以下文章来源于东四十条资本 ，作者张楠 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 作者丨 张楠 来源丨 东四十条资本 家族办公室是过去几年投资圈的火热话题，从新加坡到中国香港，都在正向吸引富豪人群落地投资，方式之一就是让这些富豪 在本地开设家族办公室，通过雇佣专业投资人或机构，帮忙打理庞大的资产，进行股权、信贷、证券、房地产等各项领域的全 球资产配置。 钱多到一定份上，再加上满足一定的条件，可以自己雇人，也就是开设单一家办，香港这个门槛是2.4亿港元，新加坡几次上 调申请免税优惠的单一家办门槛，目前是2000万新元。钱没那么多，或者不想自己劳神，也可以将钱交给专业的持牌机构来 打理，也就是联合家办。 但不管是单一还是联合家办，对普通人来说基本都是难以企及的。 但你有没有想过，有一天人人都能享受到家族办公室式的全天候服务？ 尤其是，投进去那些需要上百万美元资金，只面向所 谓"私人银行客户"的各类稀缺 投资机会 ？ 将投中网设为"星标⭐"，第一时间收获最新推送 投资方为GPTX（简坤投资）、C Capital、以及Shuren Educati ...

Group 1: Core Themes of the Summit - The summit focused on the transformative impact of AI on investment paradigms and the strategic value of Chinese assets in global allocation [4][24] - The theme "AI-driven, Smart Investment, Global Vision" aimed to facilitate dialogue across regions and strategies, helping Chinese asset management firms seize opportunities presented by AI [4][24] Group 2: AI and Investment Strategies - A roundtable discussion highlighted China's significant advantages in AI, including a large user base, diverse application scenarios, and top talent, which are crucial for building a global AI ecosystem [6] - AI's integration into investment processes, particularly in quantitative investing, was emphasized, showcasing its potential to enhance decision-making efficiency and optimize model construction [6] Group 3: Global Asset Allocation and Chinese Assets - Discussions on the re-evaluation of Chinese assets highlighted the trend of de-dollarization and the shift towards a multipolar currency system, driven by rising U.S. fiscal deficits and currency risks [8] - The strategic value of Chinese assets is increasingly recognized, particularly in the context of global capital allocation moving from a singular focus on the U.S. dollar to a more balanced approach [8] Group 4: ESG Integration in Investment - A panel explored the integration of ESG goals with profitability, emphasizing that ESG should enhance risk-return profiles rather than exist independently of traditional frameworks [10] - Asia, particularly China, is viewed as a key testing ground for ESG investments, with coherent policies providing a clear framework for development [10] Group 5: Trends in Fund Establishment and Globalization - The establishment of overseas funds is accelerating as domestic capital seeks global diversification, with offshore structures like Cayman Islands and Hong Kong becoming popular due to tax benefits and regulatory maturity [10] - Investors are advised to consider tax costs, regulatory compatibility, investor preferences, and market access efficiency when choosing fund registration locations [10] Group 6: ETF Market Dynamics - The ETF market is reshaping global asset allocation logic, with a focus on equity products and the ability to quickly adjust regional or sector exposures amid geopolitical tensions [12] - The entry of banks and third-party channels into the ETF space is expected to create a new industry landscape [12] Group 7: Strategies for Volatile Markets - The discussion on convertible bonds highlighted their dual nature as a defensive tool in volatile markets, with a focus on global opportunities and the need for innovative strategies in a homogenized domestic market [13] - The importance of AI in enhancing quantitative investment strategies was underscored, with a focus on alternative data and high-frequency trading to mitigate market volatility [15] Group 8: CTA Strategies and Market Conditions - The CTA strategy was identified as a focal point for long-term asset allocation, particularly in capturing trends in commodities, interest rates, and currencies during market crises [17] - AI's role in enhancing CTA strategy development was discussed, with an emphasis on the need for human experience in extreme market conditions [18] Group 9: Stock Market Outlook - The stock long strategy is expected to benefit from policy support in China's capital markets, with a focus on consumption and public ETF ecosystem optimization [20] - The attractiveness of Hong Kong stocks is highlighted due to their policy stability and active IPO environment, amidst a backdrop of global capital rebalancing [20] Group 10: Awards and Recognition - The summit concluded with an awards ceremony recognizing outstanding achievements in asset management, insurance, and banking, aimed at encouraging innovation and excellence in the industry [22]

