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The Biden administration “has appointed world-class cybersecurity experts to leadership positions,” Microsoft corporate Vice President Tom Burt said in a statement. Biden’s National Security Council, an arm of the White House that guides an administration’s security priorities, includes five experienced cybersecurity officials. Leading the hires is National Security Agency senior official Anne Neuberger as Deputy National Security Adviser for cyber and emerging technology, a new position designed to elevate the subject internally. The other four hires are Michael Sulmeyer as senior director for cyber, Elizabeth Sherwood-Randall as Homeland security adviser, Russ Travers as deputy homeland security adviser and Caitlin Durkovich as senior director for resilience and response at the NSC. All four previously served in senior national security posts that dealt with cybersecurity.
Persons: Joe Biden, Russell Travers, Yuri Gripas, , Suzanne Spaulding, Cybersecurity, Trump, Chris Krebs, Donald Trump’s, Moscow, Biden, Mark Montgomery, Morgan Stanley, Obama, , Tom Burt, Amit Yoran, Krebs, Rob Silvers, Silvers, Anne Neuberger, Phil Reiner, Neuberger, Michael Sulmeyer, Elizabeth Sherwood, Randall, Russ Travers, Caitlin Durkovich, cybersecurity Organizations: FRANCISCO, Reuters, National Counterterrorism Center, Senate Homeland Security, Governmental Affairs, Homeland, REUTERS, Center for Strategic, International Studies, White, SolarWinds Corp ., National Security Agency, Cyber Command, Microsoft, DHS, Tenable Inc, Homeland Security Department, Cybersecurity Infrastructure Security Agency, National Security Council, National, Tech, Institute for Security, Technology, NSA, NSC Locations: WASHINGTON, Washington , U.S, U.S, United States
FRANKFURT/LONDON (Reuters) - Swedish payments firm Trustly is preparing to launch a stock market flotation in the second quarter in a deal potentially valuing the private equity-backed group at up to 9 billion euros ($11 billion), people close to the matter said. Trustly, which is expected to float in Stockholm, may be valued at 6-8 billion euros, two of the people said, while another said it could fetch 7-9 billion. Last month, such a “blank-check” acquisition firm backed by veteran investor Bill Foley agreed to merge with Paysafe, valuing the payments platform at around $9 billion. Trustly, founded in 2008 and with offices in Sweden, Spain, Malta, Germany and the United Kingdom, processes more than 4 million payments each month and posted 2019 revenues of 130 million euros. Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly 700 million euros and merged it with U.S.-based PayWithMyBank in 2019.
Persons: Goldman Sachs, JP Morgan, Morgan Stanley, Bill Foley, Nuvei, Trustly, Neuberger Berman Organizations: Nordic, Carnegie, Nordic Capital, Barclays, U.S, Investment Corporation of Dubai, Aberdeen Standard Investments, Investment Locations: FRANKFURT, LONDON, Stockholm, Europe, Britain, Sweden, Spain, Malta, Germany, United Kingdom, BlackRock, Aberdeen
FRANKFURT/LONDON (Reuters) - Swedish payments firm Trustly plans to take advantage of a surge in digital transactions in the COVID-19 pandemic with a second-quarter flotation that could value it at up to 9 billion euros ($11 billion), people close to the matter said. The company could be valued at 6-8 billion euros, two of the people said, while another said it might fetch 7-9 billion. Trustly’s revenues were around 130 million euros in 2019 and will be around 200 million euros for 2020 on a “double digit” core earnings (EBITDA) margin, one of them added. Trustly, founded in 2008 and with offices in Sweden, Spain, Malta, Germany and Britain, processes more than 4 million payments per month. Nordic Capital bought a 70% stake in the company in 2018 at a valuation of roughly 700 million euros and merged it with U.S.-based PayWithMyBank in 2019.
Persons: Goldman Sachs, JP Morgan, Morgan Stanley, Bill Foley, Nuvei, Trustly, Neuberger Berman Organizations: Nordic, Carnegie, Nordic Capital, Barclays, U.S, Investment Corporation of, Aberdeen Standard Investments, Investment Locations: FRANKFURT, LONDON, Stockholm, Europe, Britain, Sweden, Spain, Malta, Germany, BlackRock, Investment Corporation of Dubai, Aberdeen
Evan Ratner is a portfolio manager specializing in SPAC investing at Easterly Alternatives. He started investing in SPACs in 2007 and witnessed how they have evolved into a "feeding frenzy." He shared the key to finding attractive SPACs, including three 'blank-check companies' on his radar. "From 2014 to 2016, SPAC sponsors would come out and try to buy value companies," he said. Today, because of increasing new entrants and capital in the space, SPAC units priced at $10 would open anywhere between $10.30 to $11.20 after an IPO, Ratner observed.
