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☆ Forget Tesla. Portfolio manager names another way — and stock — to play the EV market
▼ + stars: | 2023-11-28 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Tesla is a hot favorite when it comes to investing in the electric vehicle market. Brian Arcese, portfolio manager at investment firm Foord Asset Management, said he has a "far less convicted view" in Tesla retaining its dominance than in his preferred investing route in the EV market. He told CNBC Pro Talks last week that he's taken two "slightly untraditional" approaches to investing in that space. He names one U.S. stock, Edison International , as one such U.S. regulated utility company to play the EV trend. But he says that within that space, he's focused on companies that are the lowest-cost producers.

Persons: Tesla, Brian Arcese, he's, Arcese, you've, CNBC's Tanvir Gill, — James Sullivan, Jenny Zeng, Sullivan, there's Organizations: Foord Asset Management, CNBC, Edison International, JPMorgan, Allianz Global Investors Locations: Tesla, Asia, INSEAD, Singapore, China, Korea, U.S

In Hungary, central bank governor Gyorgy Matolcsy is under pressure from Viktor Orban's government to cut rates further ahead of local and European Parliament elections next year. Reuters GraphicsTANGIBLE BENEFITSA 2021 World Bank survey found that political meddling in central bank policy led to sustained periods of high inflation in emerging market economies such as Turkey and Argentina. "Attempts to bring the president of the NBP before the State Tribunal can be directly interpreted as an attack on the independence of the central bank," the spokesman said. How those premia evolve will depend partly on how politics in Poland and Hungary is perceived by investors to influence the central banks in the months to come. "Everything else being equal, the less independent the central bank, the more real yield you need to have to be compensated for the risk," said Arif Joshi at Lazard Asset Management.

Persons: Adam Glapinski, Gyorgy Matolcsy, Viktor Orban's, Donald Tusk's, Karen Vartapetov, Paul Gamble, Glapinski's, Glapinski, Marta Kightley, Orban, Peter Virovacz, Arif Joshi, Karol Badohal, Gergely, Mark John, Toby Chopra Organizations: WARSAW, Law and Justice, U.S . Federal Reserve, EU, Sovereign, Investor, Emerging, Fitch, Local, ING, Lazard Asset Management, Thomson Locations: Hungarian, Poland, Hungary, BUDAPEST, Europe, Turkey, Argentina, WARSAW

☆ Fund manager reveals one global energy stock to buy right now
▼ + stars: | 2023-11-27 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Total Energies is one energy stock investors should own right now, according to Brian Arcese, portfolio manager at investment firm Foord Asset Management. Total shares are trading at a significant discount compared to shares of Exxon Mobil, Chevron Shell, and BP on a forward price-to-earnings ratio basis at 6.8x, according to FactSet data. While Total is not among the 10 largest investments in Arcese's fund, Foord Asset Management is an investor in the stock. Arcese told CNBC Pro Talks that around 15-20% of Foord's equity portfolio is allocated to commodity and energy stocks. Scotiabank analysts have a hold-equivalent rating on the U.S.-listed stock with a price target of $68, where the stock is currently trading.

Persons: Brian Arcese, Arcese, it's, We've, Morgan Stanley, Paul Cheng, TotalEnergies Organizations: Foord Asset Management, Fund, Exxon Mobil, Chevron Shell, BP, New, Foord, Management, CNBC, Singapore . Commodities, Equity, UBS, Scotiabank, RBC Capital Markets, RBC Locations: New York, Paris, Singapore, U.S, Foord

☆ Portfolio manager explains why he has the ‘most conviction’ in this China tech stock
▼ + stars: | 2023-11-27 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

One tech giant, however, stands out to portfolio manager Brian Arcese: e-commerce player JD.com . JD.com "is on a 10% free cash flow yield [and is] continuing to grow earnings," Arcese, a portfolio manager at Foord Asset Management, told CNBC Pro Talks on Nov. 21. Around 10% of Foord Asset Management's multi-asset portfolio is currently invested in China. Additionally, some 25% of its global equity portfolio is invested in China for 2024, which Arcese notes is "massive relative to the benchmark" — which only has a 2.5% exposure to China. Meanwhile, 47 analysts have coverage of the JD.com Nasdaq-listed stock, according to FactSet.

