South Africa's rugby governing body, SA Rugby, warned lawmakers of a potential collapse without a revenue boost. President Mark Alexander emphasized the organization's break-even status and the necessity of a deal with Ackerley Sports Group to loosen control over its commercial rights.
Kotak Mahindra Asset Management Company plans to launch its first credit Alternative Investment Fund (AIF) between January and March 2025. Deepak Agrawal, CIO of fixed income at Kotak Mahindra AMC, noted that improved corporate financial health has created attractive opportunities in the credit and structured finance space, making it a compelling option for debt investors seeking optimal post-tax returns.
BlackRock has acquired HPS Investment Partners for approximately $12 billion, enhancing its position in the private credit market. This deal is expected to boost BlackRock's assets under management in private markets by 40% and management fees by 35%. HPS's founders will lead a new business unit focused on private financing solutions, as BlackRock aims to integrate public and private market offerings.
Two ETFs targeting private credit have launched, marking a significant step in opening the $30 trillion sector to a broader range of investors. BondBloxx's fund focuses on middle-market collateralized loan obligations, while Virtus targets AAA-rated private credit CLOs. Despite growing interest, challenges remain regarding asset valuation and liquidity in this untested market.
Nat Benjamin from the Bank of England discusses the latest financial stability report, emphasizing the importance of preparing for potential market shocks during peacetime. He highlights that scenarios presented indicate risks greater than previously encountered, particularly for hedge funds, asset managers, and pension providers.
Art Cashin, the director of floor operations at UBS and a prominent figure on Wall Street for over 60 years, has passed away at the age of 83. His contributions to the financial industry and his long-standing presence at the New York Stock Exchange will be remembered.
Jane Street Group LLC reported a remarkable $14.2 billion in net trading revenue for the first nine months of 2024, surpassing its previous annual record. The third quarter alone generated $5.8 billion, more than double the amount from the same period last year, contributing to a total that exceeds the $10.6 billion earned in all of 2023.
Commodity trading advisors (CTAs) faced significant losses in October, with the Tulip Trend Fund down 8.7% for the month and 7.1% year-to-date, primarily due to adverse currency and interest rate trends. The DUNN World Monetary & Agriculture Program reported an 8.92% loss, while the Quantedge Global Fund fell over 11% but remains up 17.88% for the year. Despite a challenging month, the Mulvaney Capital Global Diversified Program leads with a 51.51% annual gain, despite a 12.25% drop in October driven by currency bets.
Ken Griffin’s Citadel is set to stand out in a challenging year for commodities trading, achieving approximately $4 billion in profits, primarily from natural gas trading. This performance positions Citadel to match last year's impressive results, reinforcing its status as a leading player in the asset class.
Jane Street Group LLC has re-entered the leveraged debt markets by launching a $1 billion leveraged loan. The seven-year loan aims to refinance and expand the firm's existing first-lien loan, with additional funds allocated for general corporate purposes and trading capital.
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