DIRS.INFO The most relevant business & tech news

Brookfield and DigitalBridge are leading opposing bidding consortia in the auction for privately held DigitalBridge, the sources said, adding an outcome is expected by next month. The terms of Compass' debt allow for it to be taken over by a new owner without it being refinanced, one of the sources said. The Deal reported in February that Compass Datacenters was exploring a sale. Compass Datacenters, Brookfield Infrastructure Partners and DigitalBridge declined to comment. During the same month, Brookfield Infrastructure also acquired freight container lessor Triton International Ltd (TRTN.N) for about $4.7 billion.

Persons: Dealmaking, Brookfield, Milana Vinn, Anirban Sen, Daniel Wallis Organizations: Brookfield Infrastructure Partners, DigitalBridge, RedBird Capital Partners, Ontario, Azrieli, Brookfield Infrastructure, Reuters, Triton International, Boca, Thomson Locations: Brookfield, Dallas , Texas, Data4, Boca Raton , Florida, New York

☆ Hedge funds are loading up on Nvidia and these other tech stocks, Goldman data shows
▼ + stars: | 2023-05-25 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Hedge funds piled into Nvidia in the first quarter just in time for the chipmaker's eye-popping rally following a blowout forecast. The smart money hedge funds also loaded up on other tech stocks tied to artificial intelligence, according to Goldman Sachs. The Wall Street investment bank analyzed the holdings of 740 hedge funds with $2.2 trillion of gross equity positions at the start of 2023, based on regulatory filings. Goldman then identified technology, media and telecom (TMT) stocks with the largest net changes in hedge fund popularity during the first quarter. A total of 34 hedge funds added Nvidia to their portfolio in the first quarter, according to Goldman.

Persons: Goldman Sachs, Goldman, Jensen Huang, Stanley Druckenmiller, Druckenmiller, David Tepper's Organizations: Nvidia, Wall, Billionaire, Duquesne, National Instruments, KLA Corp, Silicon Laboratories, Dynatrace

NEW YORK, May 16 (Reuters) - Ed Wehle, a senior Barclays Plc (BARC.L) technology banker, has resigned to join U.S. rival Citigroup Inc (C.N) in New York, according to an internal memo seen by Reuters, adding to an exodus of top investment bankers from the London-based bank. An investment banking veteran of nearly three decades, Wehle will join Citigroup as its global head of technology services, Mark Keene, Citigroup's global head of technology investment banking, wrote in the memo to employees on Tuesday. "Technology services complements Citi’s unparalleled global client position, and Ed will work closely with partners in Asia, EMEA and Latin America," said Philip Drury, global head of technology & communications banking, capital markets & advisory at Citi. He was previously head of global technology services banking at Barclays, which he had joined in 2018 from Deutsche Bank AG (DBKGn.DE). Reuters reported on Monday that at least seven top Barclays technology, media and telecommunications (TMT) bankers have resigned to join UBS Group AG (UBSG.S) in the U.S. in the last few days.

NEW YORK, May 15 (Reuters) - At least seven top Barclays Plc (BARC.L) bankers have resigned to join to UBS Group AG (UBSG.S) in the United States in the last few days, people familiar with the matter said. The moves add to a trio of Barclays investment bankers that UBS announced internally it hired last month. Many Credit Suisse bankers are based in the United States. UBS has hired Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer and Ken Tittle from Barclays, the sources said. These bankers follow Barclays ex-colleagues Marco Valla, Jeff Hinton and Kurt Anthony, whose moves to UBS were announced in April.

The moves add to a trio of Barclays U.S. investment bankers that UBS announced it hired last month. Many Credit Suisse bankers are based in the United States. Sources told Reuters last month that UBS plans to retain only a small number of Credit Suisse senior bankers with strong client relationships. At Barclays, Braham was global chair of investment banking for technology, while Hardegree served as vice chair and head of technology M&A. Williams, Meyer and Tittle were managing directors in the investment banking group.

☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

☆ Meet Kim Posnett, the powerful Goldman Sachs dealmaker who was just named head of the investment bank's TMT unit
▼ + stars: | 2023-05-03 | by ( Reed Alexander | ) www.businessinsider.com time to read: +10 min

Kim Posnett was just named head of Goldman's all-important TMT investment banking group. Posnett, 43, has long been one of the most senior figures at Goldman's investment bank. Posnett was previously the head of Goldman's investment-banking services unit, which acts as a salesforce for the global IB division. The former co-head of Goldman's TMT franchise will become co-chairman of the unit. The former would result in the IB services group, which functions, in effect, as a sales force.

☆ Goldman Sachs is making a slew of leadership changes in its investment bank. See the key moves here.
▼ + stars: | 2023-05-03 | by ( Carter Johnson | ) www.businessinsider.com time to read: +3 min

Goldman has internally announced a slew of leadership changes in its investment bank. Goldman's Aasem Khalil will take on Posnett's role as global head of investment banking services. A fresh face will now lead one of Wall Street's most powerful investment banking groups. She ultimately served as co-COO of TMT and head of Internet investment banking before being appointed head of investment banking services. Succeeding Posnett as head of global investment banking services is Aasem Khalil, a Goldman partner and 26-year veteran of the Wall Street bank.

May 3 (Reuters) - Goldman Sachs Group Inc (GS.N) has named Kim Posnett as the head of its global technology, media and telecommunications (TMT) investment banking group, according to an internal company memo. Posnett, who is currently the co-head of the One Goldman Sachs initiative at the bank, will continue to hold her existing responsibilities. The One Goldman Sachs initiative aims to integrate the bank's dealings with clients across teams. Posnett, who has also served as the global head of investment banking services at Goldman, is one of the few executives who spoke at the bank's investor day in February alongside its chief executive and finance head. In a separate memo sent out by Goldman's heads of global banking & markets, Ashok Varadhan, Dan Dees and Jim Esposito, Goldman also named Aasem Khalil as the new global head of its Investment Banking Services division.

NEW YORK, April 21 (Reuters) - EverCommerce Inc (EVCM.O), a private equity-backed management software vendor, is exploring a sale of the company after attracting acquisition interest, people familiar with the matter said on Friday. EverCommerce is working with investment bank Centerview Partners to explore its options, the sources said. EverCommerce shares jumped on the news and were trading up 15% at $13.27 on Friday morning in New York, giving the company a market value of $2.5 billion. PSG Equity and Silver Lake declined to comment, while EverCommerce and Centerview did not immediately respond to requests for comment. Based in Denver, Colorado, EverCommerce provides management software tools and services to companies, including in the healthcare and fitness sectors.

NEW YORK, April 19 (Reuters) - Cybersecurity firm Forcepoint is exploring a sale of its government security unit for more than $2 billion, five people familiar with the matter said. Forcepoint is looking to offload the unit as part of its strategy to focus on growing its commercial business, which caters to large corporations, the sources added. Austin, Texas-based Forcepoint develops and creates computer security software, data protection, and firewall solutions. Last year, Forcepoint won an $89 million contract from the U.S. Department of Defense to provide software solutions that would help monitor user activity. Forcepoint also counts the likes of International Business Machines Corp (IBM.N), CVS Health Corp (CVS.N), Microsoft Corp (MSFT.O) and Qualcomm Inc (QCOM.O) as customers.

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

NEW YORK, April 11 (Reuters) - Bain Capital Tech Opportunities, the tech-focused investment arm of Bain Capital, has agreed to buy a stake in iManage, the enterprise software firm said on Tuesday. The terms of the deal, including the purchase price and size of the stake, were not disclosed. Founded in 1995, Chicago, Illinois-based iManage provides document management software and tools primarily to law firms, accounting firms, and companies in the financial services industry. In 2003, iManage merged with rival content management firm Interwoven. Since the onset of the COVID-19 pandemic, demand for software tools built by companies such as iManage has boomed as companies have accelerated the shift to remote working and increased spending on content management software.

