Roopa Murthy

On 10 October 2024, Declan O'Brien, Portfolio Manager ‒ Energy & Transportation Transition and Thibault Contat Desfontaines, Co-Head Infrastructure Equity Europe will be speaking at the SuperReturn Global Infrastructure Conference in London. Declan will be discussing the multi-decade opportunity across the value chain in transport decarbonization and Thibault will be speaking about the evolution of digital infrastructure. Join us and gain insights https://bit.ly/4eTQIj6 Learn more about what we do https://bit.ly/4dDnfZJ #AssetManagement #Alternatives #PrivateMarkets #Infrastructure

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We are delighted to announce that PTTEP has agreed to acquire a 34% interest in E&E Algeria Touat B.V. from ENGIE Find out more: https://lnkd.in/dvAbBDfk Houlihan Lokey

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An interesting piece in the Financial Times this week. As part of a deep dive into the move of US asset managers into Europe, the article highlighted the relentless outflows the UK market has faced.   According to data from New Financial LLP, in 1999 UK pensions invested 3/4s of their assets in equities, with around a 50/50 split between UK and non-UK shares.   Fast forward 20 years or so and in 2021, the average UK pension fund has slashed equity allocation to 27% - with a startling 6% going into UK shares.   The picture didn’t get prettier in 2022. ONS data revealed record lows – with just 4.2% of listed UK shares owned by pension and insurance funds.   With so many great businesses on our doorstep, it feels like madness to be putting our money elsewhere - but sadly, with the current system giving tax breaks to pension funds when investing overseas, there is little incentive to put money into UK equities.   The Chancellor's plans to reform our pension system - including creating bigger funds, with appetite for greater risk - is a good step forward, but bolder action is needed.   Let's see how 2025 plays out, and if the brief inflows we saw in November can be maintained, we may be able to slowly reverse the trends we have seen over recent years. https://lnkd.in/d-6mxs3M #ukmarkets #pensionreform #capitalmarkets

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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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“Mind the gap” between the constructive and engaged public commentary and the critical and increasingly concerned private commentary on UK Penson Funds re-aligning to the UK public equity markets. The vested interests are not aligned in this discussion with the result that time is running out for delivering an effective solution to the ongoing liquidity drain from UK Public Equity markets. Pension fund managers first and foremost must put the interests of pension fund holders first, then there are the genuine concerns from pension trustees about being forced to invest in “underperforming UK assets” and this quite apart from the need for both more of us to save for our pensions and to save more to provide the level of pensions we need. Listen to the discussion and you can only conclude that the UK Government has to make the “investment” case for UK Public Equity markets significantly more compelling/ attractive to achieve far greater active pension engagement and higher asset allocations to the UK Public Equity markets. Whether that is achieved through the abolition of stamp duty, bringing back some form of tax credit on UK dividends, creating a British ISA and changing the rules and obligations on pension fund trustees and fund managers or a combination of some/ all of the above or indeed other means (and quickly) is what the pension fund industry needs in order for it to willingly step up in size. If the UK Government really has no fiscal scope to do these things, then – all other things being equal -  the UK pension fund industry is unlikely of itself to upsize its asset allocations to the UK Public Equity Market. That leaves only one alternative which is for the UK Government to legislate requiring UK Pension funds to allocate a minimum level of asset allocation to UK public equities. A “forced” solution is not what anyone wants – the UK Government should be setting policies that create the conditions for self-interested pro-active engagement by UK Pension Funds into greater UK public equity asset allocations. Time is increasingly short and discussion time targets of “2026 and beyond” are simply far too distant. Moreover this entire issue is potentially about to become much more difficult – Trump will be in the White House in January 2025, cutting US regulations, cutting US taxes and imposing US trade tariffs, providing potentially yet more fiscal stimulus to the US economy. If you believe that the US equity market will respond in a positive way to “Trumponomics” – then the UK needs to get its act together very quickly indeed as the investment case “gap” between UK  public equities and global equities is likely to widen further and potentially accelerate away from us. The time for taking action is now – it is a “call to arms” that the UK must heed. Failure to act leaves U.K. plc exposed to becoming substantially poorer.

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And so the build out begins…a platform focused on integrity, respect and teamwork.

