TCW Group's CEO said she’s “very nervous” about parts of private credit, joining a chorus of bankers who are sounding the alarm on the asset class https://t.co/W71jFyVwUR ...

Magnum Ice Cream Prepares for Triple Listing Following Unilever DemergerMagnum Ice Cream Co (MICC), currently operating as a standalone entity within Unilever (UL) since July 1, 2025, is on track for its highly anticipated demerger and public listing in mid-November 2025. The company plans to list its shares on the London Stock Exchange, the New York Stock Exchange, and Euronext Amsterdam under the ticker "MICC". The demerger process is estimated to incur costs of €800 million, with approximately 55% alread ...

Core Insights - SLR Investment Corp. reported a net investment income of $21.6 million, or $0.40 per share, for Q3 2025, with a quarterly distribution declared at $0.41 per share [2][32] - The net asset value (NAV) increased to $18.21 per share from $18.19 per share in the previous quarter, indicating stability in both NAV and net investment income per share [3][4] Financial Performance - For the quarter ended September 30, 2025, the company had net realized and unrealized gains of $1.7 million, resulting in a net increase in net assets from operations of $23.3 million, or $0.43 per share [5][25] - The comprehensive investment portfolio had a fair value of $3.3 billion, with a net asset value of $993.3 million [5][10] Investment Strategy - Approximately 85% of the portfolio's fair value consists of specialty finance loans, which are believed to provide attractive risk-adjusted returns and downside protection [4][10] - The company made investments totaling $447 million while prepaying and selling $418.9 million during the quarter, reflecting active management of the investment portfolio [6][8] Asset Quality - As of September 30, 2025, 99.7% of the portfolio was performing on a fair value basis, with a non-accrual rate of only 0.3% [16][5] - The investment portfolio is diversified across approximately 900 unique issuers, with 98.2% invested in senior secured loans [10][11] Capital and Liquidity - The company had $523.4 million drawn on $995 million of total commitments available on its revolving credit facilities as of September 30, 2025 [26] - The net debt-to-equity ratio was 1.13x, within the target range of 0.9x to 1.25x [29] Subsequent Events - The board declared a quarterly distribution of $0.41 per share, payable on December 26, 2025, to shareholders of record as of December 12, 2025 [32]

The cryptocurrency hit a record of $126,100 in early October before plunging in response to Mr Trump’s threat of 100pc tariffs on China.David Solomon, Goldman’s chief executive, told the Global Financial Leaders’ Investment Summit in Hong Kong there was likely to be a “10 to 20pc drawdown in equity markets sometime in the next 12 to 24 months.” Morgan Stanley boss Ted Pick also said investors should “welcome the possibility” of a market drop. He cautioned there would be “10 to 15pc drawdowns that are not dr ...

Financial Data and Key Metrics Changes - Total asset footprint reached just over $1 trillion, a 6% increase year over year [3] - AUM stood at $145 billion, growing by $14 billion or 11% compared to the prior year [4] - AUA came in at $860 billion, up $44 billion or 5% year over year [4] - Total fee-related revenue for the period was $321.6 million, representing a 23% growth year over year [5] - GAAP EPS for the fiscal year-to-date was $2.98, with non-GAAP EPS at $2.86 [5] Business Line Data and Key Metrics Changes - Total PR and AUM stood at $76.4 billion, growing by $6.7 billion or 10% year over year [14] - Customized separate accounts PR and AUM reached $40.8 billion, growing by $1.4 billion or 4% over the last 12 months [15] - Specialized Funds PR and AUM ended fiscal Q2 at $35.6 billion, having grown $5.3 billion or 17% year over year [16] Market Data and Key Metrics Changes - The partnership with Guardian Life Insurance Company will manage a private equity portfolio of nearly $5 billion and commit to invest approximately $500 million per year for the next 10 years [7][8] - The firm has scaled its insurance solutions platform to over $119 billion [9] Company Strategy and Development Direction - The company is focused on sustainable growth and success, expanding product offerings and launching new Evergreen products [6] - The partnership with Guardian is seen as a testament to the company's ability to provide customized solutions to leading institutions [9] - The firm aims to deepen expertise and relationships within the insurance sector through a dedicated insurance solutions team [9] Management's Comments on Operating Environment and Future Outlook - Management sees no data supporting a broader credit crisis, noting strong credit fundamentals and low default rates [10][11] - The company emphasizes the importance of data and transparency in the private market, leveraging its extensive database for insights [12] Other Important Information - The company announced a partnership with Bloomberg to provide access to Hamilton Lane Private Market Indices via the Bloomberg Terminal [24] - Securitize is set to become a publicly traded company, with Hamilton Lane having a strategic partnership in place [26] - Novata's acquisition of Atlas Metrics aims to meet the growing demand for sustainability data solutions [29] Q&A Session Summary Question: Details on the Guardian partnership fee structure - The majority of revenue will come from the $5 billion being managed, with $250 million allocated to Evergreen products [39][40] Question: Insights on the Bloomberg partnership and data monetization - The Bloomberg arrangement is a revenue share model, enhancing brand visibility and providing valuable data for private market benchmarks [40][41][42] Question: Development of the SMA business pipeline - The pipeline is robust, with billions of dollars expected to flow in over time as contracts are finalized [45] Question: Impact of Guardian team joining Hamilton Lane - The team acquisition is expected to have a minimal impact on expenses, as they will fill existing open positions [53]

One of the largest players in private credit expects the trend of ever bigger deals to move across the Atlantic to Europe https://t.co/8p8FHZQvAb ...

