanced trading systems and platforms are increasingly fundamental to ensuring exchanges remain competitive and responsive to both market trends and participant demands. In a broader sense, this acquisition underlines the trend towards creating regional powerhouses that can compete with major exchanges, attracting international companies and fostering a more integrated European capital market. https://lnkd.in/gGTbTwb5

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Nice to see Joe Easton’s positive article focusing on London’s successes, far too often the commentary of London as a financial hub is overly negative. The stats show that the City remains an unrivalled centre, one which has the potential to attract significantly more activity and capital for the benefit of the whole of the UK. London Still Europe’s Share Sale Capital Even With Few IPOs - Share sales of $11.3 billion dwarf other European cities - UK remains in top spot even after rate hikes spurred downturn https://lnkd.in/eRtShiNM

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I'm pleased we've launched our latest Alexa Capital report "Investing in the Energy Storage Revolution" offering a deep dive into this fast-growing sector. We've leveraged our insights from active private capital raising and M&A to help public markets investors understand dynamics. A few quick highlights: - The report analyses how by stacking storage revenue streams, investors can optimise profitability and mitigate risks associated with market fluctuations - We also explore how growth in this market has been driven by technology advances, decreasing costs and robust policy support, and a perspective on the future outlook - We also provide an analysis of upstream and midstream value chain elements (incl. minerals extraction, processing, manufacturing and assembly), and downstream activities such as recycling and repurposing. Battery storage continues to be a critical building block of the energy transition, where Alexa Capital deploys industry insights and experience to mobilise capital solutions. #EnergyStorage #EnergyTransition #AlexaCapital #EnergyStorage #EnergyInnovation #CleanEnergy #Cleantech #ResearchReport #PublicMarkets #AlexaCapital

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Another great example of the added value that Gambit Corporate Finance LLP provides to shareholders looking at their exit strategy and options. For over 30 years we have consistently delivered outcomes that exceed expectations. If you are considering your exit strategy and want to evaluate your options please contact me directly on [email protected] or 07796 441330. #corporatefinance #mergersandacquisitions #exit #addedvalue #succcession #successionplanning #options

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This month, I appeared on the FT Advisor podcast speaking with Simoney Kyriakou at the Financial Times about the growth of Independent Investment Management Initiative and what this means for the outlook for specialist asset managers. We touched on regulation, DE&I, innovation and the opportunities for the most entrepreneurial firms and the most active, active asset managers in our sector. What a pleasure, thank you Simoney Kyriakou. #boutiques #assetmanagement #growth

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Leading private equity group EQT with $251 billion AUM has announced to buy United States digital consultancy group Perficient for $3 billion in an all-cash transaction, representing 75% premium to closing price on 29th April 2024.  The acquisition is made by EQT affiliate BPEA Private Equity Fund VIII.  Read - https://lnkd.in/dSx56JDm follow Caproasia | Driving the future of Asia Leading private equity group EQT with $251 billion AUM (EUR 232 billion) has announced to buy United States digital consultancy group Perficient for $3 billion in an all-cash transaction, representing 75% premium to closing price on 29th April 2024.  The acquisition is made by EQT affiliate BPEA Private Equity Fund VIII. Jeff Davis, Chairman of the Board of Perficient: “Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders. We are proud of the role Perficient plays in delivering big thinking and innovative ideas, along with a practical approach to help the world’s largest enterprises and biggest brands succeed. With this agreement with EQT, we will provide our shareholders with compelling, certain cash value for their shares while continuing to support our clients in exceeding expectations, outpacing the competition, and growing their businesses.” Tom Hogan, President and CEO of Perficient: “Today marks a momentous next step for our company. This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey.” Hari Gopalakrishnan, Partner, EQT Private Capital Asia: “Perficient is well known for its world class end-to-end digital consulting capabilities, and unmatched global delivery. In recent years, the Perficient team has been successful in expanding the scope of their offerings, and we look forward to supporting them in driving further growth. We have significant experience investing in the digital technology space, and I am confident that this exciting partnership will help strengthen Perficient’s unique position in the marketplace.” EQT Group, Perficient, BPEA EQT