Persons: Evan Ratner, he'd, SPACs, Ratner, Goldman Sachs, SPACs —, everybody's, SPAC, Chamath, Rattner Organizations: SPAC, Goldman, Venture, Chamath Palihapitiya's, Capital Hedosophia Holdings Corp, Qell, Corp, Neuberger Principal Holdings, Solutions Locations: SPACs, SoFi
(Adds comment, details on real yields; adds chart)NEW YORK/LONDON, Jan 13 (Reuters) - A rally in U.S. yields is clouding the outlook for one of the market’s most popular trades: betting against the dollar. Still, some investors believe a rise in U.S. yields can only go so far. For investors looking to see if the recent dollar rally has staying power, real U.S. yields - which take inflation into account - may be key. So far, U.S. Treasury real yields across the curve remain well in negative territory, making holding dollars less appealing to investors. “The moment real yields start to move in the same direction as nominal yields, to me, is a signal that we could see a stronger dollar,” Amundi Pioneer’s Upadhyaya said.
Persons: , Thanos Bardas, Neuberger Berman, , John Doyle, Joe Biden’s, Paresh Upadhyaya, Athanasios, Bank of America Merrill Lynch, “ We’re, Jeremy Stretch, Pioneer’s Upadhyaya Organizations: Democratic, Federal Reserve, Tempus Inc, Asset Management, Bank of America, CIBC, Treasury Locations: U.S, Washington, Europe
NEW YORK/LONDON (Reuters) - A rally in U.S. yields is clouding the outlook for one of the market’s most popular trades: betting against the dollar. FILE PHOTO: A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. “I think that is exaggerating the strength in the dollar,” said Paresh Upadhyaya, director of currency strategy and portfolio manager for Amundi Pioneer Asset Management. Still, some investors believe a rise in U.S. yields can only go so far. “We’re not going to see U.S. yields moving up to a level where they are going to provide more yield-based support for the dollar,” said Jeremy Stretch, head of G10 FX strategy at CIBC.
Persons: Yuriko, , Thanos Bardas, Neuberger Berman, , John Doyle, Joe Biden’s, Paresh Upadhyaya, Athanasios, Bank of America Merrill Lynch, “ We’re, Jeremy Stretch Organizations: REUTERS, Democratic, Federal Reserve, Tempus Inc, Asset Management, Bank of America, CIBC Locations: Tokyo, U.S, Washington, Europe
“It’s a market that actually says, ‘We are investing for 2021 and we see explosive economic growth in the back half of this year,’” said Art Hogan, chief market strategist at National Securities. Upcoming corporate earnings reports may need to be strong to support stock valuations. The S&P 500 trades at 22.7 times future earnings estimates, well above its long-term average of 15.3, according to Refinitiv Datastream. Earnings for S&P 500 companies are expected to rise nearly 24% in 2021 after falling 15% last year, according to IBES data from Refinitiv. “I’m not concerned because I think market valuations are reflecting a quicker rebound in profitability than folks thought was possible in the spring,” Fed Vice Chair Richard Clarida said on Friday.
Persons: Joe Biden’s, Donald Trump, Joe Biden, , , ’ ”, Hogan, , Jeremy Grantham, Refinitiv, that’s what’s, “ I’m, Richard Clarida, Erik Knutzen, Neuberger Berman Organizations: YORK, U.S, Capitol, National Securities, Treasury, Federal, BofA Global Research, Research Locations: U.S, Washington, Refinitiv
“The last of those have grown more urgent.”Mr. Trump dismantled the National Security Council’s pandemic preparedness office, and while he had an active cyberteam at the beginning of his term, it languished. “It’s disturbing to be in a transition moment when there really aren’t counterparts for that transition to be handed off,’’ Ms. Sherwood-Randall said. The Trump administration abruptly replaced Mr. Travers as acting director of the National Counterterrorism Center in March during planned cutbacks by the acting director of national intelligence, Richard Grenell. Mr. Travers twice postponed retirement to lead the National Counterterrorism Center on an interim basis. But she soon joined the National Security Agency, where she was the first chief risk officer and led the election security effort.
