Core Insights - Siebert Financial Corp. has announced a strategic partnership with Academy Veteran Bond ETF (VETZ) to enhance veteran-focused investment solutions and financial literacy initiatives for U.S. service members, veterans, and their families [1][2][3] Group 1: Partnership Details - The partnership will integrate Academy's Veteran Bond ETF into Siebert's newly launched Patriot Portfolio and will involve targeted allocations across various advisory and investment programs [2] - Siebert and Academy will collaborate on co-branded financial education and storytelling initiatives, utilizing Siebert's media platforms, including the podcast Tactical Wealth [2][4] Group 2: Leadership Statements - Mark Malek, Chief Investment Officer of Siebert, emphasized the partnership's commitment to providing impactful investment opportunities for veterans, stating that including VETZ in the Patriot Portfolio aligns with the mission to help the veteran community build long-term wealth [3] - Seth Rosenthal, Chief Investment Officer of Academy, expressed enthusiasm for the partnership, highlighting the shared mission to support the military community through investment access and employment [4] Group 3: Company Background - Siebert Financial Corp. is a diversified financial services company and has been a member of the NYSE since 1967, known for its commitment to clients, shareholders, and employees [5][6] - The company operates through various subsidiaries, offering a full range of brokerage and financial advisory services, including investment banking and capital markets services [6]

Core Viewpoint - The final quarter of 2025 showed gradual improvement in UK financial markets, with investors beginning to look beyond earlier turbulence, despite ongoing concerns about inflation and household demand [3][4]. Economic Overview - UK CPI rose to 3.8% in July, plateauing in August and September, with a lower-than-expected September reading potentially indicating a period of lower inflation [4] - Unemployment increased to 4.8% in August, allowing the Bank of England to consider further interest rate cuts after a 25bps reduction to 4.00% in August [4] - Consumer sentiment improved, although households remained cautious with high savings rates and reduced debt [5] - Gilt yields rose due to concerns over public spending and high inflation, indicating challenges for the upcoming Autumn Budget [6] Investment Performance - The unaudited NAV per share increased from 36.43 pence to 36.46 pence, with a total return of +3.51% for shareholders [8] - Qualifying investments contributed positively, with Qureight increasing by 102.4% and Diaceutics by 41.7% [9][10] - Non-qualifying investments saw mixed results, with the IFSL Marlborough UK Micro-Cap Growth Fund and Special Situations Fund posting gains, while WH Smith faced issues due to accounting irregularities [15] Portfolio Structure - The company maintained a strong investment position, ending the period at 98.98% invested, with an increase in qualifying investments from 53.7% to 54.1% [16] - There were no new VCT qualifying IPOs in the quarter, but the company remains optimistic about future deal flow [17] - The company executed three full exits and adjusted its investment in Cohort following strong share price performance [18] Share Buybacks and Market Activity - The company repurchased 3.7 million shares at an average price of 33.31 pence, with the share price increasing from 34.10 pence to 34.40 pence [21] - As of 30 September 2025, the shares traded at a discount of 3.83% to the last published NAV per share [21] Post Period Developments - The unaudited NAV per share decreased to 35.84 pence as of 31 October 2025, reflecting a decline of 1.70% [22]

Core Insights - Emerging-market bonds are experiencing a rally driven by a rare slowdown in global inflation trends, with some markets like Hungary, Brazil, and Egypt seeing gains exceeding 20% [1][5] - Investment managers, including Morgan Stanley Investment Management and Ninety One Plc, are positioning for further gains in local-currency debt, anticipating that central banks in emerging markets will have more room to cut interest rates compared to developed nations [2] - The average annual inflation in emerging markets has decreased to 2.47% in the July-September quarter, the lowest since early 2021, contrasting with a rise in inflation to 3.32% in developed economies [6] Group 1: Inflation Trends - A significant slowdown in inflation in emerging markets has been noted, with consumer prices growing more slowly than in developed nations for two consecutive quarters, a trend not seen for over 35 years [3] - The latest inflation data supports expectations for deeper and faster monetary easing in emerging markets, which could benefit the bond market [6] Group 2: Monetary Policy and Rate Cuts - Many emerging-market countries are already in a rate-cutting phase, with Mexico and Poland recently easing their policies, while others like Thailand, South Korea, Turkey, and India are expected to follow suit by year-end [7] - Despite the easing, most central banks are proceeding cautiously, maintaining rates above inflation levels, as seen in Brazil where the real rate is around 10% [7][8]

