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A majority of the 10 global asset and hedge fund managers surveyed by Reuters said commodities are undervalued and should thrive as global inflation stays elevated in 2023. Preqin said just 915 hedge funds were launched in 2022, the lowest in 10 years. "It's the perfect environment for macro hedge funds: central bank policy divergence, interest rate differentials, geopolitical tension, bottlenecks and each country on its own. Macro hedge funds led the industry performance through November, according to financial data firm HFR, up roughly 8%. Lyons is keen to allot more to macro hedge funds and also thinks there are good opportunities in corporate credit.

☆ Brenntag M&A gambit may prompt its own breakup
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 20 (Reuters Breakingviews) - Chemicals group Brenntag’s (BNRGn.DE) bold dealmaking foray has attracted the attentions of an activist. PrimeStone Capital is calling on the 9 billion euro German group to scrap a potential merger with U.S. peer Univar Solutions (UNVR.N). Brenntag’s other shareholders hardly seem enamoured of the deal: its shares lost some 10% on the day it was announced. The problem is that PrimeStone’s other idea, a breakup of Brenntag, also looks viable. Brenntag meshes together the humdrum business of transporting chemicals with one that serves customers in more specialised sectors like pharmaceuticals and nutrition.

☆ Goldman Sachs has plans for deep headcount cuts in the new year
▼ + stars: | 2022-12-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, the Goldman cuts go deep. Goldman's bankers and others on Wall Street still enjoy pay packages that are beyond that of most American workers. Some portion of Goldman's cuts are being made with an eye to 2023 and 2024, suggesting that the firm's leaders don't expect a return to go-go days anytime soon. Click here to read more about the cuts set to hit Goldman Sachs. Private-equity firm Advent announced plans to acquire satellite maker Maxar Technologies for $6.4 billion in a deal that included Goldman Sachs, JPMorgan, and Morgan Stanley.

☆ Who will be Wall Street’s un-American idol?
▼ + stars: | 2022-12-16 | by ( John Foley | ) www.reuters.com time to read: +8 min

Europeans have been losing the battle against Wall Street’s cozy club for a decade. Deutsche Bank has done the former. BNP has made smaller steps, buying Bank of America’s prime broking business in 2008, then Deutsche Bank’s in 2019. Even with the best intentions, European banks must contend with their own regulators, which affects their ability to take risk elsewhere. JPMorgan, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs together took the top five slots for debt capital markets and merger advisory, as they also did in 2021.

☆ Markets are priced for optimism, but people should be relatively cautious: Man Group
▼ + stars: | 2022-12-12 | 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 EmailMarkets are priced for optimism, but people should be relatively cautious: Man GroupMark Jones, deputy CEO of Man Group, discusses the outlook for markets in 2023 in the context of what the U.S. Federal Reserve might do.

☆ Food delivery M&A leaves sour taste in the mouth
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 9 (Reuters Breakingviews) - Two rapid grocery delivery players are serving up an unappetising deal for their investors. Turkish company Getir, last valued at $11.8 billion in March, is gobbling up its German rival Gorillas. It values the target at $1.2 billion, a 60% cut to its last valuation acquired in last year’s funding round. It’s worst for Gorillas investors like Delivery Hero and Tencent (0700.HK), however. With an upcoming recession, they will have to hope that luxury grocery delivery services still have a future.

☆ UK's FTSE 100 falls as energy stocks weigh; Man Group lifts midcaps
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.1%, FTSE 250 adds 0.1%Dec 9 (Reuters) - UK's blue-chip FTSE 100 fell on Friday dragged down by energy- linked stocks, while fund manager Man Group led mid-cap shares higher after after announcing a share buy-back programme. The blue-chip FTSE 100 (.FTSE) fell 0.1% by 0853 GMT, while the domestically focused FTSE 250 (.FTMC) mid-cap index added 0.14%. The investment banking and brokerage services index (.FTNMX404010) rose 0.7%, supported by a near 5% jump in Man Group (EMG.L) after it announced a share buyback programme of up to $125 million. The biggest drag on the FTSE 100 were energy firms (.FTNMX601010), which fell 0.9% on subdued crude prices. Anglo American Plc (AAL.L) rose 1.4% after the copper miner said it expects production to rise over the next two years.

☆ Portfolio manager discusses outlook for earnings in 2023
▼ + stars: | 2022-12-09 | 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 EmailWe're seeing some sort of an inflection in earnings for first time in 2 years: Portfolio managerHenry Dixon of Man Group discusses the outlook for earnings in 2023 and the U.S. labor market, among other things.