Persons: , , Mr, Trump, , Ms, Sherwood, Randall, Ashton B, Carter, Clinton, ” Mr, Biden, Russ Travers, Travers, Richard Grenell, Neuberger Organizations: National Security, National Counterterrorism Center, Trump, Trust Company, White House, National Security Agency Locations: Soviet Union, Soviet, Brooklyn
“He should have immediately denounced the mob when he saw what was unfolding.” “These facts require immediate actions by President Trump,” he continued. A few Republicans defended him, but most others simply argued that a rush to impeach Mr. Trump without a hearing or an investigation raised constitutional questions. With Democrats controlling the House, Mr. Trump is expected to become the first American president to be impeached twice. Mayor Muriel Bowser of Washington sent a letter to Mr. Trump on Sunday asking for an emergency declaration to obtain additional funding for inauguration security. On Tuesday, a federal inspector general questioned an order to deliver the estimates before Mr. Trump leaves office, after whistle-blowers warned that the rush would imperil their accuracy.
Persons: Trump, Mitch McConnell, Jan, President Trump, , Anna Moneymaker, McConnell, Erin Schaff, Joseph R, Biden, Nancy Pelosi, Cedric L, Mr, Mitch McConnell of, Kevin McCarthy of, treaded, antifa, ” Mr, McCarthy, , Trump’s, Dan Newhouse, Mike Pence, Liz Cheney, Biden’s, Steny Hoyer, Jaime Raskin of, Adam B, Schiff, Hakeem Jeffires, “ Donald Trump, Steny H, Hoyer, “ I’ve, Ronald Reagan, George H.W, Bush, George Bush, Ilhan Omar, Cedric Richmond of, Joaquin Castro of, Jim Jordan of, “ It’s, It’s, I’ve, Tom McClintock of, Matt Gaetz, Guy Reschenthaler of, Reschenthaler, , Nancy Mace, Jaime Herrera Beutler, “ I’m, ” Nicholas Fandos, , T.J . Kirkpatrick, Hakeem Jeffries, grumbled, Jerrold Nadler, prevaricating, Pelosi, Zach Montague, Nicholas Fandos, Oliver Contreras, Pence, ” “, Jamie Raskin, Adam Kinzinger of, Dan Bishop, impeaching, Chip Somodevilla, John Katko, Trump “, Fred Upton of, Herrera Beutler, Newhouse, chiding, Glenn Thrush, Adam Schiff, Ms, Raskin, Diana DeGette of, David Cicilline, Joaquin Castro, Eric Swalwell of, Ted Lieu, Stacey Plaskett, Joe Neguse, Madeleine Dean of, Luke Broadwater, Ryan McCarthy, McCarthy’s, Muriel Bowser, Washington, ” Ms, Bowser, National Guard —, Helene Cooper, Samantha Power, Seth Wenig, Obama, Power, Barack, Trump doesn’t, Elizabeth Sherwood, Randall, Anne Neuberger, Neuberger, Jeffrey Wexler, John McCarthy, Steve Ricchetti, Zayn Siddique, Thomas Winslow, Lisa Kohnke, Sarah Feldmann, Christian Peele, Michael Leach, Leach, Eileen Sullivan, Donald J, Damon Winter, Tom Hanks, Kamala Harris, Ant Clemons, Jon Bon Jovi, Demi Lovato, Justin Timberlake, Presidential, Tom Daschle, Kenneth Lambert, Daschle, Susan Collins, New York —, Pennsylvania —, George W, Richard Gephardt of, Justin Sullivan, Peggy E, Gustafson, Steven Dillingham, Dillingham, you’ve Organizations: Trump, Capitol . Credit, The New York Times, National Guard, Capitol, impeaching, Democrats, Republicans, Republican, Mr, Washington State, IF ARTICLE, Democratic, Senate, Trump mob, Jaime Raskin of Maryland, , Maryland, Democrat, Biden White, U.S . House, ., magnetometers, Capitol Visitors Center, ” Lawmakers, Armed National Guard, The, White, Fox News, Lawmakers, impeaching Trump, Trump . Credit, Trump loyalists, United States Capitol, Washington, The New York, Capitol Police, Intelligence Committee, Committee, University’s Washington College of Law, Air Force, Pentagon, The New York Times National Guard, Defense, Defense Department, . Defense, United Nations, United States Agency for International Development ., Associated, United States Agency for International Development, National Security Council, Security Council, Times, Biden, National Security Agency, Russia Small, Management, Administration, . Management, Chicago Bears, Texas Tech football, New York Times, ABC, CBS, CNN, NBC, MSNBC, Facebook, YouTube, Twitter, Presidential, Convention, Flags, stoke, Maine Republican, America, Bureau, Commerce, Census, American Locations: California, Richmond of Louisiana, Mitch McConnell of Kentucky, Kevin McCarthy of California, Wyoming, United States, America, New York, Minnesota, Cedric Richmond of Louisiana, Joaquin Castro of Texas, Jim Jordan of Ohio, Tom McClintock of California, Florida, Guy Reschenthaler of Pennsylvania, South Carolina, Rosa Parks, York, Washington, Maryland, Adam Kinzinger of Illinois, North Carolina, Republic, Fred Upton of Michigan, Diana DeGette of Colorado, Rhode Island, Eric Swalwell of California, Ted Lieu of California, Virgin, Colorado, U.S, Europe, Moscow, South Dakota, , Pennsylvania, Richard Gephardt of Missouri, Texas, Missouri