Persons: Brian Arcese, Arcese Organizations: Baidu, JD.com, Foord Asset Management, CNBC, Nasdaq, JD, HK, Hong Kong Locations: Singapore, China, U.S, JD.com, Hong Kong

☆ The tug-of-war is on between deal-hungry shoppers and retailers wary of giving them throw-away prices on Black Friday
▼ + stars: | 2023-11-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +7 min

So are the start-of-the-season deals enticing enough for shoppers or are they holding out in a cat-and-mouse game with retailers? Michael Brown, retail industry leader and partner with management consulting firm Kearney, said the much earlier-than-usual jumpstart to holiday sales this year could be to blame. Shoppers will be holding out for better deals,” he said. Kena Betancur/Getty ImagesTotal holiday sales this year are expected to come in softer compared to last year. He said there were plenty of 25% off Black Friday deals mall-wide and some deeper 40% off promotions for early-bird shoppers.

Persons: New York CNN —, Michael Brown, Kearney, ”, Brown, Emily Elconin, Marshal Cohen, ” Cohen, Barbie, Willing, they’ve, Kena Betancur, Brian Schroeder, Kendra Scott, “, Aeropostale, Aritzia, Shannon Stapleton, Marc Rosen, Rosen, ” Rosen, Nathaniel Meyersohn Organizations: New, New York CNN, “, Shoppers, Black, National Retail Federation, Adobe Analytics, Disney Little, Marvel, Macy's, Brookfield Properties, Brookfield Asset Management, Nike, Apple, Simon Property Group, JCPenney Locations: New York, Oaks, Michigan, New York , New York, La Cantera, San Antonio , Texas, Brookfield, Roosevelt, Garden City , New York, Penney

☆ BOJ to end negative interest rates in 2024, over 80% of economists say: Reuters poll
▼ + stars: | 2023-11-22 | by ( Satoshi Sugiyama | ) www.reuters.com time to read: +4 min

While none of 26 economists predicted changes in the upcoming December BOJ meeting, many foresaw the negative rate policy, which has set Japan's short-term deposit rate at minus 0.1%, would reach the end of the line next year. In the Nov. 15-20 poll, 22 of 26, or 85%, of economists said the BOJ would end the policy by the end of next year. Having watered down YCC, the BOJ's next focus is to end its negative interest rate policy and push short-term rates to zero, sources previously told Reuters. Close to 85% of poll respondents forecast the BOJ would end its YCC policy, while the rest said it would tweak the scheme again, the poll found. EYES ON NEXT YEAROf 22 economists in the poll who chose 2024 for the end of negative rates, more than a half, 12, opted for the April 25-26 meeting.

Persons: Issei Kato, Kazuo Ueda, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Hiroshi Namioka, Namioka, Fumio Kishida's, Chiyuki Takamatsu, Satoshi Sugiyama, Veronica Khongwir, Sujith Pai, Sam Holmes Organizations: Bank of Japan, REUTERS, Rights, Bank of, Reuters, Capital, Research Institute, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, D, Management, Fukoku Mutual Life Insurance, Thomson Locations: Tokyo, Japan, Bank of Japan

☆ CNBC Pro Talks goes on the road to find out how to invest for 2024
▼ + stars: | 2023-11-21 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +3 min

For the first time, CNBC Pro Talks is heading to a business school. Arcese is a portfolio manager on the Foord Global Equity fund and Foord SICAV - Foord International Fund, and has 20 years of experience in both developed and emerging markets, as well as long-only and long/short products. Sullivan joined JPMorgan in 2010 and has held hedge fund management and research roles in Asia since 1998. Learn more from our previous Pro Talks: Looking to invest long-term in Nvidia? Here's how to invest, say the prosFor the first time, CNBC Pro Talks is heading to a business school.

Persons: Tanvir Gill, Brian Arcese, James Sullivan, Jenny Zeng, Foord, Sullivan, Zeng, Morgan Stanley's Slimmon Organizations: CNBC, Foord Asset Management, Asia, JPMorgan, Allianz Global Investors, Foord Global Equity, Foord, Fund, Nvidia, Big Tech Locations: Asia, Singapore, Arcese

☆ Blackstone frontrunner in Signature Bank commercial-property loan sale, Bloomberg reports
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +1 min

A person waits for a teller at a Signature Bank branch in New York City, U.S., March 13, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 19 (Reuters) - Blackstone (BX.N) is the lead to win the $17 billion portfolio of commercial-property loans from the U.S. Federal Deposit Insurance Corp's (FDIC) sale of Signature Bank debt, Bloomberg News reported on Sunday. In September, the FDIC was seeking buyers for the $33 billion commercial real estate loan portfolio of failed New York lender Signature Bank. The entire portfolio sale has yet to close," it said. Blackstone, and Newmark Group did not immediately respond to requests for comment.