Key Takeaways Lazard's AUM rose 1.7% sequentially in May to $235.3B, driven by market and FX appreciation. A $7.4B market gain and $0.2B FX boost were offset by $3.7B in net outflows and a $4.3B client withdrawal. Equity assets rose 2.4% to $180.5B, while fixed income fell 1.3% and other assets climbed 3%.Lazard, Inc. (LAZ) reported a preliminary asset under management (AUM) balance of $235.3 billion as of May 31, 2025, reflecting an increase of 1.7% from the April 30, 2025, level.The AUM was favorably af ...

Equitable (EQH) 2025 Conference Summary Company Overview - **Company**: Equitable (EQH) - **Date of Conference**: June 11, 2025 - **Key Speaker**: Robin Roger, CFO of Equitable Key Points and Arguments Strategic Goals and Financial Metrics - Equitable outlined a growth strategy during the Investor Day in May 2023, focusing on: - Defending and growing core businesses in retirement and asset management - Seeding future businesses in plan guarantees and emerging markets - Scaling wealth management and private credit capabilities [4][5] - Financial targets include: - Growing cash flows from $1.3 billion to $2 billion by 2027 - Increasing payout ratio to 60%-70% from 40%-60% - Achieving earnings per share (EPS) growth of 12%-15% [6][7] Progress on Financial Metrics - Cash flow projections for 2025 are between $1.6 billion and $1.7 billion, with confidence in reaching $2 billion by 2027 [6][68] - Achieved a payout ratio of 68% over nine quarters and 12% EPS growth over two years, despite some adverse mortality impacts [7][8] RGA Transaction and Capital Allocation - The RGA transaction is expected to free up $2 billion in capital, allowing for strategic investments and enhancing growth in asset and wealth management [9][10] - Increased ownership stake in AllianceBernstein from 62% to 69%, using $800 million of the proceeds [11] Business Mix and Growth Opportunities - By 2027, approximately 50%-60% of cash flow is expected to come from asset and wealth management, up from 17% at IPO [12][49] - The integrated business model allows for leveraging strengths in annuities to expand into asset and wealth management [16][25] Retirement Market Insights - The retirement market is significant, with 4 million Americans turning 65 this year and $600 billion in assets moving out of 401(k) plans [18][34] - Buffered annuities are gaining traction, especially during market volatility, with a 40% year-over-year increase in the RILE market [29][30] Future Growth in 401(k) Business - The 401(k) market is valued at $8 trillion, with annuities holding less than 1% market share, presenting a substantial growth opportunity [36][39] - Partnerships with firms like BlackRock and JPMorgan are expected to drive inflows and market penetration [37] Wealth Management Performance - Equitable has seen strong net inflows and adviser productivity, with assets under administration growing from $40 billion at IPO to over $100 billion [45] - Plans to enhance adviser recruitment through experienced hires and potential small acquisitions [46][47] Private Market Strategy - The private markets are expanding, with a focus on private credit and insurance, leveraging sticky liabilities for better returns [56][59] - Equitable maintains a conservative approach, avoiding below-investment-grade assets while focusing on higher-grade private credit [63] Capital Deployment and Share Buybacks - Following the RGA transaction, Equitable plans to deploy $2 billion in capital, including $500 million for share buybacks and debt repayment [76][77] - The company is positioned to be offensive in capital deployment, depending on market conditions [78] Additional Important Insights - The flywheel effect of integrating asset management and retirement businesses is expected to enhance overall returns and growth [17][21] - The company is optimistic about future earnings growth driven by demographic trends and market opportunities in retirement solutions [34][35] This summary encapsulates the key insights and strategic directions discussed during the Equitable conference, highlighting the company's growth ambitions and market positioning.