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🏆 **Celebrating Team Success: A Lesson from INEOS Britannia as they prepare to be the first British challenger in the America's Cup for 60 years 🏅** In the fast-paced world of an investment bank, we often emphasize individual team PnL. But let's not forget the vital lesson that success truly stems from the collective efforts of diverse roles within a team. The recent triumph of INEOS Britannia to reach the America's Cup serves as a powerful reminder of this principle. Just like on a trading floor, the sailing team consists of a myriad of experts, each playing a crucial role in securing victory. Over 230 people working 24/7, for a race comprising 8 sailors to push the limits of human and machine for under 30 mins of racing. Let's remember that in our pursuit of success, it's not just about one shining star but the constellation of talents working together harmoniously. Cheers to the unseen heroes and unsung champions within our teams—your efforts are the backbone of our victories. Good Luck to INEOS Britannia ... Bring the America's Cup home!! 🏆 A great video demonstrating the operations and people required to achieve this great sailing feat : https://lnkd.in/ewu_S4S3 #TeamWork #Success #TradingFloor #InvestmentBanking #Leadership #Inspiration

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The common objective in these exciting new relationships is the need for a robust framework for self sufficiency to the benefit of all stakeholders.

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UK Treasury Bills are similar in many ways to gilts - but with some key differences, which we explain in our latest blog. https://buff.ly/3RcGv7Z

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Barclay's Private Markets Annual Report for 2024 is here! The report is a collaboration with PitchBook and looks at how private investors are shaping the industry. The highlights include: - Why private markets are attracting a growing number of private clients. - Key strategies for manoeuvring the space. - Insights from experts at BlackRocks - The role private markets can play in an investment portfolio. Get the full details here: https://heyor.ca/pWDFjL #Investment #SilverlightExpertNetwork #PrivateMarket #PrivateEquity

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Looking forward to constructive discussions and debate at Superyacht Investor next week. I'm an advocate of financing, so always keen to talk about the benefits and availability of leverage in this industry. Equally, this is a great forum to refresh and enhance knowledge of other segments within our value-chain to optimise decision making and advice, so welcome insights and further connecting! #Yachtfinance #Superyachtinvestor #Marinefinance

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UEM has published its half yearly report to 30 September, 2024. UEM’s NAV performance since inception is ahead of the MSCI EM total return Index. UEM has achieved this together with a rising dividend payout; lower volatility; and with a portfolio which is significantly differentiated from the MSCI EM Index, reflected by UEM having an active share of over 98%. For investors who want exposure to #emergingmarkets, excellent performance and comparatively low levels of volatility, UEM should be a compelling investment.

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Citywire Deutschland Retreat 2024: The countdown has started! Looking forward to learning about the latest trends and market views at beautiful Schloss Bensberg from the following asset managers: AllianceBernstein Amundi ARTEMIS ASSET MANAGEMENT LIMITED Baillie Gifford Capital Four Impax Asset Management Jupiter Asset Management M&G Investments Natixis Investment Managers Nordea Asset Management PIMCO T. Rowe Price And, equally important, making new connections and catching up with existing ones over the next couple of days! (+++Opinions are my own. Not investment advice. Do your own research.+++) #markets #investing #money #wealthmanagement Tap the bell 🔔 to subscribe to my profile & you'll be notified when I post. 💸

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Join our webcast with chief strategist Luca Paolini on Tuesday 3rd December for our return forecasts for the next 12 months across asset classes as well as the implications of Trumponomics for markets. We'll also cover: -Why the UK could be the growth wildcard and outperform its European counterparts -Why we expect a modest recovery in the Euro-area economy next year -How conditions are becoming supportive for risk assets globally Register here: https://lnkd.in/dujXsWY9

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Quilter Investors has added a hedge fund replication strategy to its Cirilium Passive Portfolios, which is the first time an alternatives fund has been used in the range https://lnkd.in/emUypCsd Author: Adam Lewis #passiveinvesting #hedgefund #alternativeinvestments #absolutereturn

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A great flow chart from the UK Investment Association for those who want to understand which fund share class to select as 'primary'. In contrast to how some data providers default to the oldest, legacy share class, it seems very clear that one should perhaps choose a share class that is 'unbundled', and 'freely available to all investors... '. For the Marlborough Multi Cap Income Fund, this is the 'P' share class! This also covers c.99% of all fund units in issue so most representative of the returns delivered to the wider investor base.