☆ China's payment association warns over risks of using AI products like ChatGPT
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, April 10 (Reuters) - China's payment & clearing industry association warned on Monday against using Microsoft-backed OpenAI's ChatGPT and similar artificial intelligence tools due to "risks such as cross-border data leaks." "Payment industry staff must comply with laws and rules when using tools such as ChatGPT, and should not upload confidential information related to the country and the finance industry," the Payment & Clearing Association of China said in a statement on Monday. Italy has temporarily banned ChatGPT and launched a probe over suspected breaches of privacy rules. Excitement in China over the chatbot has helped to fuel a rally in tech, media and telecom (TMT) shares, with analysts cautioning bubble risks. Chinese shares in computer (.CSI930651), media (.CSI399971) and communications equipment (.CSI931160) tumbled between 3.4% and 5.6% on Monday.

Credit Suisse's investment bankers are not waiting around to find out if UBS will give them jobs. UBS executives have pulled no punches when discussing the future of Credit Suisse's investment banking teams and trading desks. Jeff CohenA two-decade Credit Suisse veteran, Cohen heads up Credit Suisse's leveraged and acquisition finance business from New York. Previously, Cohen was Credit Suisse's head of global credit products and global head of leveraged finance capital markets. Marco SuperinaA Credit Suisse veteran since 1997, Superina heads Credit Suisse's M&A efforts in the firm's native Switzerland.

April 4 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Tuesday it has agreed to buy a majority stake in Elite, a vendor of business management software for law firms, from information provider Thomson Reuters Corp (TRI.TO) at a valuation of $500 million. Thomson Reuters will keep a minority stake and board representation in Elite and continue to support it with its legal information products, the companies said. Paul Fischer, president of Thomson Reuters' legal professionals division, said that Elite will continue to share many of Thomson Reuters' clients as a standalone company. Elite offers software that helps law firms run their finance and accounting operations, including billing, invoicing and payments. TPG partner Tim Millikin said that the data and automation that Elite offers are in demand among legal professionals.

☆ Metaverse could drive up profits — but most businesses may not be ready to invest yet
▼ + stars: | 2023-04-03 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

70% of companies are investing less than 5% of their technology budgets in 2023 into metaverse, while 27% have not invested into metaverse at all, a KPMG report showed. The metaverse has a great potential to drive up business profits but there's a lack of proven success for companies to pour big money into it now, showed a survey by KPMG. The KPMG survey showed that 60% of TMT executives think metaverse can drive revenue and profits and lower operating expenses as transactions shift from physical to virtual. They believe it can also improve customer satisfaction through interactive experiences, the survey showed. "The majority of TMT executives taking part in our survey feel that the metaverse is several years from becoming a thriving commercial ecosystem," said the report.

Endeavor and WWE did not immediately respond to requests for comment on Sunday. The deal could be announced as early as this week, the sources said. Endeavor shareholders will own 51% of the combined company, while WWE shareholders would get 49%, the sources said. Endeavor is led by Hollywood power broker Ari Emanuel, who earlier this month declined to answer questions about a possible deal. In January, WWE said it would explore strategic options that could include a sale, shortly after Vince McMahon's return to the company.

SHANGHAI/SINGAPORE, March 29 (Reuters) - Investors are piling into China's tech, media and telecom shares, with speculative bets on chatbot development crowding out other sectors in a scenario that offers a stark contrast with global caution. On some days, including several last week, turnover in tech, media and telecom (TMT) stocks made up more than 40% of total market trade, according to China Merchants Securities' research, for a record concentration of trading volume. "In the stockmarket, AI will be an epic opportunity," said Niu Chunbao, a fund manager at Wanji Asset Management who worried he was missing the rally and bought AI stocks in recent weeks, after cutting exposure to new energy in February. An eye-catching tripling in the share price of chipmaker Cambricon Technology Corp (688256.SS) has driven its market value above $10 billion, despite the company reporting losses since 2017. ($1=6.8891 Chinese yuan renminbi)Reporting by Jason Xue in Shanghai and Tom Westbrook in Singapore; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ The world's top metals trader is stuck in another nickel-shipment snafu after getting bags of stones from a Dutch warehouse
▼ + stars: | 2023-03-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Trafigura discovered that it received bag of stones from a warehouse in Rotterdam instead of nickel. Last month, Trafigura disclosed an unrelated fraud on nickel shipments and faces a $577 million loss. Earlier, the Wall Street Journal reported that JPMorgan Chase was the owner of bags of stones at the warehouse. Stratton Metals, a metal trader in Europe, also reportedly got bags of stones instead of nickel. Meanwhile, Trafigura has said there's no connection between the bags of stones and a separate snafu related to nickel cargoes.