The news Wednesday that a far-right group had plotted to overthrow the German government in a coup surprised many around the world who thought the country had largely done away with its extremist right wing. The group is closely associated with the extremist Reichsbürger movement — literally meaning “citizens of the Reich,” or kingdom — which rejects the legitimacy of the German state. Miro Dittrich, an expert at CeMAS, a German group that monitors right-wing extremism, said this was not the first far-right group to have plotted a coup d’etat in recent years. One of the group’s main leaders is Heinrich XIII Prince Reusthe, holder of a royal title that lapsed with the abdication of Kaiser Wilhelm II and the creation of the modern German state in 1918. What unites them, he added, was a “belief that the Germans are being oppressed by a powerful foreign power,” or that the German state is assisting in this oppression, therefore justifying an armed insurrection.

☆ Volkswagen CEO to present software 'reality check' to board on Dec 15
▼ + stars: | 2022-12-06 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

HAMBURG, Dec 6 (Reuters) - Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to turn his predecessor's vision into deliverable goals, three company sources told Reuters. But he was also criticised for sometimes erratic leadership, and in particular for delays and cost overruns at software arm Cariad. "First up is the software and the reality check in that area. Handelsblatt, which first reported the Dec. 15 board meeting, has said keeping software competitive to the end of the decade under Blume's new plans would cost 1 billion euros ($1.1 billion). ($1 = 0.9511 euros)Reporting by Jan Schwartz Writing by Victoria Waldersee Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ The 'total return era' of investing might be over, the credit chief for a $6 billion firm told us. Here's what he's buying to lock in solid returns that will hold up in a recession.
▼ + stars: | 2022-11-16 | by ( Marley Jay | ) www.businessinsider.com time to read: +5 min

He says the 'total return era' of high, stable returns across asset classes might be gone for good. Reddy explained his ideas about what to buy to get solid returns at smart levels of risk. But buying everything only works if all of those structural factors are sending demand and asset prices steadily higher, Reddy said. Younger workers tend to spend more and save less, which means greater demand and more inflation pressure, Reddy said. "If you have a higher inflation environment, you need to take some kind of risk."

☆ A Los Angeles superagent with a team of 160 that's sold $1.6 billion in real estate this year is leaving Compass: 'It's no secret that Compass is in a difficult situation'
▼ + stars: | 2022-11-15 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

Aaron Kirman, a top real-estate agent, has racked up more than $1.6 billion in sales in 2022. Kirman leads 160 agents in what RealTrends, a company that ranks real-estate brokers, has called a "mega team." RealTrends identified the Aaron Kirman Group as the top-grossing mega team from Compass last year, with an annual sales volume of $1.1 billion. But the company posted a $494 million loss in 2021 during a historically hot real-estate market . "At the end of the day, it is a real-estate company," he told Insider.

The same funds averaged a decline of 0.58% in 2021, according to the HSBC data seen by Reuters. HSBC follows eight funds which take long and short positions in Chinese equities. This year, three hit HSBC's global list of the bottom 20 hedge fund performances for the week ending Nov. 4. The $1.9 billion Golden China fund from Greenwoods Asset Management, was down 45% for the year to Oct. 31; the $152 million Zeal China Fund from Zeal Asset Management, was down 38% for the same period; and the $156 million Telligent Greater China fund from Telligent Capital down almost 40%. HFR, another company which tracks hedge fund performance but does not disclose the constituents of its indices, said its index of Chinese hedge funds was down 27% so far this year.

These same funds averaged a 0.58% decline in 2021, according to the HSBC data seen by Reuters. HSBC follows eight funds which take long and short positions in Chinese equities. This year, three hit HSBC's global list of the bottom 20 hedge fund performances for the week ending Nov. 4. Net selling of Chinese equities by international active funds totalled around $30 billion over the past year and global hedge fund allocations in Chinese equities have declined from 15% at the 2020 peak to 8% now, Goldman Sachs estimates. HFR, another company which tracks hedge fund performance but does not disclose the constituents of its indices, said its index of Chinese hedge funds was down 27% so far this year.