Persons: David, Dee, Delgado, Newmark, Blackstone, Chandni Shah, Lisa Shumaker, Bill Berkrot Organizations: Bank, REUTERS, Blackstone, U.S . Federal Deposit Insurance, Signature Bank, Bloomberg, Starwood Capital Group, Brookfield Asset Management, FDIC, Newmark Group, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Europe markets tick higher at open, look set for weekly gains
▼ + stars: | 2023-11-17 | by ( Katrina Bishop | ) www.cnbc.com time to read: 1 min

European markets started Friday in the green after a reversal of momentum in the previous session. The pan-European Stoxx 600 index opened up 0.4% at 8 a.m. London time. It ended Thursday down 0.7%, with oil and gas shares leading falls on the back of weaker crude prices. It marked a change of pace for the index, which is still up 1.8% over the week to Thursday's close. U.K. retail sales figures for October are due Friday, along with a final reading of euro zone inflation for October.

Locations: London

☆ Investors increase holdings of weight-loss drug makers’ shares in Q3 -filings
▼ + stars: | 2023-11-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 14 (Reuters) - Some big investors showed increased appetite for weight-loss drug makers in the third quarter, piling in to shares of Eli Lilly (LLY.N) and Novo Nordisk amid growing demand for their product, securities filings showed on Tuesday. Shares of Eli Lilly rose 14.5% in the third quarter and are up 67% this year. Some investors also bought more American Depositary Receipts of Novo Nordisk, including Fidelity Investments, Lazard Asset Management, T Rowe Price and Soros Fund. Novo Nordisk on Saturday presented data showing that the heart protective benefits of Wegovy are not solely due to weight loss, which could make it easier for healthcare insurance reimbursement in the future. Still, other investors trimmed their exposure to Eli Lilly, such as Wellington Management Group, California Public Employees Retirement System and Bridgewater Associates.

Persons: Eli Lilly, Eli Lilly's Mounjaro, JPMorgan Chase, Eli Lilly's, Rowe Price, Marshall Wace, LSEG, “ Stocks, ”, Vincent Aita, Carolina Mandl, Ira Iosebashvili, Matthew Lewis Organizations: Novo Nordisk, Novo, JPMorgan, Vanguard, Sigma, Tiger Global Management, Coatue Management, U.S . Food, Drug Administration, Novo Nordisk's Wegovy, Bank of America, Fidelity Investments, Lazard Asset Management, Soros Fund, Wellington Management Group, California, Bridgewater Associates, Marshall, Renaissance Technologies, Capital Management, Pfizer, Carolina, Thomson Locations: BlackRock, U.S, New York

☆ Australian banks facing a 'competitive spiral', play these sectors instead: Portfolio manager
▼ + stars: | 2023-11-14 | 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 EmailAustralian banks facing a 'competitive spiral', play these sectors instead: Portfolio managerJason Kururangi of Milford Asset Management explains why he is bearish on the Australian banking sector and shares where he would allocate assets to instead.

Persons: Jason Kururangi Organizations: Milford Asset Management Locations: Milford

REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

Bets on oil prices moving up from here are at their highest level since Russia's 2022 invasion of Ukraine, CME options market volatility data shows. Average daily volumes in energy options of the CME exchange overall are the highest since an all-time record in 2018. "The aftermath of the attacks and rising Middle East tensions did not impact oil prices as many investors expected, including ourselves," Unigestion multi-asset portfolio manager Sandrine Perret said. Reuters Graphics3/ DEFENCE STOCKSA gauge of defence stocks compiled by index provider MarketVector (.MVDEF) is 8% higher in the four weeks since the conflict began. It's also near eight-year highs versus the euro and therefore another asset class attracting questions about how it would perform if Middle East tensions are resolved.

