智通财经4月28日电，浙江证监局对温州启元资产管理有限公司采取出具警示函措施。该公司在开展私 募基金业务中存在以下行为：一、出借私募产品作为外部通道；二、关联交易未按基金合同约定履行相 应程序和信息披露；三、部分产品的总资产占净资产的比例超过200%；四、证券交易所首发证券网下 询价和配售业务不规范。 ...

Fundraising and Investment Strategy - eQ Asset Management has successfully raised USD 168 million for the eQ PE XVII US fund at the beginning of 2025, with fundraising efforts set to continue throughout the year [1] - The eQ PE XVII US fund focuses on investing in private equity funds that target equity investments in small and medium-sized companies in the United States and Canada, aiming for a diversified portfolio of 12–15 funds across more than 150 companies [2] Partnership and Historical Performance - eQ has been collaborating with RCP Advisors since 2015, and the current fund marks the sixth US fund raised in this partnership, with RCP being a well-resourced private equity manager specializing in lower middle market North American funds [3] - To date, eQ has raised a total of USD 1.2 billion for its US funds from over 200 clients, indicating a strong track record in the private equity space [3] Capital and Programmes - In late 2024 and early 2025, eQ signed private equity programmes totaling over EUR 330 million, bringing the total capital across current private equity programmes to approximately EUR 1 billion [4] - These private equity programmes typically offer 4–5 year solutions, providing clients with a comprehensive portfolio managed by eQ along with transparent reporting [4] Market Insights and Asset Management - The Head of Private Equity at eQ, Staffan Jåfs, noted that despite a less active M&A market, the small and mid-cap segment has seen more new investments and exits, presenting attractive opportunities in the lower middle market [5] - As of the end of 2024, eQ Asset Management had EUR 13.4 billion in assets under management, with EUR 3.3 billion allocated to private equity funds, demonstrating significant scale in asset management [5]

Group 1 - The core viewpoint of the article emphasizes the collaboration between Zhongou Wealth and Shanxi Securities to launch multiple investment advisory strategies aimed at providing a comprehensive solution for investors seeking stable financial management amidst recent market volatility [1][2][4]. Group 2 - Zhongou Wealth and Shanxi Securities have introduced several investment advisory strategies, including "Zhongou Step by Step to Profit," "Zhongou Multi-Dimensional Stable Income+," and "Happy Small Goals," to meet the diverse investment needs of clients [2][3]. - "Zhongou Step by Step to Profit" is a low-volatility fixed income enhancement strategy that aims to generate higher returns than pure bond funds while maintaining controlled risk, suitable for investors looking for stable asset growth [2]. - "Zhongou Multi-Dimensional Stable Income+" offers a one-stop solution for asset diversification, incorporating seven categories of low-correlation assets, and aims to enhance risk resistance through continuous monitoring of asset correlations and volatility [2]. - "Happy Small Goals" is designed for investors with timing concerns, focusing on fixed income assets to build a safety cushion while flexibly allocating equity assets to increase return potential, with an automatic profit-taking mechanism triggered at an annualized return of 3.28% [3]. Group 3 - Zhongou Wealth is one of the first institutions in China to pilot fund advisory services, having over five years of experience in this field, and aims to improve user investment experiences through product iterations and service optimizations [4]. - Shanxi Securities, established over thirty years ago, is recognized for its stable operations and comprehensive service offerings across various sectors, including wealth management and asset management [4]. - The launch of these strategies marks the beginning of a close collaboration between Zhongou Wealth and Shanxi Securities, focusing on user needs and investment challenges to explore more fund advisory solutions in the future [4].

据了解，当前债市交易员需同时追踪三大政策变量：其一，贸易保护主义与减税政策对脆弱经济增长的 叠加影响;其二，特朗普是否会再度威胁解雇美联储主席鲍威尔;其三，白宫是否会通过美元贬值转移债 务压力。 尽管摩根大通资产管理仍认为美债相对欧债更具配置价值，且本月30年期美债拍卖结果显示市场需求尚 未崩塌，但机构持仓策略已现明显分化。 其中，太平洋投资管理公司 (PIMCO)将本月美元、美国股市和美国国债三重疲软的走势比作新兴市场 可能出现的趋势，该公司一直在购买美国国债，但同时限制收益率曲线的波动幅度，目前青睐 5 至 10 年期的债券。 此外，先锋集团则认为长期债券中内置的额外保险还有进一步增加的空间，特别是如果联邦赤字扩大导 致债券发行量增加的话。 （原标题：国债市场步入 "新秩序"?特朗普政策变数推高长期美债风险溢价） 智通财经APP获悉，本月席卷全球债市的"抛售美债"浪潮，正对美国长期国债这一全球最大赤字融资工 具的根基造成冲击。在特朗普总统执政百日临近之际，其推行的贸易战、减税政策及反复无常的施政风 格，迫使债券投资者不得不重新评估美债的传统避险属性。 对此，布兰迪万全球投资管理公司630亿美元资产的掌舵人 ...

（Brandywine）规模为630亿美元的资产。"即使特朗普在关税问题上让步，我认为不确定性水平仍将上 升。所以这意味着期限溢价将保持高位。" 从某种程度上来说，交易员们称之为期限溢价的额外缓冲大约是2014年以来的最高水平。"我们正处于 一个新的世界秩序中，"杰克·麦金太尔 (Jack McIntyre) 说道，他和他的团队管理着布兰迪万 ...

