Approximately $15.2 Billion in New Commitments Closed in the Third Quarter and Approximately $49.3 Billion Closed in the 12 Months Ended September 30, 2025 NEW YORK, NY / ACCESS Newswire / November 3, 2025 / Ares Management Corporation (NYSE:ARES) announced today that funds managed by its Credit Group (collectively "Ares") closed approximately $15.2 billion in U.S. direct lending commitments across 88 transactions during the third quarter of 2025 and approximately $49.3 billion in direct lending commitments ...

Someone’s Trian to buy Janus Henderson. Activist investor Nelson Peltz’s hedge fund company Trian Partners is seeking to buy up the 80% of outstanding shares of Janus Henderson that it doesn’t already control and take the asset manager private. Last week the company, along with venture capital firm General Catalyst, submitted an offer to pay a roughly 12% premium on the shares. It’s unclear if Janus Henderson will accept the offer, though the firm’s board assembled a committee to contemplate the proposal. ...

Core Insights - Apollo Global Management is divesting its Hispanic grocery chain Heritage Grocers Group for approximately $1.5 billion, amid concerns that immigration raids may impact consumer demand in Latino communities across the US [1][2]. Financial Performance - Heritage Grocers Group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $150 million and generated over $2 billion in revenue [3]. Market Context - The divestment is taking place as the grocery chain faces pressure from weak consumer spending, leading to a downgrade in its credit rating by rating agencies [3]. Apollo has engaged investment bank UBS to maximize the value from the sale [2].

Core Insights - Tandem Financial has initiated a new position in the JPMorgan Active Bond ETF (JBND), acquiring 104,880 shares for approximately $5.7 million in the third quarter, marking its first reported holding in this ETF [2][5]. Company Actions - The acquisition of JBND shares represents 2.1% of Tandem Financial's reportable U.S. equity assets under management as of September 30 [3]. - The current price of JBND shares is $54.34, reflecting a 2.4% increase over the past year [3]. ETF Overview - The JPMorgan Active Bond ETF has net assets of $3.4 billion and offers a yield of 4.4% with a one-year total return of 3.9% [4]. - The fund aims to outperform the Bloomberg U.S. Aggregate Bond Index over a three to five-year market cycle, utilizing a flexible, active management approach [4]. Market Context - J.P. Morgan Asset Management has indicated that market stability has returned as the Federal Reserve resumes its rate-cutting cycle, with expectations of continued support for global bond markets into 2026 [6]. - The firm projects the Fed funds rate to stabilize around 3.375% by early 2026, with the 10-year Treasury yield expected to range between 3.75% and 4.25% [6]. Investment Implications - Tandem's investment in JBND suggests a growing confidence in the recovery of the bond market as interest rates begin to moderate [5]. - The fund's active flexibility across various securities positions it well to capture opportunities as yields tighten, making it an attractive option for advisors looking to rebuild fixed-income allocations [8].

Core Insights - The Fidelis Partnership (TFP) has launched Syndicate 2126 with support from Blackstone, enhancing TFP's role as a risk allocator in the Lloyd's market [1][2] - Syndicate 2126 aims to underwrite various property, specialty, and bespoke lines, alongside reinsurance for existing TFP group business [2][3] - The new syndicate is expected to generate an additional $300 million in gross written premiums (GWP), bringing TFP's total planned underwriting volume to over $1.3 billion by 2026 [5][6] Group 1 - Syndicate 2126 is structured to align with investor risk preferences and continues the partnership between TFP and Blackstone, which has previously included credit and insurance business [3] - Blackstone's commitment includes a dedicated three-year capital investment and asset management responsibilities for Syndicate 2126 [2][4] - TFP's CEO Richard Brindle highlighted the achievement of becoming one of the largest players in Lloyd's within 18 months of launching Syndicate 3123 [6][7] Group 2 - Syndicate 3123 is projected to generate approximately $1 billion in GWP by 2026, indicating strong growth potential for TFP [4] - The collaboration with Blackstone is seen as a testament to TFP's underwriting excellence and sustainable growth strategy [4][7] - The launch of Syndicate 2126 is part of TFP's broader strategy to innovate and lead in the Lloyd's market [6]