The Biden administration's response to the widespread SolarWinds cyberattacks will reshape the $134.6 billion cybersecurity industry for years, experts say. Here's how government and industry experts say Biden will approach cybersecurity, and who that will benefit in the industry. Analysts told Insider on Friday that the appointment of Neuberger, who coordinated NSA partnerships with the cybersecurity industry, was a signal that the administration wants to work closely with cybersecurity companies. Biden's response to SolarWinds will mean "all things network security, endpoint and cloud security, as well as services will boom," Janke said. Investors say Janke's investment SightGain, which uses cybersecurity intelligence to test whether companies are secure, could benefit from the government's SolarWinds response.
Persons: Biden, Harris, Sudhakar Ramakrishna, SolarWinds, Chris Krebs, Alex Stamos, Anne Neuberger, Neuberger, Sen, Mark Warner, Warner, Kevin Mandia, FireEye, Russia –, Mandia, Theresa Payton, Biden's, Daniel Ives, Ives, it's, Ping, Mike Janke, Janke, Nikesh Arora, KAZUHIRO NOGI, Ron Gula, Gula, Bryson Bort, Bort Organizations: Biden, Microsoft, Palo Alto Networks, Investors, Harris Administration, Tenable, Infrastructure Security Agency, Facebook, National Security Agency, Virginia Democrat, Senate Intelligence, Aspen Institute, National Transportation Safety Board, White House, Fortalice Solutions, Wall, Wedbush Securities, Ives, Telos, Palo Alto, Solutions, NSA, DARPA, CyberCom, CIA, Getty, Government, White, R, Institute Locations: cybersecurity, Virginia, Russia, United States, SolarWinds, AFP
Owl Rock, Dyal Strike Deal to Combine and Go Public
  + stars: | 2020-12-23 | by ( Cara Lombardo | Miriam Gottfried | ) www.wsj.com + 0.00   time to read: +3 min
Owl Rock Capital Partners LP and Dyal Capital Partners agreed to merge in a complicated deal that would take them public through a blank-check company. The new company, to be named Blue Owl, would combine one of the biggest owners of private-equity firm stakes with Owl Rock, a rapidly growing credit investor. Blue Owl would be led by Owl Rock co-founder Doug Ostrover as chief executive. It already owns stakes in both Owl Rock and HPS. Perella Weinberg Partners LP, Goldman Sachs & Co. LLC and BofA Securities Inc. are financial advisers to Owl Rock.
Persons: Doug Ostrover, Dyal, Michael Rees, Sean Ward, Neuberger Berman, Neuberger, Ostrover, Marc Lipschultz, Craig Packer, Perella Weinberg, Goldman Sachs, Cara Lombardo, cara.lombardo, Miriam Gottfried, Miriam.Gottfried Organizations: Rock Capital Partners, Dyal Capital Partners, Street Journal, Altimar, HPS Investment Partners, Owl Rock, United Wholesale Mortgage, Sports, DraftKings Inc, Lehman Brothers, Neuberger, Mr, GSO Capital Partners, Blackstone Group, KKR, Co, Goldman Sachs, Inc, Goldman Sachs & Co, BofA Securities Inc, Ardea, Evercore, Morgan Securities, Citigroup, UBS Locations: U.S
NEW YORK (Reuters) - Investors are counting on a weakening dollar to boost rallies in everything from U.S. stocks to emerging markets and industrial metals in 2021. “The table is set for continued dollar weakness,” said Michael Purves, chief executive officer at Tallbacken Capital Advisors, in a note to clients. BofA Global Research estimates that every 10% drop in the U.S. dollar translates to a roughly 3% boost to S&P earnings. A weaker dollar is also a boon for emerging markets, making it easier for countries that borrowed in dollars to service their debt. The MSCI Emerging Markets Index, which measures stock performance, is up 13% year-to-date.