Group 1: Market Overview - Amazon has announced a significant $38 billion computing deal with OpenAI, which will enhance OpenAI's access to computing power using Nvidia GPUs [5][1] - The Federal Reserve is currently evaluating its rate path, with a 69% chance of a rate cut in December being priced in by the markets, despite some Fed officials expressing doubts about further cuts this year [6][4] - The Dow is down approximately 213 points, while the S&P 500 shows a slight gain, indicating a mixed market performance [115][3] Group 2: Economic Indicators - A report highlights slowing income growth for young workers, with real wage gains for those aged 25 to 29 being around 2%, which is significantly impacted by higher inflation [100][102] - The job market is experiencing a low hiring and low firing environment, which is particularly affecting young workers who rely on job switching for career advancement [105][106] - Concerns are raised about the structural shifts in employment due to AI, particularly in the tech sector, which may not align with traditional business cycle dynamics [26][32] Group 3: Federal Reserve Insights - Chicago Fed President Austin Goulby expressed unease about front-loading rate cuts, citing inflation concerns and the need for careful observation of economic indicators [8][12] - Goulby noted that inflation has been above target for over four years, with recent core inflation running at an annualized rate of 3.6% [14][29] - The Fed is balancing its dual mandate of managing inflation while supporting employment, which is currently in tension due to the labor market dynamics [106][113] Group 4: Corporate Developments - Microsoft has signed a data center deal with Iron, a Neocloud provider, continuing the trend of significant investments in AI infrastructure [6][5] - Cisco has received an upgrade from UBS, driven by a multi-year growth cycle fueled by AI infrastructure demand [74] - Core Mining is acquiring New Gold for approximately $7 billion in an all-stock deal, reflecting ongoing consolidation in the mining sector [79]

Private credit jitters unsettle an otherwise solid quarter. Read the latest edition of the Women, Money and Power Report https://t.co/V9K83Nnx9l ...

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Financial Data and Key Metrics Changes - Ares Management reported a 28% year-over-year increase in management fees, totaling $971 million, and a 39% increase in fee-related earnings (FRE) [22][23] - Realized income for the quarter increased by 34% year-over-year, reaching $456 million [29] - Assets under management (AUM) grew to over $595 billion, with fee-paying AUM increasing to $368 billion, both up 28% year-over-year [8][22] Business Line Data and Key Metrics Changes - The firm raised over $30 billion in new capital during the quarter, marking the highest quarter on record, and has raised over $77 billion year-to-date [6][7] - Gross deployment reached over $41 billion, a 55% increase from the previous quarter and 30% above the previous high [8] - The infrastructure secondaries fund closed at $3.3 billion, exceeding its hard cap due to strong investor demand [10] Market Data and Key Metrics Changes - The company experienced strong demand for private credit strategies, with $19.3 billion raised in credit strategies during the quarter [11] - Approximately 40% of third-quarter inflows came from outside the U.S., indicating strong international demand [16] - The diversified non-traded REIT saw record fundraising, driven by a leading 1031 exchange program [17] Company Strategy and Development Direction - Ares Management aims to continue increasing its quarterly dividend, with a 20% increase announced for the current quarter [4][5] - The company is focused on expanding its wealth management platform and enhancing its distribution capabilities globally [18] - Ares is positioning itself to benefit from potential credit cycle opportunities, emphasizing its asset-light model and strong capital base [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, noting a rebound in transaction activity and strong M&A volumes expected in the fourth quarter [19] - The firm anticipates continued strong demand for its institutional funds and expects to exceed last year's fundraising record of $93 billion [15][48] - Management highlighted the resilience of its credit portfolios and the low realized loss rates, indicating a healthy credit environment [33][39] Other Important Information - Ares launched the "Promote Giving" initiative, committing to donate a portion of fund performance fees to charitable organizations [20][21] - The company is actively investing in expanding its investment teams across various products and geographies [40] Q&A Session Summary Question: Real estate market outlook and Ares' position - Management highlighted Ares' position as the third-largest institutional real estate manager, benefiting from scale and a vertically integrated platform [43][44] Question: Fundraising outlook for next year - Management expressed confidence in surpassing previous fundraising records, driven by strong performance and diverse strategies [47][48] Question: Impact of lower yields in private credit - Management indicated that investor appetite for private credit remains strong, as private credit spreads continue to offer better relative returns compared to traded alternatives [53][54] Question: Update on GCP transaction integration - Management reported positive integration progress with GCP, enhancing Ares' real estate platform and expanding opportunities in data centers [62][63] Question: Asset-based finance market strategy - Management discussed the significant growth in asset-based finance deployment, with nearly double the deployment in Q3 compared to Q2 [80]