Group 1 - Robinhood plans to launch a new fund allowing retail investors to invest in privately valued AI companies, indicating a shift in the asset management industry towards retail investors as a new source of capital for private markets [1][2] - The fund will be managed by Robinhood Ventures and will focus on a concentrated portfolio of five or more "best-in-class" private companies, potentially using leverage to enhance returns [1][2] - In the past 12 months, ten unprofitable AI companies have increased their valuations by nearly $1 trillion through private transactions, with notable companies like OpenAI and Anthropic leading this surge [2] Group 2 - The fund's closed-end structure raises concerns about liquidity, as investors may not be able to redeem shares quickly, potentially trapping funds if too many investors seek to exit simultaneously [3] - Morningstar has warned that managing such a complex private equity strategy could severely harm Robinhood's rapidly moving user base, highlighting the company's relative lack of experience in fund management [3] - Despite the risks, Robinhood's CEO Vlad Tenev noted that retail investors, known for buying during market downturns, are eager for such opportunities, dismissing concerns about an AI bubble [3]

Core Insights - State Street Corporation has signed a strategic cooperation agreement with Albilad Capital, a leading financial institution in Saudi Arabia specializing in securities services and asset management [1] - This agreement will enable State Street to support Albilad Capital's securities services offering in the Kingdom [1] - The partnership highlights State Street's long-term strategic investment in Saudi Arabia and its broader strategy in the region [1]

Core Viewpoint - KKR is set to launch a tender offer for Forum Engineering, marking its first global impact investment in Japan, with the support of Forum Engineering's Board of Directors [1][3]. Tender Offer Details - The tender offer will commence on November 11, 2025, and is expected to run until December 23, 2025 [2]. - The offer price is set at JPY 1,710 per common share, representing a 40.74% premium over the average closing price for the six months ending November 7, 2025 [2]. Shareholder Agreements - KKR has reached an agreement with Mr. Izumi Okubo, the founder of Forum Engineering, who holds a 51.7% ownership stake, to support the tender offer [3]. - Mr. Okubo and La Terre Next will tender their respective stakes of 7.51% and 7.11% into the tender offer, while La Terre Holdings will tender its 37.07% stake in a subsequent self-tender [3]. Company Overview - Forum Engineering is a leading provider of engineering staffing services in Japan, specializing in connecting manufacturing companies with skilled electromechanical engineers [5]. - The company supports the career development of its 4,500 full-time engineers through structured training and competitive compensation [5]. Investment Strategy - The investment is primarily funded by KKR's Global Impact Fund II, which focuses on companies contributing to the United Nations Sustainable Development Goals (SDGs) [6]. - Forum Engineering's operations align with SDG 8, promoting decent work and economic growth by providing skilled workforce solutions [6]. Future Plans - Following the tender offer, KKR plans to implement a broad-based employee ownership program for Forum Engineering's employees [9]. - The partnership aims to enhance Forum Engineering's AI skills matching platform and expand training and development initiatives [7][8].

Group 1 - The "2025 Bay Area Wealth Conference" will take place on November 20, 2025, during the 19th Shenzhen International Financial Expo, focusing on "New Trends in Wealth Management: Investing Globally from the Bay Area" [1] - The event will gather top financial institutions and high-net-worth participants from the Greater Bay Area, discussing current wealth management and global allocation strategies [1][2] - The Greater Bay Area has an economic total of 14.79 trillion yuan, making it the largest bay area globally, with Hong Kong's asset and wealth management scale exceeding 35 trillion HKD and Shenzhen's wealth management total surpassing 31 trillion yuan [1] Group 2 - The morning forum will feature discussions on global wealth management, asset revaluation in China, alternative investments for high-net-worth individuals, and trends in the Hong Kong ETF market, with insights from major financial institutions [2] - The Guangdong-Hong Kong-Macao Greater Bay Area Research Institute will release the "2025 Cross-Border Wealth Management Report," revealing trends in cross-border wealth management over the past year [2] - The afternoon session will delve into global asset allocation, exploring new paradigms and practical topics such as Hong Kong stock investments and cross-border wealth management [2][3] Group 3 - The conference will analyze the changing investment behaviors of high-net-worth clients, focusing on the shift from preservation to "inheritance + impact investing" [3] - The collaboration between 21st Century Business Herald and Shenzhen International Financial Expo aims to create a platform for wealth management and asset management institutions to showcase their brands and foster cooperation [3] - Registration is open for representatives from financial institutions, high-net-worth individuals, and industry researchers interested in wealth management and asset allocation [3]