Persons: Marcos Brindicci, , Michael Purves, Jeroen Blokland, Robeco, Thanos Bardas, Neuberger Berman, Buck, John Hardy Organizations: YORK, REUTERS, Tallbacken Capital Advisors, U.S, Investment, Goldman Sachs, Commodities, Societe Generale, Saxo Bank, U.S . Locations: Buenos Aires, Argentina, U.S, Indonesian
NEW YORK (Reuters) -Investors are counting on a weakening dollar to boost rallies in everything from U.S. stocks to emerging markets and industrial metals in 2021. “The table is set for continued dollar weakness,” said Michael Purves, chief executive officer at Tallbacken Capital Advisors, in a note to clients. A weaker dollar is also a boon for emerging markets, making it easier for countries that borrowed in dollars to service their debt. The MSCI Emerging Markets Index, which measures stock performance, is up 13% year-to-date. The episode illustrated that when risk appetite dries up, the dollar remains “the safest of safe havens,” wrote John Hardy of Saxo Bank.
Persons: Marcos Brindicci, , Michael Purves, Jeroen Blokland, Robeco, Thanos Bardas, Neuberger Berman, John Hardy Organizations: YORK, REUTERS, Tallbacken Capital Advisors, U.S, Investment, Goldman Sachs, Societe Generale, Saxo Bank Locations: Buenos Aires, Argentina, U.S, Indonesian
Special-purpose acquisition companies — aka "blank-check" companies — are having a moment on Wall Street. Lemkau announced his plan to exit at the end of the year for a job running Michael Dell's investment firm. One of those is EGS, a longtime player in the SPAC market after setting out to develop a focus on the space. FidelityThe asset-management behemoth — it now handles more than $3.3 trillion — likes to throw its weight around in the SPAC market. A few more like Nikola, they worry, and the opportunity in the SPAC market could shut quickly.
Persons: Bill Ackman, Reid Hoffman, Billy Beane, Bill Gurley, Marc Stad, Alec Gores, there's, Rowe Price, didn't, Goldman Sachs, Who'd, Dakin Campbell, Jack Newsham, Alex Morrell, David Batalion, Cantor Fitzgerald Cantor, Cantor, Betsy Cohen, Daniel Cohen, Cohen, Batalion, John Chirico, It's, Ron Burkle's SPAC, Bill, cohead, Chirico, Tyler Dickson, Doug Adams, Phil Drury, Niron, Niron Stabinsky, Stabinsky, Carlyle, SPACs, Trump, Gary Cohn, Chamath Palihapitiya, Opendoor, Simon Watson, Olympia McNerney, David Cote, Goldman Sachs It's, Kevin Hartz, Gerry Cardinale, Goldman's, McNerney, Niccolo de Masi, Goldman, Gregg Lemkau, David Solomon, Lemkau, Michael, de Masi, who've, Read, Derek Dostal, Davis Polk Derek Dostal, Davis Polk, they've, who's, Dostal, he's, Bill Foley, Chinh Chu, Ellenoff Grossman, Schole Douglas Ellenoff, Doug Ellenoff, Alan Annex, Greenberg Traurig Greenberg Traurig, Greenberg Traurig Greenberg, Greenberg, Gores, Paul Tropp, Gregg Noel, Skadden, Noel, Cohn Robbins, DraftKings, Joel Rubinstein, Jonathan Rochwarger, Elliott Smith, Rubinstein, Niccolo De Masi, Michael Klein, They've, Harry Sloan, Jeff Sagansky, Sloan, Sagansky, you'll, they're, Neuberger Berman, Cantor Fitzgerald, Charles Kantor, Neuberger Berman Charles Kantor, Chu, Kantor, Cliff Greenberg, Baron, Cliff Greenburg, Greenburg, — Dan Duggan, Jason Roth, Ken Waitz —, Izzy Englander, Mike Milken, Sylvain Gaboury, that's, Beane, Moneyball, RedBall, William Danoff, Drew Angerer, Nikola, Trevor Milton Organizations: Dragoneer Investment, Silicon, SPACs, United Wholesale Mortgage, Fidelity, Capital Research, Securities and Exchange Commission, SEC, Harvard Law School, IPOs, Business, Underwriters, Credit Suisse, Research, The Bancorp, Cohen & Co, Fintech, Paya, CF Finance, Corp, PropTech, Citigroup, Deutsche Bank, Cold Spring, Deutsche Bank's Los, Apollo, Credit, Suisse, Virgin Galactic, Honeywell, Olympia, Goldman, UBS, underwriters, Blackstone, TWC Tech Holdings II, True, Vesper Healthcare, Allergan, Lending, Department of Justice, Gray, Pershing, Tontine Holdings, Neuberger Principal Holdings, Vertiv Holdings, Winston, White, Churchill, Eagle Acquisition Corp, Neuberger, Holdings, Reuters, Monroe Capital, Churchill Capital, Clarivate, Millennium, Industry, Millennium Management, Oakland Athletics, Bankers, Volkswagen, Kensington Capital, VectoIQ, ValueAct, Bloomberg News Locations: Silicon, Swiss, SPACs, North America, Deutsche Bank's Los Angeles, Niron, Americas, Boston, Freshfields, QuantumScape