Group 1 - Blackstone plans to invest up to $500 billion in Europe over the next decade, having already invested nearly $100 billion in the U.K. [1][7] - The company's London office currently employs 650 people, indicating a strong presence in the region [1][7]. - Blackstone's CEO, Steve Schwarzman, believes that Europe's changing approach will lead to higher growth rates, presenting a "major opportunity" for the firm [3]. Group 2 - Recent interest in Europe from investment firms is driven by impressive growth prospects, influenced by geopolitical changes and increased defense spending in the European Union [2]. - Germany has approved historic spending plans, further enhancing the investment landscape in Europe [2]. - Blackstone's diversified products and revenue mix are expected to support growth in assets under management (AUM), with fee-earning AUM witnessing a compound annual growth rate (CAGR) of 15.3% over the past four years [5]. Group 3 - Despite a decline in segment revenues in 2023, Blackstone has a strong global presence and solid organic growth prospects, with a four-year CAGR of 15.6% [4]. - The company's shares have lost 24.9% over the past six months, compared to an industry decline of 11.2% [6].

Summary of Apollo Global Management (APO) Conference Call Company Overview - Apollo Global Management is one of the world's largest alternative investment managers with nearly $800 billion in assets under management [2] Macro Economic Insights - Recent months have shown a normalization of investor sentiment and a fading uncertainty regarding the trade war, which is reflected in market performance [5] - The market anticipates fewer interest rate cuts than previously expected, with a likelihood of higher rates persisting for an extended period [6][7] - Higher interest rates are generally favorable for credit markets, leading to a constructive outlook for Apollo's portfolio [8] Capital Solutions Business - Apollo has successfully built a capital solutions revenue stream, which is now a significant part of its business model [11] - The capital solutions business is expected to grow, with a target of achieving $1 billion in annual revenue within five years [14] - The business has shown stability with consistent revenue generation, having achieved over $100 million in revenue for ten consecutive quarters [14] Private Credit Expansion - Apollo views the private credit market as a vast opportunity, estimating it to be a $40 trillion marketplace, primarily in investment-grade and asset-backed financing [21] - The adoption of private credit is still in its early stages, with insurance companies being the most advanced adopters [22] Origination Strategy - Apollo has doubled its origination volume over the past few years, currently running at over $200 billion per year, with expectations to reach $275 billion in the next four to five years [26] - The origination strategy is supported by 16 platforms, which are crucial for driving growth and providing financing solutions [25][30] Fundraising Environment - The fundraising environment is evolving, with challenges in traditional institutional capital raising due to difficult exit conditions [31][34] - Apollo is focusing on expanding its global wealth opportunities and partnerships with traditional firms to access new markets [32] Private Wealth Strategies - Apollo has launched various strategies in the private wealth sector, raising $12 billion last year and continuing to see strong demand [40] - The firm is experimenting with different fund structures across various markets to optimize distribution [42] Annuity Sales Outlook - Annuity sales have tripled over the last five years, with Apollo being the number one writer of annuities [61] - The firm anticipates stable growth in annuity sales, supported by demographic trends and the increasing number of retirees [62] Spread-Related Earnings - Apollo expects mid-single-digit growth in spread-related earnings for the year, influenced by tight asset spreads and competitive pressures in the annuity market [66] - The pace of investments has been cautious, with a focus on deploying capital when favorable conditions arise [70] Conclusion - Apollo Global Management is well-positioned in the current economic environment, with a strong focus on capital solutions, private credit, and origination strategies, while navigating challenges in fundraising and market competition [8][31][66]

Boston Consulting Group estimates institutional investors had $128 trillion in assets under management (AUM) last year. If even a small percentage of that total were allocated to Bitcoin, its price could rise substantially in the future. Spot Bitcoin ETFs have led to an uptick in institutional adoption since winning SEC approval in January 2024. That's partly because they eliminate friction and high fees associated with cryptocurrency exchanges, but also Billionaires Ken Griffin and Steven Cohen rank among ...

