James Tarplett

A bit shocking to learn from the UK regulator that banks do not run stress-testing analysis on their Private Equity / Leveraged Finance exposures. Especially if one remembers each bank lost hundreds of millions or for some a billion + due to these exposures in 2008 (TXU, LyondellBasel, Boots...). #leveragedfinance #banks #stresstesting #privateequity #bridgeloans

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Global commodity prices are in an upswing, and we think they have passed the trough for the cycle. Demand appears to be lifting and the supply-side is ‘super-squeezed’. So, what’s next? HSBC’s Paul Bloxham and Jamie Culling explore. To find out, read our free to view report here 👉 https://grp.hsbc/6048evV0O #HSBCResearch #Research #Commodities #ThoughtLeadership

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#JupiterAM Register to the webcast: https://ow.ly/CvsH30sCKR8 What problems do investors face when markets are unpredictably dependent on uncertain macro events? Dr Amadeo Alentorn, Lead Investment Manager, Systematic Equities, gives his views in this webcast.

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Risk-averse LPs tend to gravitate to fund managers with a long track record, but are they missing out on potential upside by avoiding emerging managers? Intelliwealth.co.uk #fund #LP #emerging #markets #vc #investment #Platform #Intelliwealth #investors #trade #B2B #RenewableEnergy #Sustainability #ESG

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Our monthly CPD accredited investment article explains why fixed income is once again eliciting interest from investors #bonds #fixedincome #CPD

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For UK Financial Professionals. Our latest Treasury & Investment Office update is now live. The update covers: ● S&P reaches year high ● Weakening consumer trends in US ● Rates unchanged in UK Our weekly updates now come with an additional market roundup which you can download and share with your clients. Read the full update here: https://lnkd.in/gyYckPCM

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Just read this article about the crazy talent war in the hedge fund world. No surprises here—it's like the Hunger Games out there! Sure, sending over a CV with a quick intro doesn’t justify a $400k fee, but that's where top-notch recruiters shine. First call with a candidate? Check if they’ve been approached about your client before. If so, find out when and what happened. Not every candidate will be fully transparent, and some might not even know all the details. We all know there are rogue recruiters who throw CVs around without the candidate's consent, hoping to stake their claim. Sadly, this behavior will persist as long as hedge funds reward it. --------- A wise man once said: “Show me the incentive, and I’ll show you the outcome.” #CharlieMunger --------- This is a loud reminder: Follow up! Not every email gets read, and "just because you sent it doesn’t mean it was received" --- another wise man told me that, you know who you are #TZ ;) --------- Let's change the game—focus on #trust, #transparency, and #realconnections. Happy hunting! #HedgeFund #Recruitment #TalentWar #DoBetter #EislerCapital #PMrecruitin

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For UK Financial Professionals. Our latest Treasury & Investment Office update is now live. Global stocks and bonds sold-off this week as investors reacted to a third straight month of US CPI inflation being stronger than expected. The global stock index is off -1.5% from last week’s all-time high. Our weekly updates now come with an additional market roundup which you can download and share with your clients. Read the full update here: https://lnkd.in/ekZ_eMrx

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Our CEO Mike Carrodus, spoke with Financial News, about our survey of the largest Asset Managers, following the FCA’s latest Consultation Paper on Payment Optionality for investment research. We found opinions split on whether the industry would ‘rebundle’ investment research costs with execution fees, or continue to fund research from their own P&Ls, with many firms waiting to gauge the impact on early adopters before making a decision. Read the full article here ➡ https://lnkd.in/e4d6ETbH #MiFIDII #FCA #InvestmentResearch

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Berenberg Selects Kaizen for Regulatory Reporting Assurance Jean-Marie Mamodesen, Managing Director – Head of European Sales at Kaizen, commented: “We are delighted to be working with Berenberg, one of Europe’s leading privately-owned banks, to independently check the quality of their EU and UK MIFIR Transaction Reporting data. It’s a challenging time for firms as they grapple with significant regulatory change including EMIR Refit and the EU’s MiFIR Review. The solutions we offer at Kaizen help ensure that firms have the best control framework in place and are better served to deliver the high standards that the regulators have come to expect.” Stephan Henning https://lnkd.in/eFitir5D #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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With rate expectations pushed and equity markets down in April (MSCI World -4.1%) it is pleasing to see alpha orientated hedge fund strategies largely doing much better, generating some quite positive returns for the month. With 26% of the HF market reported today, please see Aurum's interactive data map in the link (https://bit.ly/3LPONjo coverage updated daily). As the data shows, notable performers for April include Multi Strats (+0.96%), Quants (+1.10%), and Arbitrage (+0.66%) strategies.   YTD chart in comments. https://bit.ly/3LPONjo    #hedgefunds  #hedgefundmanagers  #alternativeinvestments  #alternatives