How Airbnb could compete with big hotels like Marriott
  + stars: | 2020-12-11 | by ( ) www.cnbc.com sentiment -0.73   time to read: 1 min
How Airbnb could compete with big hotels like MarriottJason Tauber, portfolio manager at Neuberger Berman, joined "Squawk Box" on Friday to discuss how Airbnb is positioned compared to Marriott's and other C-corps that may be the latest IPOs competitor once business travel picks up again.
Persons: Jason Tauber, Neuberger Berman
Portfolio manager on which stocks will do well once the vaccine is availableWith Pfizer's Covid vaccine passing a key hurdle on the path to approval, "Squawk Box" focuses on stocks that he thinks are poised to do well when the economy reopens. Jason Tauber, portfolio manager at Neuberger Berman, joined "Squawk Box" on Friday to discuss.
Persons: Jason Tauber, Neuberger Berman
Breakingviews - Fund firm merger-SPAC deal has hairy outline
  + stars: | 2020-12-04 | by ( Richard Beales | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Lucas JacksonNEW YORK (Reuters Breakingviews) - Sometimes a transaction looks so hairy that it’s hard to tell if there’s a sensible idea at its core. Dyal Capital Partners and Owl Rock Capital Partners are considering merging and going public through a third entity, a blank-check vehicle called Altimar Acquisition, the firms said on Wednesday. Owl Rock has direct-lending assets under management of $24 billion. Altimar, the special-purpose acquisition company that may buy into the Dyal-Owl Rock combo, is sponsored by another investment firm, HPS Investment Partners. For Dyal and Owl Rock, insider relationships and the overlay of a SPAC – 2020’s hottest financial product – could make the merger potential harder to see.
Persons: Lucas Jackson, Neuberger Berman, Dyal, Lehman Brothers, Michael Rees, Doug Ostrover, Blackstone, Marc Lipschultz, Craig Packer, Goldman Sachs Organizations: New York Stock, REUTERS, YORK, Reuters, Dyal Capital Partners, Owl Rock Capital Partners, Owl, Wall Street, HPS Investment Partners, Lehman, GSO Capital Partners, KKR, Blackstone Locations: New York, It’s, Owl Rock, SPACs
Tech stock boom a 'bubble waiting to burst', says Amundi CIO
  + stars: | 2020-12-03 | by ( Reuters Staff | ) www.reuters.com sentiment -0.92   time to read: +1 min
FILE PHOTO: Pascal Blanque, Chief Investment Officer of Amundi, attends the Euronext stock exchange's annual conference in Paris, France, January 14, 2020. REUTERS/Benoit Tessier/File PhotoLONDON (Reuters) - The boom in the shares of U.S. technology giants is a bubble that will burst once interest rates increase or “over exuberance” in the tech story fades, Pascal Blanque, chief investment officer at asset manager Amundi said on Thursday. It’s not if, but when,” Blanque told the Reuters Global Investment Outlook Summit, adding that you “cannot justify the current valuations” and investors should adjust their stock porfolios accordingly. Erik Knutzen, CIO at Neuberger Berman, said tech shares were not “massively over-valued assets” but rather “long duration assets” and made sense to own in a low inflation world. Knutzen also said his biggest short-term view in markets was that currency volatility would rise as the U.S. dollar extended its recent drop.