CALGARY, Alberta, June 10, 2025 (GLOBE NEWSWIRE) -- Canoe Financial LP (“Canoe Financial”) today announced changes to two of its investment funds. Fund name changes Effective June 20 2025, the following name changes will take effect: Canoe Defensive Global Balanced Fund will be renamed Canoe Fundamental Global Balanced FundCanoe Canadian Small Mid Cap Portfolio Class will be renamed Canoe Fundamental Small Mid Cap Portfolio Class These changes reflect Canoe Financial’s continued focus on clarity, precision ...

Summary of GCM Grosvenor (GCMG) Conference Call Company Overview - **Company**: GCM Grosvenor (GCMG) - **Industry**: Alternative Asset Management - **Assets Under Management**: Approximately $82 billion across various strategies including private equity, infrastructure, real estate, credit, and absolute return [2][4] Key Points and Arguments Business Model and Competitive Advantage - GCM Grosvenor operates as a solutions provider, distinct from traditional General Partners (GPs) like Blackstone and KKR, by allocating capital on behalf of clients [4][5] - The firm offers a flexible investment approach, allowing clients to engage through customized separate accounts (75% of AUM) or commingled funds, enhancing its competitive edge [6][30] - The ability to invest across the alternative spectrum (liquid to private, credit to equity) is a core strength, enabling GCM to remain relevant in various investment discussions [6][7] Macro Environment and Business Impact - The current macroeconomic environment, characterized by trade policy concerns, interest rates, and economic growth, has led to public market volatility, impacting capital markets activity [8][10] - Despite these challenges, GCM anticipates improved fundraising in 2024 and 2025, driven by business diversification and customized account offerings [11][12] Fundraising Expectations - GCM has a predictable pipeline due to its customized account business, allowing for better forecasting of fundraising activities [14] - Key areas of investor activity include infrastructure and private credit, which are still developing allocations compared to private equity [15][16] Private Market Allocations - The pace of realizations in private equity has slowed, but GCM believes this is a healthy adjustment rather than a return to previous unsustainable cycles [18][19] - Clients are generally satisfied with their alternative portfolios, indicating a desire to maintain or grow allocations despite liquidity challenges [21][22] Individual Investor Market - GCM is focusing on the individual investor channel, aiming to provide a diversified alternative portfolio similar to institutional investors [39][40] - The firm has launched an infrastructure interval fund and formed a joint venture with Grove Lane to enhance its offerings in this space [38][45] Infrastructure and Private Credit - GCM's infrastructure business has grown significantly, with a focus on direct-oriented strategies, which are more prevalent than in private equity [50] - The firm offers a range of investment capabilities in both infrastructure and private credit, positioning itself to capitalize on market growth [48][52] Secondary Market Activity - The secondary market is expected to grow significantly, with GCM focusing on small and mid-cap opportunities where it has a relationship and information advantage [55][56] Long-term Goals - GCM aims to double its FRE (Fee-Related Earnings) in five years, supported by a positive mix shift towards private markets and direct-oriented strategies [57][59] Additional Important Insights - The firm emphasizes the importance of client relationships and transparency, which contribute to a high re-up rate of 90% for customized accounts [30][37] - GCM's approach to individual investors includes creating customized solutions that aggregate smaller investments into separate accounts, enhancing accessibility [47][48] This summary encapsulates the key insights from the GCM Grosvenor conference call, highlighting the company's strategic positioning, market outlook, and growth initiatives.

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $170.9 billion as of May 31, 2025 [1] - Artisan Funds and Artisan Global Funds contributed $83.4 billion to the total AUM, while separate accounts and other AUM accounted for $87.5 billion [1] AUM by Strategy - The Global Opportunities strategy has AUM of $19.683 billion, while Global Discovery has $1.825 billion [2] - U.S. Mid-Cap Growth strategy holds $10.615 billion, and U.S. Small-Cap Growth has $2.719 billion [2] - The International Value strategy is significant with $49.518 billion, and Global Value strategy has $31.590 billion [2] - High Income strategy under the Credit Team has $12.377 billion, while Developing World strategy has $4.650 billion [2] Additional Information - Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies include $116.7 million in aggregate for which investment models are provided to managed account sponsors [3] - The China Post-Venture strategy is currently being wound down [3] - Artisan Partners is a global investment management firm offering a diverse range of investment strategies across multiple asset classes since 1994 [4]