News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
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Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
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Francesco Trapani to Launch Bluebell Active Equity Fund
Francesco Trapani will launch a hedge fund alongside two advisors of Elliott Management. The former head of Italian jeweler Bulgari SpA is partnering with Marco Taricco and Giuseppe Bivona to start the Bluebell Active Equity Fund. The fund will launch Nov. 11 with roughly 50 million euros ($55.7 million) under management.
CBL Properties Settles with Activist Investor
CBL Properties stock rallied nearly 10% this morning after it reached a settlement with Exeter Capital investors. The real estate giant has added Exeter president Michael Ashner and Carolyn Tiffany to its board of directors.
Leon Cooperman Writes Scathing Letter to Senator Elizabeth Warren
Leon Cooperman rips Elizabeth Warren in new letter for ‘soak-the-rich positions,’ and treating him like ‘an ungrateful child’
Nelson Peltz Sells 2.1 Million Shares of P&G Stock
Activist investor Nelson Peltz has sold about $267 million in Proctor & Gamble stock over three days. The CEO of the Trian Fund dropped about 2.1 million shares.
Carlyle Group Reports Third Quarter Earnings
CG stock dipped 0.87% on Thursday Carlyle Group third-quarter earnings arrived on Thursday. In a statement, the global investment giant released its unaudited results for the period ending September 30, 2019. U.S. GAAP results for Q3 2019 included income before provision for income taxes of $261 million. The firm said that net income attributable to Carlyle Group…
Alan Howard Steps Down from His Post
Alan Howard, the founder of Brevan Howard Asset Management, is stepping down from his role as CEO. According to reports, Aron Landy, the firm’s chief risk officer, will assume the CEO role.
Activist Bill Ackman: WeWork is Worth “Zero”
Activist Bill Ackman thinks that WeWork might be worthless. During a talk at the Robin Hood investor conference, the hedge fund manager raised concerns about the work-sharing firm’s balance sheet.
Preqin: Hospitality REITs Looked Strong in 2018
A new Preqin report is out.
Preqin joined asset manager Pro-invest Group to track the performance of the hospitality REIT industry. The result is a new study showing the sharp growth across the sector this decade.
Melvin: Digesting KKR Earnings for Q3
KKR earnings came out this week. If you read the headlines surround the recent earnings report form KKR and Company (KKR), you would think the world had ended for the private equity and alternative investment firm. While earnings did drop 23% year over year, this was implied because the company did not sell many assets to generate incentive fees in the quarter. The media loved the topic, but it didn’t come up n the analyst and investors call in any significant way at all.
Illinois Teachers’ Retirement System Bets Big on Alternatives
Illinois Teachers’ Retirement System is preparing to allocate about $1.4 billion toward alternative investment strategies.
A report from Pension and Investments outlines the commitments from the teachers’ pension program. According to the report, ITRS will allocate big sums to private credit strategies. Hayfin Capital Management will receive $500 million, while Intermediate Capital Group will manage another $500 million.
Bakkt To Roll Out Bitcoin Options Before CME; Launch Date December 9
Bakkt will gain a lead on CME Group in the race to offer the first regulated options contract for bitcoin futures.
Bakkt is the all-new ICE-sponsored Bitcoin exchange. Bakkt’s bitcoin options will launch on December 9, the exchange said in a blog post published Thursday.
After Bulgari And Dior, Arnault Wants to Add Jeweller Tiffany to the LVMH Luxury Crown
Tiffany & Co., the iconic US jeweler that featured in the Audrey Hepburn starrer Breakfast at Tiffany’s, has received a takeover offer from LVMH.
LVMH is the owner of the Louis Vuitton brand and the world’s largest luxury goods group. It reportedly made an all-cash offer of $120 per share of Tiffany, valuing the jeweler at $14.5 billion.
Corporates and Banks Rejoice: Bottomline Launches Real Time Payments
Fintech firm Bottomline Technologies enhances its Digital Banking product with the addition of a Real-Time Payments module.
Real-time payments are essential these days to a bank’s competitiveness, particularly in the enterprise arena. Bottomline’s innovation will enable corporate customers to send and receive real-time payments and as well, request payments.
KKR & Co Reports 23% Drop in Quarterly Profits
KKR & Co announced a 23% year-on-year decline in quarterly profits today. The firm’s report showed a dip in revenue as asset sales slow among private equity firms. Overall, post-tax distributable earnings fell from $494.7 million in Q3 2018 to $388.8 million in Q3 2019.
PwC Report Tackles Third-Quarter Deal Flow
A new PwC report is out with a look at third quarter 2019 deal flow. Technology deal volume fell by 46% when compared to the second quarter. Because the first half of the year was exceptionally strong total volume of technology M&A is still up 37% year over year. The gain has been driven primarily by mega deals. In 2019, we saw nine deals for $138 billion compared to 2018 when we had just seven deals totaling $63 billion.
Allworth Financial Buys RAA and Expands U.S. Reach
Allworth Financial is purchasing RAA, one of the country’s largest financial planning firms specializing in the airline industry. Based in Dallas, RAA manages roughly $2.8 billion of client assets. This brings Allworth’s AUM more than $7.5 billion.
Crestline Opportunity Fund III Europe Closes
Crestline Investors has announced the final closing of its first European Opportunity Fund. The credit-focused institutional alternative asset manager has called the fund the Crestline Opportunity Fund III Europe.
Apollo Global Doubles Stake in Athene Holding
Apollo Global Management will buy an 18% stake in Athene Holding (NYSE: ATH). The $1.55 billion deal will see Apollo double its stake to roughly 35%. The purchase comprises about 35.5 million common shares.
Volatility and Returns: The New CIBC Income Pools Manage Both
CIBC Asset Management launches a suite of three Fixed Income Pools that provide access to advanced bond strategies.
The new CIBC Fixed Income Pools access leading portfolio managers from around the world. Investors can use one or more of the Pools depending on their need for regular income or modest capital appreciation, or anything in between.
Fintechs Across The Asia Pacific Can Go Global Using The Visa-Marqeta Alliance
Visa and Marqeta have partnered to offer fintechs in Australia, Hong Kong, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, and Vietnam a new way to themselves internationally accepted.
Fintechs in these countries can turn their user account balances into digital cards that are accepted wherever Visa is and where the Marqeta platform is certified.
Ken Fisher: No Layoffs Coming to Fisher Investments
Ken Fisher – the embattled money manager – has seen outflows of roughly $3 billion. The swell of outflows comes weeks after he made a series of remarks during an investor conference that irked investors due to their sexual nature.
Prologis and Liberty Property Trust Announce REIT Merger
Prologis and Liberty Property Trust announced a merger between the two firms. According to deal terms, Prologis will acquire Liberty $12.6 billion, including the assumption of debt. The board of directors of both REITs have approved the transaction.
UBS’ Walsh on ESG: ETFs Can’t Be Subject to A Standard ESG Definition
Andrew Walsh is head of passive and ETF specialist sales for UK and Ireland at UBS Asset Management. He gave a pertinent example of the difficulty of applying a standardized, “one-size-fits-all” definition of ESG: Can you cubby-hole companies in the oil and gas sector along with the ones in the tech sector? No, that’s because the metrics for ESG for the two industries would be vastly different.
JPMorgan Asset Management Closes $1.06 Billion Special Situations Fund
More than half of investors are first-time investors in a J.P. Morgan Alternatives fund. JP Morgan Asset Management closed its Lynstone Special Situations fund. The fund raised $1.06 billion for the Luxembourg-domiciled strategy that focuses on stressed, distressed and event-driven situations in North America and Europe. The press release below offers a full recap of…