Investment Rating - The report indicates that Emerging Market (EM) funds remain underweight (UW) on EM Asia equities, particularly in Hong Kong/China and India, while showing some overweight (OW) positions in Taiwan and Korea [1][2]. Core Insights - EM funds' relative allocations to Hong Kong/China decreased by 0.4 percentage points month-on-month (m-m) as of end-March 2025, with 31 out of 49 funds reporting lower allocations [1][2] - Allocations to India also decreased by 0.3 percentage points m-m, with 60% of EM funds now underweight on India [3] - In contrast, relative allocations to Taiwan and Korea increased by 0.4 percentage points and 0.2 percentage points m-m, respectively [1][2] Summary by Sections Fund Allocations - As of end-March 2025, EM funds are underweight on EM Asia, except for Indonesia and Korea, with relative allocations increasing m-m for Taiwan, Korea, Brazil, and Saudi Arabia, while decreasing for Hong Kong/China and India [2][8] - The majority of funds are now underweight on Hong Kong/China compared to India or Taiwan [2] Performance Analysis - In March, 38 out of 49 funds outperformed the MSCI EM Index, but only 12 funds have outperformed month-to-date in April [4] - The report highlights that during a previous rally in September 2024, only 11 funds managed to outperform the benchmark [4] Relative Weightings - The report provides a detailed analysis of current overweight and underweight positions against the MSCI EM benchmark, showing a decrease in allocations to Hong Kong/China and India, while Taiwan and Korea saw increases [5][20]

此外，今年2月14日中国证券金融股份有限公司、中国长城资产管理股份有限公司、中国信达资产管理 股份有限公司、中国东方资产管理股份有限公司发布公告，公司部分股权拟划转至中央汇金投资有限责 任公司。 公开信息显示，中投公司隶属于国务院财政部，下属三家公司包括中投国际有限公司、中投海外直接投 资有限公司和中央汇金投资有限责任公司。其中，中央汇金投资对国有重点金融企业进行股权投资，不 开展商业性经营活动，不干预其控股的国有重点金融企业的日常经营活动，其他两个分公司主要面向海 外投资。 【环球网财经综合报道】近期监管部门正在就《地方AMC监督管理暂行办法》（2025年征求意见稿） 线下征求意见。《征求意见稿》在收购、处置、融资、股东股权等方面对地方AMC进行了明确要求。 其中提到，地方AMC应当在所在省级行政区域内开展金融不良资产收购业务；不得帮助金融机构虚假 出表掩盖不良资产，为金融机构规避资产质量监管提供通道等。 浙商证券近日发布研报提到，2024年金融监管总局首次发布不良资产业务管理办法，对不良资产的收 购、管理、处置以及围绕不良资产展开的相关业务做了明确的指引，总体原则上要做到"科学合理选择 处置方式，提高效率 ...

Core Viewpoint - Brookfield Asset Management's recent stock dip presents a potential buying opportunity, with a higher dividend yield and lower valuation, while the company is on track for significant earnings and dividend growth in the coming years [1][9]. Financial Performance - Brookfield generated nearly $2.5 billion in fee-related earnings last year, marking a more than 10% increase from 2023 [2]. - The company raised $135 billion from investors last year, including a record $29 billion in Q4, leading to an 18% increase in fee-bearing capital in Q4 and a 17% rise in fee-related earnings during that period [2]. Growth Prospects - The company ended last year with $539 billion of fee-bearing capital and aims to increase its fee-bearing assets under management (AUM) to around $1.1 trillion by 2029 [5]. - Brookfield expects its fee-related earnings to rise at a 17% compound annual rate through the end of the decade, potentially doubling to $5 billion [6]. - Distributable earnings (DE) are projected to grow at an 18% compound annual rate, increasing from almost $2.4 billion last year to $5.1 billion in 2029 [6]. Dividend Policy - Brookfield has increased its dividend by 15%, resulting in a dividend yield of nearly 3.5% at the current share price, which is more than double the S&P 500's yield [4]. - The company plans to pay 95% of its distributable earnings to investors in dividends, positioning it for a 15% annual dividend growth rate over the next several years [6][7]. Valuation and Investment Opportunity - The stock trades at about 35 times its 2024 DE but is expected to grow into its valuation, trading at about 18 times its 2029 DE [8]. - The recent stock price dip below $55 enhances the investment appeal, offering a strong total return potential as the company grows its earnings and dividends at an expected annual rate of 15%+ [9].

Assets Under Management (AUM) - AUM decreased to $1675 billion from $1750 billion due to negative market performance and net outflows[12,14] - Average AUM decreased by 5% to $1736 billion[12] - Market performance led to a decrease of $41 billion in AUM[17] - Net outflows contributed to a decrease of $30 billion in AUM[17] Sales and Net Flows - Sales amounted to $62 billion, compared to $64 billion in the prior period[12] - Net flows were ($30) billion, attributed to U S retail funds, institutional accounts, and retail separate accounts[12,19] - Institutional sales were $15 billion, compared to $16 billion in the prior period[21] - Institutional net flows were ($12) billion, compared to ($38) billion in the prior period[21] Financial Performance - Operating income, as adjusted, was $546 million, including $100 million of seasonal expenses[12] - Operating margin, as adjusted, was 276%, or 327% excluding seasonal expenses[12] - Earnings per diluted share, as adjusted, were $573, including seasonal expenses of $101 per share, and increased 6% over the prior-year period[12] - Investment management fees, as adjusted, decreased by 7% due to lower average AUM and lower performance fees[25] Capital Activities - The company repurchased 111200 shares for $200 million and net settled 35178 shares for $61 million[12] - Net debt was $1000 million, or 03x EBITDA[12]

Analyst Update Data as of March 31, 2025 Federated Hermes, Inc. 1 25-30034 Forward-looking information This presentation is provided as of the date on the cover and contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking, including those related to product performance, the potential for business ...