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French asset manager Tikehau Capital is considering reducing its workforce by as much as 15% next year. Story by Francesca Veronesi and Abhinav Ramnarayan https://lnkd.in/ewN_SdYW #privatecredit #privateequity #assetmanagement

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Macquarie Group today announced the offer of a new Additional Tier 1 capital instrument, Macquarie Group Capital Notes 7 (ASX:MQGPG), to raise $1 billion with the ability to raise more or less (Offer). The Offer includes a Reinvestment Offer for Eligible Macquarie Group Capital Notes 3 Holders (ASX:MQGPC). Shaw and Partners is pleased to be appointed as Joint Lead Manager to the Offer. The Margin is expected to be between 2.65% and 2.85% per annum and will be determined through the bookbuild. Distributions are non-cumulative and are expected to be paid quarterly in arrears, subject to the satisfaction of the Distribution Payment Conditions, which include that payment of Distributions are within the absolute discretion of Macquarie. The Distribution Payment Dates are 15 March, 15 June, 15 September and 15 December. The first Distribution is scheduled to be paid on 16 December 2024. Macquarie Capital Notes are Callable at MQG’s option on 15 December 2031, 15 June 2032 or 15 December 2032 (first approximately 7.25 years), or following a Tax or Regulatory Event. Macquarie Capital Notes 7 will Mandatorily Convert into Ordinary Shares on 15 December 2034 (subject to certain conditions), unless they are converted, Redeemed or Resold earlier. This offer is restricted to Australian Resident Wholesale clients (Sophisticated or Professional) and clients that receive personal financial product advice from a financial adviser to acquire Macquarie Group Capital Notes 7. For more information, please contact your Shaw and Partners adviser. The issuer of the securities is Macquarie Group Limited ABN 94 122 169 279. Offers of the securities will be made in (or accompanied by) a copy of the disclosure document, available at Macquarie Group Capital Notes 7 Prospectus - 19 Aug 2024 and you should consider the disclosure document carefully before deciding whether to acquire the securities. To acquire securities under the offer investors will need to complete an application form accompanying the disclosure document. For more information, please contact your Shaw and Partners Adviser.

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Final agenda - Berenberg NextGen #AI Powered Funds Forum, June 27, 2024, hosted at the Berenberg office, Bockenheimer Landstrasse 25, Frankfurt am Main, Germany. As the host and moderator for the upcoming #AI event, I am pleased to have had the experience, together with team Berenberg, to offer a full day agenda, comprised of expert speakers and panel members coming from and making a contribution to the #AI powered asset and wealth management industry, who will share exciting developments and practical applications. Every day we are observing encouraging news from technology firms, emerging, boutique and large established investment managers who are embracing #AI to offer active and passively managed products, services, tools and solutions. These innovative market participants are applying AI to either enhance investment decision making and or offering investment strategies managed by #AI. For investors the AI powered investment management industry is providing unique opportunities, options and alternatives as to how money can be managed. There are a few seats still available for the June 27 AI event. Feel free to contact me directly for additional information [email protected]. Berenberg,Nico Baum,Klaus Naeve,Matthias Born,RAM Active Investments,Emmanuel Hauptmann,Tian GUO, PhD,Google Cloud,Sahil Suri,artellium, Dr. Bernhard Paul Breloer, Christopher Krauss, PhD,Thomas Fischer,ACATIS Investment KVG mbH,Kevin Endler,Eric Endress, PhD,Tungsten Capital Management GmbH,Michael G.,FIRST PRIVATE Investment Management,Richard Zellmann,Christian Schuster,Dr. Sebastian Wenz,Colivar,Mahnoosh Mirghaemi,Dr. Karen Wendt,NNAISENSE,Jonathan Masci,Florian Trifterer

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On 10 October 2024, Declan O'Brien, Portfolio Manager ‒ Energy & Transportation Transition and Thibault Contat Desfontaines, Co-Head Infrastructure Equity Europe will be speaking at the SuperReturn Global Infrastructure Conference in London. Declan will be discussing the multi-decade opportunity across the value chain in transport decarbonization and Thibault will be speaking about the evolution of digital infrastructure. Join us and gain insights https://bit.ly/3XHAyCi Learn more about what we do https://bit.ly/3ZMJ2L5 #AssetManagement #Alternatives #PrivateMarkets #Infrastructure

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This is all we are about. Delivering tangible value for our investors.