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A recent article in the Financial Times by Emma Dunkley highlights a concerning trend. Many people in the UK are choosing to keep their money in cash rather than investing.   It is currently estimated that there is over £430 billion of money sitting in savings accounts. While it’s understandable as cash feels safe, tangible, and accessible, it underscores a critical need for better financial education in the UK. As the article highlights, if you had invested £1,000 in the UK stock market a decade ago, today it would be worth nearly twice what the average cash ISA has earned in that time. Yet, millions of Britons still choose cash over investments, driven by fears of complexity, market risk, and a lack of accessible and affordable financial advice.   The key to overcoming these challenges is education, guidance, and access.   At Capital.com, we believe that raising financial literacy standards is essential for empowering individuals to make informed investment decisions. By improving financial education, we can help people understand the benefits of investing, which in turn can lead to greater financial security and prosperity for all.   Let’s work together to promote financial literacy and create a more financially inclusive world.   #FinancialEducation #Investing #FinancialLiteracy #CapitalCom #FutureOfFinance https://lnkd.in/dsWFinAD

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💸SI Partners Global has been predicting a big year for Private Equity exits💸 Friday’s announcement of OakNorth Bank and HSBC’s investment into Croud is an unexpected move; why is a PE-backed company 5 years into an investment cycle using bank debt to fund their next phase of growth? 🤔 2019 was a tipping point for PE investment in the marketing services sector – some ~£26bn across digital agencies and tech consultancies (42%), marketing services (41%) and strategic consulting (24%).    The majority of these investments (70%+) include a buy-and-build strategy to generate the returns required, and our research shows that on average PE sponsors hold for 5 years in this space.    But – the market faltered in 2023, as broader economic challenges made it difficult for sellers to exit at their expected valuations. Many saw their performance impacted by reduced client spends and this has been compounded by the increasing cost of capital from higher interest rates. Both made it more challenging to reach their valuation targets. 🎻 📉   An added complexity here is that over the last few years PE funds have been willing to apply comparatively high valuations versus the long-term averages in the sector – and which have been consistently applied by the established corporate buyers. Funds justify this on the basis that their minimum level of return is well-protected, so much of the future risk sits with management shareholders who get comfortable with it due to the generous level of cash-out they received on day one.   But at some point there needs to be another pay-day. And unlike listed companies that have a transparent share value over time, PE-backed businesses define their own internal valuation, which is used to incentivise up-and-coming management through ‘sweet equity’ and the like.   As a result, high value expectations are effectively embedded in the structure and required for an exit to make sense – especially for management sellers. But most corporate buyers are trading at lower multiples than these PE-backed groups are applying to themselves, and higher interest rates are impacting valuations for secondary investments that require more leverage.  📈 ✋🏻 🛑 So despite plenty of demand in the market from both corporate and Private Equity buyers, prices that were effectively set at the peak of the market are proving to be an obstacle to in today’s market.   Could this explain why Croud opted for bank debt to fund further expansion rather than refinancing with another fund or selling to a strategic buyer? Quite possibly.    Croud has shown strong growth but has made only a few, relatively small acquisitions since LDC invested. Having tested their value in the market, perhaps they’ve concluded that their best option is to double down on growth through M&A as an interim step until they can find the price they want. 

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It was fantastic to speak with Vanessa Bingle of Alpha FMC and Helene Winch of Premier Miton Investors about the stewardship expectations in the UK SDR and beyond during our recent webinar. So many valuable insights to mention, but here are my key takeaways: - While stewardship codes have done a lot of the heavy-lifting in terms of firm-level reporting, the UK SDR expectations are focused at the fund-level and so it's crucial to embed stewardship into the investment decision-making process, ensuring that engagement and voting activities align with the fund's investment objectives. - Effective compliance with the SDR hinges on the ability to collect, manage, and report stewardship data accurately. Investing in advanced data management systems and leveraging technology to automate processes can significantly enhance transparency and reduce the risk of greenwashing. - Evidence, evidence, evidence! - Focus on the quality of stewardship activities rather than the quantity. Consistent analysis of engagement effectiveness and progress is crucial for demonstrating impact. - Investment and stewardship teams need to work together more than ever. - When making SDR-related disclosures, think clearly about what an end-investor would find meaningful. The video is available on-demand here: https://lnkd.in/efb6ft3h #stewardship #esg #uksdr #responsibleinvesting

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