☆ JPMorgan Chase thought it had $1.3 million of nickel, but they were all bags of stones. It's happened before.
▼ + stars: | 2023-03-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase kept bags of stones in a warehouse thinking they were nickel. In November 2022, commodities trading giant Trafigura discovered carbon steel and other types of steel and iron instead of the nickel it had ordered. Carbon steel tends to be priced at about 5% of the value of the costlier metal, according to the Financial Times. Nickel prices surged to around $50,000 a metric ton on March 7, 2022 and then to $100,000 a ton a day later, but have come off to around $22,800 a ton ton now. In the complaint, a merchant called Nanni criticized his supplier for sending him low-quality copper ingots and demanded his money back.

☆ Bank of America names senior Europe TMT bankers in reshuffle -memo
▼ + stars: | 2023-03-09 | by ( Amy-Jo Crowley | ) www.reuters.com time to read: +1 min

LONDON, March 9 (Reuters) - Bank of America (BAC.N) has made a handful of senior appointments within its investment banking team advising European technology, media and telecom (TMT) companies, an internal memo seen by Reuters showed. The memo, which was confirmed by a Bank of America spokesperson, said the U.S. bank has named veterans Alexandre Gafsi and Emmanuel Hibou as chairs of TMT Investment Banking in Europe, the Middle East and Africa (EMEA) to "focus fully on covering some of our key clients". It has also appointed Thomas Koehrer and James Robertson as co-heads of TMT Investment Banking for the EMEA region. Peter Luck, who has been co-head of UK Investment Banking with Robertson, is now taking over full UK responsibilities. Reporting by Amy-Jo Crowley; Additional reporting by Pablo Mayo Cerqueiro; Editing by Elisa Martinuzzi and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. equity investors should be cautious and consider shorting equities, says market strategist
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. equity investors should be cautious and consider shorting equities, says market strategistChris Watling, CEO and chief market strategist of Longview Economics, said equity investors in the U.S. should be cautious and consider shorting equities due to the current market environment. In an interview with CNBC's "Squawk Box Europe," Watling explained that the U.S. equity market is currently on a relative P/E ratio that has only been substantially higher during the TMT bubble and the pandemic.

☆ Disney's Bob Iger details plans at Morgan Stanley's TMT conference
▼ + stars: | 2023-03-09 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisney's Bob Iger details plans at Morgan Stanley's TMT conferenceCNBC's Robert Frank reports on investment taxes and Pres. Biden's budget. With CNBC's Tyler Mathisen and the Fast Money traders, Tim Seymour, Jeff Mills, Julie Biel and Guy Adami.

☆ Metal tycoon sued over missing $577 million in nickel told cargo inspectors he'd had a heart attack, report says
▼ + stars: | 2023-02-28 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

An Indian tycoon sued over missing nickel cargoes told inspectors he'd had a heart attack, per the FT.Trafigura alleges many of Prateek Gupta's shipments didn't contain any nickel and it faces a $577 million loss. Commodities trading giant Trafigura has sued Prateek Gupta and companies associated with him, including TMT Metals and UIL Malaysia. Trafigura's head nickel trader, Sokratis Oikonomou, arranged for a physical inspection of the cargoes shipped by Gupta's firms on November 9, the report said. Trafigura has said none of the Rotterdam containers had the the nickel previously agreed in orders, but contained carbon steel instead. Gupta was hit with a $625 million freezing order by a London court after Trafigura filed its fraud lawsuit.

Search resuls for: "TMT"

25 mentions found