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UK outflow 2nd highest on record - looks very structural to me! Calastone data showing £1.1bn of outflows from UK equity funds in May, which is now 36 consecutive months of outflows. The improvement in the UK market recently has been driven by M&A and share buybacks which have offset the outflows. This is why it is essential to encourage UK investment in UK companies otherwise we will not have a smaller companies sector to the detriment of the UK economy, jobs and tax revenue. Core to necessary changes are UK pensions investing in UK companies, a UK ISA, a national wealth fund and abolishing stamp duty to ensure the UK is competitive. Rt Hon Rachel Reeves Darren Jones Jeremy Hunt Bim Afolami

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🚀 Ready to decode the complexities of FRTB (Fundamental Review of the Trading Book)? Join us at Risk Live Europe in London for a captivating session where industry experts Samuel Wilkes, Fabio Lania, Shearin Cao, PhD, David Phillips, and Xavier Bellouard will unravel the mysteries of regulation, data compliance, and future assurance. In this dynamic discussion, you'll learn: 🔍 How regulatory frameworks are adapting to address inaccuracies and what it means for your #riskmanagement strategies. 💡 Proven strategies for ensuring high-quality #data and completeness, vital for #compliance and effective decision-making. 🔒 Assurance methods to convince #regulators of your data's accuracy and relevance, crucial for maintaining trust in the evolving financial landscape. 🤝 Frameworks for fostering effective collaboration between #banks, #supervisors, and #policymakers, essential for addressing supervision and capital concerns. Don't miss out on this opportunity to gain crucial insights and stay ahead of the curve in risk management! 📅 Save the date: June 18-19, London, UK. 🔗 Secure your spot now: https://lnkd.in/gwV2TS5v #RiskLiveEurope #FRTB #RegulatoryCompliance #DataQuality #FutureAssurance #StayAhead

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Week 22: After a tougher week for fixed income RM Funds see excellent opportunities within credit to exploit after the weakness seen post UK CPI within UK credit and fixed income. The back up in yields is now offering tremendous value for money: 5 year yields touched 3.4% on 27th Dec and at one point last week touched 4.3%. We (still)do not believe we see the wides of last year/Overall in credit we (still) favour the front end with 1 year IG offering circa 5.4% and we are u/w longer dated A & BBB credit which is offering 80-130bp over gilts. Spreads have begun to widen over recent weeks, RM Funds suspect this will continue over the coming months. Sector positive: Natgrid rights issue shows the defensive nature and size of the assets the SVS RM Infrastructure bond allocates into.

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A couple of weeks ago, Jupiter Asset Management hosted a breakfast seminar to discuss the findings of the latest Pensions for Purpose Impact Lens report which which looks at how asset owners consider diversity, equity & inclusion in how they approach investments, as well as when appointing and assessing their investment managers and other third parties. I've summarised the conversation here.. #DEI #PensionsforPurpose https://lnkd.in/erFgJt_d

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Note: The following is my personal musing and not necessarily the view of GHC Capital Markets Limited. Well it certainly wasn’t a dull UK 🇬🇧 bank holiday! The arguments surrounding home bias raged - Ros Altmann was verbally abused here on LinkedIn for her suggestions as to how to stimulate interest in UK 🇬🇧 listed #equities. I don’t always agree with her views as to the how, but I admire her determination to see improvement. The debate surrounds how to encourage/stimulate the relative weight of UK listed equities into UK investors portfolios. The fury misses the point, IMO, as it is as much about stimulating growth in our economy and enabling such as #infrastructure and #renewable industries, who require capital, to tap into it here, rather than elsewhere. Ultimately, her arguments are for the benefit of UK 🇬🇧 #taxpayers, not necessarily about investment returns. Why should we be forced to allocate to the UK 🇬🇧 I hear others cry out. Quite simply because if there isn’t a recognition as to the need for domestic investors, #institution and #retail alike, to assist in stimulating economic growth in this way, we will continue to wain in importance and will shrink further until we wither on the vine. Starving domestic markets of UK 🇬🇧 support is tantamount to not watering the plants IMO. One man who isn’t afraid to speak about #homebias is the “Sage of Omaha” and it was this weekend that he held court. Alan Smith demonstrated why people listen to Mr Buffett in a great graphic reflecting how other managers come and go… https://lnkd.in/emv39p-i Bloomberg reported into #berkshirehathaway still being full of praise over its investment in Apple (which has been reduced) https://lnkd.in/eBB9xKyb …and we also got thoughts on #AI via The Times (with The Sage predicting that AI #scams will be the biggest growth industry of all time). https://lnkd.in/eqhfSJ5V But the most telling of all is how much #cash he is sitting on reflecting his view as to the value on offer in US 🇺🇸 equities. James Eagle neatly demonstrated how the berkshirehathaway #cash pile has grown over the years to US$189bn https://lnkd.in/e_p-6gvD More important was the view that if the Federal Reserve Board cut rates, that even at 1% that cash wouldn’t be invested. Wouldn’t it be good if we could pursuade Mr Buffett to invest some of that over here?! UBS think it’s a good idea (in contrast to Coutts) https://lnkd.in/eYDJ6vib 🤔🤷🏻‍♂️✌️✊🕊️🇬🇧🇬🇧🇬🇧🇬🇧 #incentives #assetallocation #socialmedia

