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BNP Paribas Asset Management has appointed Jeff French as head of investor relations for private assets in Asia Pacific, based in Singapore. With 15 years of experience, including roles at OMERS Private Equity, Blackstone, Goldman Sachs, and Credit Suisse, French's hiring aligns with the firm's strategy to expand its private asset business amid rising interest from Asian investors. APAC CEO Mike Nikou emphasized the commitment to enhancing product offerings and sources of alpha for clients.
President Donald Trump is optimistic about finalizing a deal for TikTok's US operations before the April 5 deadline, as mandated by a 2024 law due to national security concerns regarding its Chinese ownership. Private equity firm Blackstone and other non-Chinese stakeholders are reportedly leading the bid, with the White House showing flexibility, including potential tariff reductions, to facilitate the agreement.
Blackstone is reportedly exploring a minority investment in TikTok's US operations, aiming to join existing non-Chinese shareholders like Susquehanna International Group and General Atlantic. The plan involves restructuring TikTok's US business into a separate entity and reducing Chinese ownership to below 20% to meet US regulatory requirements.
Deutsche Bank is exploring interest in a $200 million loan to support Blackstone's bid for Trans Maldivian Airways (TMA), with potential interest rates around 10% or lower. Blackstone's offer is under $500 million, and terms of the loan remain negotiable. TMA, the world's largest seaplane operator, has seen improved travel demand post-pandemic, operating a fleet of 65 aircraft and over 400 daily flights.
Citigroup has shut down the Silverfern Equity Club, a private equity initiative launched in 2012 to connect wealthy clients with exclusive investment opportunities. The venture faced legal disputes and client dissatisfaction, particularly over poor performance in the oil-and-gas sector, leading to only $220 million in actual investments from an initial $470 million commitment. A New York court ruled that Silverfern owed Citigroup $9 million in unpaid fees, highlighting the challenges banks face in providing private market access to affluent investors.
Citi Private Bank's Silverfern club aimed to attract wealthy clients with private equity investments, but tensions arose over differing expectations and performance issues. A legal battle ensued after Citi distanced itself from Silverfern, leading to a ruling that favored Citi, highlighting the challenges of client relationships in private equity.
Citigroup's Silverfern Equity Club, launched to connect wealthy clients with private equity opportunities, has ended in disappointment after a decade, marked by poor performance and legal disputes. A recent ruling found Silverfern liable for unpaid fees to Citi, highlighting ongoing challenges in accessing private markets for elite investors. As Wall Street banks seek to tap into trillions in potential investments, Citi's experience serves as a cautionary tale in the competitive landscape of private equity.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals it originates, enhancing DWS's offerings in asset-based finance and direct lending. This move comes as demand for alternative assets surges, with DWS managing 110 billion euros in alternatives out of 1 trillion euros total assets. Patrick Connors from Deutsche Bank will join DWS as global head of private credit, reflecting the growing importance of origination in the competitive private credit market.
Deutsche Bank will provide its asset management arm, DWS, with preferred access to private credit deals, enhancing their competitive edge in the growing market. DWS will have the first look at various private credit opportunities, which it can then offer to clients. As part of this collaboration, Patrick Connors from Deutsche Bank will join DWS as the global head of private credit.
Deutsche Bank has partnered with DWS to enhance its position in the private credit market, responding to increasing investor demand for alternative assets. This alliance provides DWS with a competitive edge in asset-based finance and direct lending, as traditional banks face tighter constraints. As private credit becomes a key growth sector, regulatory concerns about the risks of 'shadow banking' are rising, highlighting the need for oversight in this evolving financial landscape.
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