Persons: Pascal Blanque, Benoit Tessier, Amundi, , ” Blanque, Erik Knutzen, Neuberger Berman, Knutzen Organizations: REUTERS, Reuters Global Investment Outlook, Neuberger, U.S Locations: Paris, France
Tech stock boom a 'bubble waiting to burst': Amundi CIO
  + stars: | 2020-12-03 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The boom in the shares of U.S. technology giants is a bubble that will burst once interest rates increase or “over exuberance” in the tech story fades, Pascal Blanque, chief investment officer at asset manager Amundi said on Thursday. FILE PHOTO: Pascal Blanque, Chief Investment Officer of Amundi, attends the Euronext stock exchange's annual conference in Paris, France, January 14, 2020. REUTERS/Benoit Tessier/File Photo“It’s a perfect bubble waiting to burst. Technology shares have rocketed in 2020 to record highs, both fuelling and surpassing broader stock rebounds. “This is the year of the retail investor and it’s not just Robinhood in the U.S.,” said Teresa Barger, CEO at emerging markets fund Cartica Management, referring to the financial technology startup credited with helping popularise trading among millennials.
Persons: Pascal Blanque, Amundi, Benoit Tessier, ” Blanque, Erik Knutzen, Neuberger Berman, Dow Jones, Afsaneh Mashayekhi Beschloss, , Amundi’s Blanque, Neuberger Berman’s Knutzen, it’s, Teresa Barger Organizations: REUTERS, Reuters Global Investment Outlook, Neuberger, Technology, Nasdaq, Federal, U.S, Cartica Management Locations: Paris, France, U.S
Asset managers Dyal Capital and Owl Rock in talks for SPAC merger
  + stars: | 2020-12-02 | by ( Reuters Staff | ) www.reuters.com sentiment -0.84   time to read: +1 min
(Reuters) - Dyal Capital Partners and Owl Rock Capital Corp are in talks to merge with a blank-check company, the asset managers said on Wednesday, sending Owl Rock’s shares nearly 10% higher in extended trading. The combined company would be valued at about $13 billion, the Wall Street Journal reported here earlier on Wednesday. Dyal and Owl Rock did not respond to requests for comment on the deal's value. The asset managers said their founders and Neuberger Berman Group, Dyal’s parent company, would own “meaningful positions in the combined business.”The potential deal will be facilitated through Altimar Acquisition Corp, a special-purpose acquisition company (SPAC), Dyal and Owl Rock said, adding that there was still no guarantee that a deal would go through. Merging with SPACs, or blank-check companies, has surged in popularity this year as a way to raise capital faster and with more certainty.
Persons: Neuberger Berman Organizations: Reuters, Dyal Capital Partners, Owl Rock Capital Corp, Owl, Wall Street, Neuberger, Neuberger Berman Group, Altimar
Two portfolio managers on what the Dow passing 30,000 means for investors
  + stars: | 2020-11-25 | by ( ) www.cnbc.com + 0.78   time to read: 1 min
Two portfolio managers on what the Dow passing 30,000 means for investorsThe Dow closed above the 30,000 level for the first time ever on Tuesday. It's been a strong November for the index, rising more than 13% so far this month, but the Dow is up just a little more than 5% for the year. Eugene Profit, CEO and portfolio manager of Profit Investment Management, and Anthony Woodside, senior trader and portfolio manager for global fixed income at Neuberger Berman, join "Squawk Box" to discuss how investors can approach the markets.
Persons: It's, Dow, Eugene Profit, Anthony Woodside, Neuberger Berman Organizations: Dow, Profit Investment Management
Gap between vaccine hopes and pandemic reality poses market hazard
  + stars: | 2020-11-20 | by ( April Joyner | ) www.reuters.com + 0.00   time to read: +4 min
NEW YORK (Reuters) - As winter approaches, U.S. equity investors are weighing brightening prospects for a COVID-19 vaccine against a resurgence of the pandemic across the United States. REUTERS/Andrew KellySeveral market strategists have predicted significant gains in U.S. stocks in 2021, as long as Congress passes further fiscal stimulus and a vaccine becomes widely available in the first half. Still, the pandemic remained an immediate threat as the number of U.S. deaths from the disease has climbed to 250,000. The Cboe Volatility Index, known as Wall Street’s “fear gauge,” fell sharply after the U.S. presidential election but has leveled off and remains above its long-term average near 20. “I don’t think we’re going to see a huge pullback because the market knows that this is a very temporary situation.”