Persons: Abdel Hadi Ramahi, Israel, Sandrine Perret, Derek Sammann, Gold, Jeff, Mikhail Zverev, Ron Temple, It's, Francesca Fornasari, Fornasari, Elisa Belgacem, Brent, Naomi Rovnick, Marc Jones, Dhara Ranasinghe, David Evans Organizations: United Arab Emirates, REUTERS, U.S White, Aegon, Reuters, Global, Defence, Lazard Asset Management, Swiss, Insight Investment, Generali Investments, Thomson Locations: Dubai, United Arab, Hamas, Israel, Gaza, Ukraine, Jordan, Egypt, China, Taiwan, Europe

☆ HSBC to build large personal banking business in India - country CEO
▼ + stars: | 2023-11-09 | by ( Ira Dugal | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. The bank has long had a retail, or personal, banking business in India, but has not focused on building that up, Dave said. "We intend to build a very large retail, or what we call a personal, banking business." Global banking and markets and commercial banking are the largest contributors to the India business. HSBC India's wealth and personal banking segment, which includes private banking, mortgages and asset management, contributed $35 million or 4.6% to its profit before tax in the first six months of 2023.

Persons: Dado Ruvic, Hitendra Dave, Dave, Ira Dugal, Jan Harvey Organizations: HSBC Bank, REUTERS, Rights, HSBC, Reuters, Global, Thomson Locations: Rights MUMBAI, India, HSBC India

With the economy slowing and adding fewer jobs, banks are anticipating more consumers could default on credit-card payments and mortgages, hurting profits. "(Canadian banks) are running a little bit tighter in capital than they have in the past," said Adrienne Young, director of corporate credit research at Franklin Templeton Canada. "I don't see them having to go out and raise equity... I think the banks will use other tools in their toolbox before having to go and raise equity," said Maria Gabriella Khoury, analyst at credit-ratings agency Fitch. "They are doing that.. to make sure banks are holding more capital as we potentially head into a downturn," Colangelo said.

Persons: Banks, Adrienne Young, Maria Gabriella Khoury, Fitch, Robert Colangelo, Colangelo, Anthony Visano, Nivedita Balu, Rod Nickel Organizations: TORONTO, Franklin Templeton, " Bank of Nova, Scotiabank, BMO, Equity, DSB, Royal Bank of Canada, RBC, HSBC Canada, Kingwest, Thomson Locations: Franklin Templeton Canada, " Bank of Nova Scotia, U.S, Toronto

☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

☆ Generali has 500 mln euros left for M&A, could return it to investors, CEO says
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An Assicurazioni Generali SpA's logo is seen on a building of their offices in Saint-Denis, near Paris, France, February 27, 2018. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsMILAN, Nov 8 (Reuters) - Italy's top insurer Assicurazioni Generali (GASI.MI) still has 500 million euros ($533.10 million) left for M&A deals, which will be returned to shareholders if not used for acquisitions, its Chief Executive Philippe Donnet said on Wednesday. In June, the insurer agreed to buy the Spanish unit of U.S. insurer Liberty Mutual for 2.3 billion euros, strengthening its property and casualty segment. I cannot say whether we will make another acquisition before the end of the plan. If we do not use this cash for an acquisition, we will return it to the shareholders", Donnet said.

Persons: Denis, Benoit Tessier, Assicurazioni, Philippe Donnet, Generali, Liberty Seguros, Donnet, Gianluca Semeraro, Gavin Jones Organizations: REUTERS, Liberty Mutual, Holdings, Liberty, Thomson Locations: Saint, Paris, France, Europe, Asia, United States, Connecticut

☆ Moody's creates private credit rating and research group
▼ + stars: | 2023-11-06 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report. Private credit is largely owned by buy-and-holdinvestors such as pension funds, endowments, foundations and insurance companies, the report said. "The rapid growth of the private credit market in recent years has introduced new challenges and opportunities for investors, who are looking for fresh analysis from a trusted source," said Moody's president Michael West. The private credit group will have a team of more than 50 analysts in different geographies looking into private credit in institutions such as business development companies, collateralized loan obligations, insurance and asset management companies.