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Invesco EMEA MPS April Market Review & Outlook. https://lnkd.in/dk9YjMkG Global equity momentum is a little undone, but a return to form for UK shares. #investmentstrategy #modelportfolios #mps #ukstocks #inflation #centralbanks #monetarypolicy *For Professional Investors Only

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The team at Legal & General Investment Management (LGIM) recently released our latest Active Ownership report, which outlines the decisive action we took with the aim of delivering positive change on behalf of our clients on a broad range of ESG issues in 2023.   I encourage you to read the report here: https://lnkd.in/eUNB4r5V   For professional investors only. Capital at risk.    #ActiveOwnership #Investing #ESG

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[Musings #1] Interesting read from the FT on the challenges facing asset managers in the UK (https://lnkd.in/etb2AfQg) The secular trends facing asset managers are undeniable -- 1. 𝐂𝐨𝐦𝐦𝐨𝐝𝐢𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐛𝐞𝐭𝐚 and alternative factors 2. 𝐏𝐫𝐞𝐬𝐬𝐮𝐫𝐞 𝐨𝐧 𝐚𝐝𝐯𝐢𝐬𝐨𝐫𝐲 𝐚𝐧𝐝 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐟𝐞𝐞𝐬 3. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠𝐥𝐲 𝐞𝐥𝐮𝐬𝐢𝐯𝐞 𝐚𝐥𝐩𝐡𝐚 with the explosion of funds and managers 𝐈𝐧 𝐩𝐮𝐛𝐥𝐢𝐜 𝐦𝐚𝐫𝐤𝐞𝐭𝐬, 𝐭𝐡𝐞𝐫𝐞 𝐢𝐬 𝐚 𝐝𝐞𝐟𝐢𝐧𝐢𝐭𝐢𝐯𝐞 𝐦𝐨𝐯𝐞 𝐭𝐨𝐰𝐚𝐫𝐝𝐬 𝐬𝐜𝐚𝐥𝐞, 𝐜𝐨𝐬𝐭 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐜𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧, increasingly favoring those managers that can provide solutions across the spectrum of public (beta, smart beta and active) as well as private markets. In private markets and hedge funds, there is more evidence of manager-driven alpha persistence. See: https://lnkd.in/eNenj278 Meaning - 𝐝𝐞𝐬𝐩𝐢𝐭𝐞 𝐩𝐫𝐞𝐬𝐬𝐮𝐫𝐞𝐬 𝐨𝐧 𝐟𝐞𝐞𝐬, 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 (𝐏𝐄, 𝐃𝐞𝐛𝐭 𝐞𝐭𝐜) 𝐡𝐚𝐯𝐞 𝐦𝐨𝐫𝐞 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐚𝐥 𝐩𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐭𝐨 𝐟𝐞𝐞𝐬, 𝐛𝐮𝐭 𝐬𝐭𝐢𝐥𝐥 𝐧𝐞𝐞𝐝 𝐚 𝐩𝐨𝐬𝐢𝐭𝐢𝐯𝐞 𝐦𝐚𝐜𝐫𝐨 𝐛𝐚𝐜𝐤𝐝𝐫𝐨𝐩 𝐭𝐨 𝐜𝐫𝐲𝐬𝐭𝐚𝐥𝐥𝐢𝐳𝐞 𝐭𝐡𝐞𝐢𝐫 𝐜𝐚𝐫𝐫𝐲 (𝐭𝐡𝐢𝐧𝐤 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧𝐬, 𝐝𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭, 𝐚𝐧𝐝 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐝 𝐟𝐮𝐧𝐝𝐫𝐚𝐢𝐬𝐢𝐧𝐠).  In summary, as the asset manager industry reaches greater maturity, there is a definitive tightening (performance, fundraising, fees). 𝐁𝐮𝐭 𝐰𝐢𝐭𝐡 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐜𝐨𝐦𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬. 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜𝐚𝐥𝐥𝐲 - 1. 𝐒𝐜𝐚𝐥𝐞 - across capital, strategies, sourcing, financing, operating and personnel 2. 𝐖𝐡𝐨𝐥𝐞 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 - increasingly 1-stop shop solutions are attractive to LPs and GPs alike 3. 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐆𝐏 𝐬𝐭𝐚𝐤𝐞𝐬 - specialist solutions that focus on supporting manager growth and succession 4. 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐢𝐧𝐠 𝐟𝐮𝐧𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐚𝐧𝐝 𝐏𝐫𝐞𝐟 𝐞𝐪𝐮𝐢𝐭𝐲 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 - more on this in another post (if interested 😊) 5. 𝐌&𝐀/𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 - deals have been rampant in the AM industry recently and very likely to continue - See: https://lnkd.in/eD7_j4Sr 6. 𝐆𝐞𝐧𝐀𝐈 - Yes, I am going there. Private market underwriting is particularly well suited to genAI. Early days still, but this could be the efficiency trigger the industry needs in an otherwise very labor intensive investment DD process, benefitting the entire industry. What do you all think? #assetmanagement #finance #m&a #uk #investing #privateequity #portfolioconstruction

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