Persons: Andrew Kelly, Alex Azar, , Colin Moore, Derek Devens, Neuberger, David Lefkowitz, Organizations: YORK, Wall, New York Stock Exchange, REUTERS, Moderna Inc, Pfizer Inc, Human Services, New York City, IHS, Conference, Columbia Threadneedle Investments, U.S, Societe Generale, New, UBS Global Wealth Management Locations: United States, Manhattan , New York City, U.S, Georgia, New York City
FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew KellySeveral market strategists have predicted significant gains in U.S. stocks in 2021, as long as Congress passes further fiscal stimulus and a vaccine becomes widely available in the first half. Still, the pandemic remained an immediate threat as the number of U.S. deaths from the disease has climbed to 250,000. The Cboe Volatility Index, known as Wall Street’s “fear gauge,” fell sharply after the U.S. presidential election but has leveled off and remains above its long-term average near 20. “I don’t think we’re going to see a huge pullback because the market knows that this is a very temporary situation.”
Persons: Andrew Kelly, Alex Azar, , Colin Moore, Derek Devens, Neuberger, David Lefkowitz, Organizations: YORK, Wall, New York Stock Exchange, REUTERS, Moderna Inc, Pfizer Inc, Human Services, New York City, IHS, Conference, Columbia Threadneedle Investments, U.S, Societe Generale, New, UBS Global Wealth Management Locations: United States, Manhattan , New York City, U.S, Georgia, New York City
New York (CNN Business) With less than a week until the election , it's not clear whether news from the economy and stock market will help or hurt President Donald Trump. "One should be careful of saying that this recession is bad for the incumbent since it had a much different cause," he added. The Trump economy vs. other presidentsStill, Wednesday's plunge in the Dow can't be helping Trump's chances, even amid rising hopes that this recession will be brief. In fact, the government is expected to report Thursday morning that gross domestic product in the third quarter bounced back sharply. Leger pointed out that if Democrats don't win the Senate, it will be harder for a President Biden to undo all of the Trump tax cuts.
Persons: it's, Donald Trump, Biden, Jimmy Carter, George H.W, George H.W . Bush, Herbert Hoover, Ashok Bhatia, Neuberger Berman, Trump, what's, Markus Schomer, Tim Barron, Segal Marco, Talley Leger, Leger, Barack Obama, Forget, Obama, George W, that's, Jerome Powell, Powell, Neuberger Berman's Bhatia, Tim Barron Organizations: CNN, Dow, RiverFront Investment, CNN Business, PineBridge Investments, Biden, Senate, Stock, Trump, White House, Federal Reserve, CNN, CNN Business Locations: York, George H.W .
Spy agency ducks questions about 'back doors' in tech products
  + stars: | 2020-10-28 | by ( ) www.cnbc.com   time to read: +9 min
The agency declined to say how it had updated its policies on obtaining special access to commercial products. The starkest example of the risks inherent in the NSA's approach involved an encryption-system component known as Dual Elliptic Curve, or Dual EC. Researchers later determined that hackers had turned the firewalls into their own spy tool by altering Juniper's version of Dual EC. At the same time, we also noticed that the report mentioned that it was the U.S. intelligence agency - the National Security Agency - that created this backdoor technology." "Juniper does not and will not insert back doors into its products and we oppose any legislation mandating back doors."
Persons: Edward Snowden, Snowden, Ron Wyden, Wyden, Anne Neuberger, Juniper, Keith Chu, Chu, Michael Daniel, Barack Obama, Obama, Daniel, cryptographers, Andy Isaacson, Isaacson, Anne Neuberger, Michael Daniel Organizations: U.S . National Security Agency, NSA, Reuters, Agency, Senate Intelligence Committee, Juniper Networks, Wyden, Juniper, Tech, U.S, White, Commerce Department, RSA, EC, National Security Agency, NSA, Reuters, Juniper Locations: American, United States, United Kingdom, U.S, Juniper, Reuters, Juniper
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