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☎ London is calling – Spotlight Emerging Private Credit Managers After a fantastic start under a new flag at LBBW Asset Management Investmentgesellschaft mbH, I am delighted to be invited to speak again at Europe's largest private credit conference #PDIEurope by Private Debt Investor. As a member of the Advisory Board of PDI Europe, I am looking forward to an exciting conference. Within private markets there is a large degree of information disparity as #LPs do not have equal access to information about the entire market. In fundraising, a so-called "size bias" can be observed frequently - large multi-asset managers tend to raise larger funds. Why should you look at emerging managers? What are the pitfalls in the selection process and where are the growth areas that have not yet been filled? Together with Brendan D. Foley, Leo Fletcher-Smith, Meaghan Mahoney and Danny Vroegop, we will discuss emerging managers from the perspective of LPs and GPs. I am looking forward to a controversial and exciting discussion.   Many thanks to Hannah Ogunlowo from #PDI for putting together this great program. #managerselection #privatedebt #privatemarkets

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And there's more to come... M&A activity is starting to pick back up and clients are choosing to de-risk themselves sooner rather than later. #DealContingentHedging can be an effective tool in the right situations. This is a great piece from Benoit - please get in touch to discuss further with your Chatham Financial contacts. #capitalmarkets #derivatives #hedging #financialriskmanagement

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#Aegon Aegon has strengthened its largest workplace pension default fund with enhanced ESG integration and private markets investment offerings. The 700,000 members currently invested in the £12bn universal balanced collection fund will benefit from improved returns, value for money and a wider range of investment opportunities as a result of the transformation, set to take place from Q3 this year. The fund, available to investors in Aegon’s ‘Retirement Choices’, ‘One Retirement’ and some other platform products, will offer a bespoke solution managed by three asset managers – with private market allocations housed within long-term asset fund (LTAF) structures (subject to regulatory approval). https://lnkd.in/d2RvqHmX

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It’s a bit chilly out there, waiting for a Eurostar train to arrive on the way to more year-end client meetings ... … but time flies when you are in great company, such as: the legendary Rick Rieder, Andy Nielsen, Estelle Castres, Arnaud Gihan, Ahmed Talhaoui, CFA, Peter Scharl, MBA, CFA, Nathalie Boschat, Maëlle Struillou. As we all continue to work hard to decode economies and financial markets - and ultimately build better portfolios: check out the BlackRock Investment Institute’s 2025 Global Outlook, fresh off the press here 👉 https://lnkd.in/ensAw58x! Capital at risk.

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The edition 2024 of the Lazard report on the cost of electricity per technology has been published. As in the former edition, Lazard recognises that some costs have not been taken into account. For 100TWh the cost of intermittency should have been included in the LCOE of intermittent renewables. Other institutions like OECD or Bank of America are more reliable because they take all costs into account.

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Highlights from Intermediate Capital Group (ICG) trading statement for the three months ended 30 June 2024: 📈 AUM of $101bn 🗓️ Strong quarter, with $4.7bn of new capital 🤝 Elevated transaction activity compared to Q1 FY24 🔭 Expectations remain unchanged from our FY24 results 🌿 Marking a decade of responsible investing at ICG with the publication of our latest Sustainability and People Report #PrivateMarkets #PrivateCapital #Alternatives Capital at risk. Past performance is not a reliable indicator of future results.

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Despite challenging headwinds, investors remain committed to thematic investing with the percentage of those currently investing or planning to invest increasing since 2020, according to the third Thematics Barometer published by BNP Paribas Asset Management and BNP Paribas CIB, in partnership with Coalition Greenwich (a division of CRISIL). The survey aims to provide the global investment community with robust, credible and regular information about the key trends evolving within thematic investment. Discover here some of the key findings which have just been released: https://lnkd.in/ekefdiGV -Renewable energies and mobility driving sustainability themes -AI and healthcare lead the Innovation & Disruption themes -Asset allocation to thematic investing: the rise of private markets

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My colleagues Julien Lafargue and Alex Joshi join forces for this special episode of our weekly podcast: https://lnkd.in/etfwrCRA Tune in to find out what’s on the horizon for investors, as they share our exclusive outlook for the year ahead. Could 2025 be the time to deliver on multiple investor, corporate, policymaker and government fronts? #BarclaysPrivateBank #Outlook2025 #Investors #Podcast

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