Persons: Andrew Kelly, Ana Arsov, BlackRock, Michael West, Moody's, Arsov, Simon Harris, Tatiana Bautzer, Rod Nickel Organizations: Moody's Corporation, REUTERS, Moody's Investors Service, Thomson Locations: Manhattan , New York, U.S

☆ These 4 stocks report quarterly results next week. Here's what we hope to see
▼ + stars: | 2023-11-04 | by ( Zev Fima | ) www.cnbc.com time to read: +11 min

The major averages rebounded strongly this week as quarterly earnings came in largely better than expected and interest rates fell on softer economic data. The Dow Jones Industrial Average rose more than 5% for its best week since October 2022. The big theme next week is earnings and the four portfolio companies delivering their quarterly results. Here's the full rundown of all the important domestic data in the week ahead as we consider a number areas of our portfolio for trades next week. ET: Treasury budget statement for October (See here for a full list of the stocks in Jim Cramer's Charitable Trust.)

Persons: FactSet, we'll, Hulu —, Krystal, Horton, Zimmer, LEV, Armour, Ralph Lauren Corporation, CRON, Patterson, Walt Disney, MARA, Ginkgo, FREYR Battery, FREY, Arcelor Mittal, Wynn, Jim Cramer's, Jim Cramer, Jim Organizations: Dow Jones, Nasdaq, ISM, Services, Coterra Energy, Emerson Electric, Wall, National Instruments, Disney, Hulu, CNBC, Comcast, ESPN —, Wynn Resorts, WYNN, Asia that's, Wynn, Wynn's, Wynn Interactive, United, Brookfield Asset Management, Axsome Therapeutics, Network Corporation, Krystal Biotech, Ceragon Networks, Kosmos Energy Ltd, TreeHouse Foods Inc, Air Lease Corporation, Inc, Eversource Energy, Fennec Pharmaceuticals Inc, Graham Corporation, Aereas Inteligentes, Hilton, Energy, Realty Income Corp, Semiconductors, Vertex Pharmaceuticals Inc, Clover Health, Contura Energy, Diamondback Energy, FS KKR Capital Corp, Celanese Corp, Eos Energy Enterprises, Goodyear Tire & Rubber Company, WEN, Pall Corp, TransMedics, Emerson, Uber Technologies, Holdings, Melco Resorts, Entertainment, Zimmer Biomet Holdings, ACM Research, Lion Electric Company, Emerson Electric Co, Vertex Energy, Waters Corp, Air Products & Chemicals, Esperion Therapeutics, Fidelity National Information Services Inc, Bowlero Corp, Hotels, KKR, Co, Devon Energy Corp, Occidental Petroleum Corp, Dutch Bros Inc, Gilead Sciences, ContextLogic Inc, Akamai Technologies, Viatris Inc, Technologies, Corsair, Enovix Corporation, eBay, EBAY, DaVita Inc, Pan American Silver Corp, Roblox Corporation, Fisker Inc, Warner Bros ., Nuvei Corporation, Farms, Akebia Therapeutics, Biogen Inc, 3D Systems Corporation, Gray Television Inc, BlackSky Technology Inc, Cronos, EVgo Inc, Lumentum Holdings Inc, Nexstar Media Group, UTI Energy, Starwood Property Trust, AMC Entertainment Holdings, Marathon Digital Holdings, IonQ Inc, Digital Turbine, Virgin Galactic Holdings , Inc, Arm Holdings plc, ARM, Ginkgo Bioworks Holdings, Suncor Energy, AppLovin Corporation, B2Gold Corp, Luminar Technologies, MGM Resorts International, MGM, Bloom Energy Corporation, Li Auto Inc, Oatly, Kopin Corp, Fiverr International, YETI Holdings, YPF S.A, Ship Lease, Himax Technologies Inc, Dickinson, CommScope Holding, RBC, Agile Therapeutics, Apyx Medical Corporation, Grab Holdings, Hawaiian Electric Industries, Profire Energy, Flags Inc, Stereotaxis Inc, TransDigm, US Foods Holding Corp, Utz Brands, Valvoline Inc, Weibo Corporation, Wix.com Ltd, Trade, Petroleo Brasileiro SA Petrobras, Growth, Aurora Cannabis Inc, Navitas Semiconductor Corp, Archer Aviation Inc, Semiconductor, Energy Fuels Corp, Illumina Inc, Spike Investment Corp, Algonquin Power & Utilities Corp, AngloGold, Central Puerto S.A, Hudson Global, AirSculpt Technologies, Partners, Soho House, Jim Cramer's Charitable, Handout, Getty Locations: U.S, Macao, Asia, China, Las, Singapore, Wynn's Vegas, Boston, United Arab Emirates, Gilead, VVV, Central, Soho

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

The Sydney-based financial conglomerate has not had a steeper first-half profit drop in more than a decade. The results capped a run of "exceptional conditions" last year in the company's commodity trading and asset management segments, buoyed by energy market volatility and ripe conditions for asset sales, respectively, Chief Financial Officer Alex Harvey told Reuters. Macquarie said the asset management division's income should rebound in the second half to about the A$940 million it reported in the same period last year. The company said fees and commissions at investment banking arm Macquarie Capital were in line with the previous comparable period. Profit fell 28% to A$430 million.