智通财经记者 | 韩理 11月3日，泉果基金公告称，公司创始人、总经理王国斌因病离世，并由泉果基金董事长任莉代任总经理一职。 王国斌于2005年创立了东方证券资产管理有限公司，并带领公司于2010年获得业内首张券商资管公募牌照。王国斌在中国率先提出并引领了"价值投资"理 念，是A股最成功的价值投资者之一。 2016年，王国斌结束了在东方证券的职业生涯。当时，他曾召集内部会议，宣布辞去东证资管董事长职务，并在会上不忘提倡员工多读书。安信证券首席经 济学家高善文曾对他给予高度评价："毫不夸张地说，在二级市场做投资管理的话，王国斌是最顶尖的投资者。" 从东方红资管离开后，王国斌创立了君和资本，投身于一级市场。在2019年至2022年，王国斌还担任了国家制造业转型升级基金投委会委员。 2022年，王国斌再度创业，与他的老搭档任莉联合创立了泉果基金，担任总经理一职，回到了他所熟悉的二级市场。同年，他出版了自己的首部著作《投资 中国》，在书中他表达了看好"中国资本市场的未来"这一坚定信念，并总结了自己的投资理念及企业经营心得。 回顾王国斌的职业生涯，可谓与中国资本市场的发展同步而行。他早年毕业于北京大学。上世纪九十年代初 ...

Core Insights - At least 10 multinational companies are expected to list their Indian units in Mumbai over the next year, driven by the desire for higher valuations amid India's rapid growth [1] - Initial public offerings (IPOs) in India have raised approximately $16 billion this year, with a significant portion coming from local units of global firms [2] Group 1: Market Dynamics - Companies are attracted to IPOs due to lofty valuations, as equities in India trade at a premium compared to most markets [1] - Listing locally is seen as a long-term commitment that enhances partnerships and boosts visibility, while also delivering superior valuations [2] Group 2: Investor Behavior - Greater domestic capital flows from retail investors have transformed the IPO landscape, allowing for both mid-sized offerings and multibillion-dollar transactions with confidence [4] - Local institutions, including asset managers and family offices, are increasingly acting as anchor buyers, setting pricing benchmarks, while foreign institutional investors are becoming price takers [4] Group 3: Upcoming Listings - Upcoming IPOs include ICICI Prudential Asset Management Co, which has initiated investor roadshows, and Apollo Global Management Inc is considering listing Tenneco Inc's India business [5] Group 4: Challenges and Considerations - Companies must guard against under-preparation, weak disclosure, and unrealistic valuation expectations, as many IPOs fail due to issuers chasing inflated numbers without ensuring business maturity [6]

Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - Northern Trust is expanding its relationship with Avanda by providing fund administration and other services, building on a partnership that began in 2015 [1] Group 1 - Northern Trust will offer fund administration services to Avanda, indicating a strengthening of their existing partnership [1] - The collaboration between Northern Trust and Avanda has been ongoing since 2015, highlighting a long-term relationship in the asset management sector [1]

Core Argument - U.S. financial regulators are considering modifying or rescinding the 55-year-old rule that mandates public companies to issue formal financial reports every 90 days, potentially shifting to semiannual reporting [1][9]. Group 1: Arguments for Eliminating Quarterly Reporting - Business leaders express concerns about the costs and distractions associated with the short-cycle reporting process, which may lead to a short-term bias in corporate decision-making [2][11]. - Academic and industry studies suggest that semiannual reporting does not impair and may even enhance company performance and the quality of financial information available to investors [3][24]. - The current quarterly reporting regime has been linked to significant market distortions, including abnormal volatility and mispricing, particularly disadvantaging small investors [4][44]. Group 2: Evidence Supporting Semiannual Reporting - Studies indicate no significant differences in corporate performance metrics such as return on equity, net profit margins, and earnings per share growth between quarterly and semiannual reporters [25][28]. - Research from the UK shows that the removal of mandatory quarterly reporting did not materially impact corporate investment decisions, suggesting that the frequency of reporting may not significantly influence long-term investment strategies [27][42]. - Evidence from the UK indicates that semiannual reporting is associated with higher quality financial information, including reduced accruals manipulation and improved earnings persistence [28][29]. Group 3: Arguments for Maintaining Quarterly Reporting - Traditionalists argue that the current quarterly reporting cycle is essential for maintaining market discipline and efficient price discovery, asserting that more frequent updates provide better information for investors [16][18]. - Critics of the proposed change highlight that U.S. corporate profits are at near all-time highs, suggesting that the current system does not hinder long-term investment [17][41]. - Concerns exist that less frequent reporting could lead to increased market volatility and misallocation of capital, potentially harming overall economic stability [19][23]. Group 4: The "Earnings Game" - The quarterly reporting cycle has created a phenomenon known as the "Earnings Game," where market participants engage in strategies that can distort trading patterns and compromise the quality of financial information [4][44]. - This environment encourages short-termism among executives, who may prioritize meeting quarterly earnings targets over long-term value creation [12][40]. - The pressure to meet quarterly expectations can lead to practices that undermine the integrity of financial reporting, including earnings management and manipulation [39][44].