Core Insights - Affiliated Managers Group (AMG) reported mixed results in Q3, with strong momentum in alternative asset strategies despite revenue falling short of Wall Street expectations [1] - The quarter's performance was driven by record net inflows in alternative products, significant growth at affiliates Pantheon and AQR, and ongoing expansion of alternative assets under management [1] - CEO Jay Horgen highlighted a 17% year-over-year increase in EBITDA and a 27% growth rate in economic earnings per share [1] Financial Performance - Revenue for Q3 was $528 million, compared to analyst estimates of $535.6 million, reflecting a 2.2% year-on-year growth but a 1.4% miss [5] - Adjusted EPS was $6.10, exceeding analyst estimates of $5.88 by 3.7% [5] - Adjusted EBITDA reached $250.9 million, surpassing analyst estimates of $241.9 million, with a margin of 47.5% [5] - Operating margin decreased to 28.8%, down from 34.2% in the same quarter last year [5] - Market capitalization stands at $7.37 billion [5] Analyst Insights - Questions from analysts focused on the depth of AMG's new affiliate pipeline and the rationale behind the Brown Brothers Harriman partnership, with management citing strong momentum in alternatives as a driving factor [5] - Early guidance for 2026 was discussed, with expectations for margin expansion at AQR and Pantheon to positively impact results [5] - Concerns regarding the sustainability of liquid alternative inflows, particularly at AQR, were raised, with management emphasizing AQR's first-mover advantage [5] - Upcoming private markets fundraises were addressed, with consistent momentum at Pantheon and other affiliates noted as supporting future fundraising activity [5]

Core Insights - The fund experienced a return of approximately -9% during Q3, leading to a year-to-date return of approximately -9% [2] - The portfolio lacks direct exposure to AI, focusing instead on companies that are integrating AI into their operations, which has affected short-term performance [3][5] - The investment strategy emphasizes long-term growth potential and durable competitive advantages rather than short-term market trends [5][8] Portfolio Analysis - The top five holdings include PAR Technologies, Cellebrite, KKR, LifeCore, and Burford, all of which have faced declines in share price year-to-date [7][32] - LifeCore's share price dropped over 10% following a shelf offering announcement, despite positive business developments [12][15] - Cellebrite's valuation has been impacted by a general decline in software multiples, with a 26% drop in Enterprise Value to Next 12 Months Revenue for medium growth companies [17][18] Company-Specific Developments - LifeCore is expected to ramp up revenues significantly by 2026, driven by new customer wins and favorable regulatory changes [13][15] - Cellebrite is positioned to benefit from AI advancements, with plans to release investigative AI tools in January 2026 [20][22] - KKR's diversified asset management approach remains robust, with significant growth in Fee Related Earnings and a focus on expanding its investor base [25][31] Market Trends and Challenges - The current market environment has led to a compression of software multiples, affecting companies like Cellebrite and PAR Technologies [18][46] - Concerns regarding traditional private equity and private credit have emerged, but KKR's diversified model mitigates some of these risks [24][30] - The investment landscape is characterized by volatility, with a disconnect between share prices and underlying business progress [10][42] Future Outlook - The fund's strategy focuses on long-term value realization, with expectations that current market conditions will eventually improve for the companies held [9][43] - There is potential for significant growth in companies like Hagerty and Kingsway, driven by strategic partnerships and management quality [33][35] - The outlook for PAR Technologies hinges on winning key contracts, which could substantially increase recurring revenue and growth rates [51][60]

Core Insights - The article discusses the top 9 undervalued asset management stocks to buy, highlighting the resilience of wealth management and brokerage stocks amid economic uncertainties [1] - The asset management sector has seen a rebound, with global assets under management reaching a record high of $147 trillion by the end of June [2] - Private credit is emerging as a significant trend in asset management, with non-bank institutions reshaping capital investment [3][4] Industry Overview - The asset management sector is characterized by a robust US economy and accommodative monetary policies, which have supported its resilience despite uncertainties [1] - Global private credit markets are projected to grow rapidly, potentially reaching $3 trillion by 2028, driven by lower interest rates and economic strength in the US and Europe [4] Investment Opportunities - Analysts at Goldman Sachs suggest that the current challenges faced by alternative asset manager stocks present opportunities for investment in undervalued names [5] - A methodology was employed to identify undervalued asset management stocks, focusing on companies with a price-to-earnings ratio of less than 20 and an upside potential of over 20% [7] Company Highlights - HA Sustainable Infrastructure Capital (NYSE:HASI) shows a stock upside potential of 42.42% with a forward price-to-earnings ratio of 10.74, supported by strong third-quarter results and a significant investment pipeline [9][10][12] - Burford Capital (NYSE:BUR) has a stock upside potential of 121.94% despite disappointing third-quarter results, with a focus on growing its platform and securing new firm commitments [13][14][15][17]