Persons: David Gray, Alex Harvey, Macquarie, Shemara Wikramanayake, Wikramanayake, Barrenjoey, Lewis Jackson, Roushni Nair, Rishav Chatterjee, Jamie Freed Organizations: Macquarie Group Ltd, REUTERS, Macquarie, Reuters, Citi, Investment, Thomson Locations: Sydney, Australia, SYDNEY, Ukraine, North America, Israel, Bengaluru

☆ Brookfield’s climate deal may run out of energy
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsMELBOURNE, Oct 31 (Reuters Breakingviews) - Australia’s top pension fund has aptly chosen Halloween to try to scare Brookfield Asset Management (BAM.TO) and co-bidder MidOcean Energy to dig deeper in their pursuit of Origin Energy (ORG.AX). AustralianSuper said on Tuesday it intends to vote its near-14% stake against the current A$18.7 billion ($12 billion) offer next month. On that score, the pension fund’s intervention may frighten the deal to death. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, AustralianSuper, Antony Currie, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Rights, Reuters, Asset Management, MidOcean Energy, Origin Energy, X, Vodafone, Thomson Locations: Melbourne, Australia, –, Brookfield, MidOcean, Spain

☆ Morgan Stanley’s James Gorman Picked a Good Time to Leave
▼ + stars: | 2023-10-28 | by ( Telis Demos | ) www.wsj.com time to read: +1 min

James Gorman has spent nearly 14 years as Morgan Stanley CEO. Photo: Michael Bucher/The Wall Street JournalJames Gorman guided Morgan Stanley through years of superlow interest rates and booming stock markets. His successor, Ted Pick , might have to come up with some new ideas for a new era. Gorman, who will step down at the end of the year after almost 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and later buying E*Trade and Eaton Vance. And by valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan since the start of last year.

Persons: James Gorman, Morgan Stanley, Michael Bucher, Ted Pick, Gorman, Smith Barney, Eaton Vance, JPMorgan Chase Organizations: JPMorgan, JPMorgan Chase ’

☆ Morgan Stanley's Pick and Gorman talk succession, strategy and challenges
▼ + stars: | 2023-10-26 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +3 min

Companies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley's (MS.N) current CEO James Gorman and incoming CEO Ted Pick spoke with Reuters about the company's leadership succession and strategy. On strategy: "There is no change in strategy. JAMES GORMANOn Pick: "We picked (Pick) because he's had a long history of showing he's an exceptional operator. It takes, it takes enormous resilience and mental toughness, and he's got that." I chair Columbia Business School, I have a role at University of Melbourne, and I'll do a bit of that.

Persons: Morgan Stanley, Morgan Stanley's, James Gorman, Ted Pick, Gorman, we've, James, Smith Barney, Eaton Vance, We've, Andy Saperstein, Dan Simkowitz, Dan, Andy, JAMES GORMAN, he's, Ted, Tatiana Bautzer, Lananh Nguyen, Sonali Paul Organizations: Reuters, TED, Columbia Business School, University of Melbourne, DOJ, SEC, Thomson

☆ Morgan Stanley Has Been a Top Performer Under James Gorman. Just Not Lately
▼ + stars: | 2023-10-26 | by ( ) www.wsj.com time to read: 1 min

James Gorman is leaving his job at Morgan Stanley near the top. But not quite at it. Since he took over as the bank's chief executive at the start of 2010, Gorman’s strategy to bet big on wealth and asset management has proved to be the right one in the market’s eyes. While none of the big banks have beaten the S&P 500 over that time, Morgan Stanley’s 8.7% annualized total return is still nearly three points better than its closest rival, Goldman Sachs, at 5.9%, according to FactSet data.

Persons: James Gorman, Morgan Stanley, Morgan Stanley’s, Goldman Sachs

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