☆ PineBridge, Man Group bet on China as reopening hopes fuel markets
▼ + stars: | 2022-11-04 | by ( Joice Alves | Karin Strohecker | ) www.reuters.com time to read: +4 min

LONDON (Reuters) -Asset manager PineBridge Investments’ multi asset team has sharply raised its China equity exposure and rival Man Group expects to expand its presence in the country with expectations that strict COVID rules will be eased. “Europe is going into recession now, the U.S., maybe, sometime next year, but China’s already had a recession ... The next leg is up for Chinese equities, it’s a question of when, and the main driver would be the reopening,” Redha said. China’s economy rebounded faster than anticipated in the third quarter though the revival was challenged by COVID-19 curbs, a prolonged property slump and global recession risks. However, a foreign ministry spokesman later said he was not aware of the report, calling China’s COVID policies consistent and clear.

☆ Morning Bid: Laboring markets get China fillip
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. With one eye on the U.S. employment report at the end of a dour week of rising interest rates, world markets were spurred by another slightly mysterious Chinese stock surge. None of these reports have yet been confirmed, but some former officials appeared to encourage the speculation on Friday. The Shanghai Composite (.SSEC) rose 2.7% and was headed for a 5.6% weekly gain, the largest in more than two years. U.S. stock futures were up marginally ahead of the open, however, after another round of heavy index losses on rising interest rate fears on Thursday.

Those returns would come from "great trading opportunities", including placing long and short bets on Chinese equities, said Man Group CEO Luke Ellis, without giving any details. "I think the alpha opportunities in China are very attractive," Ellis told Reuters on Thursday, referring to the potential to generate returns that are higher than market benchmark gains. "We've been able to generate good alpha in the Chinese market. With China gradually opening up its markets to foreign investors, Ellis sees the potential for Man Group to expand its operations in that country when it relaxes its stringent COVID-induced border controls. Man Group launched a Chinese domestic private fund unit in 2017 that currently runs one fund with a macro strategy.

☆ Dustin Johnson seals $35m year with LIV Golf team event victory at Trump course
▼ + stars: | 2022-10-31 | by ( Jack Bantock | ) edition.cnn.com time to read: +3 min

CNN —Dustin Johnson took his LIV Golf earnings for the season past the $35 million mark with victory in the series’ final event of the year in Miami on Sunday. Johnson’s $4m cut of the team competition winnings lifts his earnings from the inaugural series to $35,637,767, according to The Associated Press. Johnson, Gooch, Reed and Perez celebrate their team victory. Eric Espada / Getty ImagesIt marks a mammoth spike in earnings for Johnson who, in just eight LIV Golf events, has matched almost half a career’s total winnings on the PGA Tour. “My team played unbelievable this year … To have these guys and their caddies and families and coaches and everybody, it’s just one big family now.

Liontrust reported net outflows of 1.6 billion pounds ($1.80 billion) in the July-September quarter, while Man Group posted net outflows of $500 million, compared with a $900 million consensus forecast. Quilter saw net inflows slow to 200 million pounds in the third quarter, compared with 1 billion pounds last year, while Rathbones' net inflows came in at 67 million pounds, following 1.43 billion pounds in outflows. Shares of Man Group dropped 5.3%, while Quilter shares shed 5%. Quilter's AUM at the quarter end was down by 1.8 billion pounds to 96.9 billion pounds. Rathbones' AUM fell to 57.9 billion pounds from 58.9 billion pounds at June-end, while Liontrust's slipped to 31.7 billion pounds over the same period.

☆ Analysis: Market turmoil a boon for trend-following hedge funds
▼ + stars: | 2022-10-17 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

Oct 17 (Reuters) - Trend-following hedge funds are capitalising on market disruption and geopolitical unrest, with funds such as Graham Capital Management, Aspect Capital, AlphaSimplex and AQR Capital Management all near or over 40% higher for the year. AQR is part of an index of the 10 largest trend-following hedge funds, compiled by Société Générale. The index has risen almost 37% this year, compared with a 3.8% increase in data provider HFR's broader index of hedge fund performance. Hedge funds Man Group, AlphaSimplex and Transtrend have reported trend strategies with performances this year of roughly 15%, 48% and 31% respectively. Funds in the Société Générale CTA index include AQR Capital Management, AlphaSimplex Group, Aspect Capital, Systematica Investments, Graham Capital Management, ISAM LLP, Lynx Asset Management, Man Group's AHL fund, Transtrend and Winton Capital Management.

☆ A wrecked Russian tank can be put in front of Moscow's embassy in Germany, court rules
▼ + stars: | 2022-10-12 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

A German group can put a wrecked Russian tank outside the Russian embassy in Berlin, a court said. Project organizer Enno Lenze said he would pick up a tank himself from Ukraine for the display. The road just outside the embassy likely can't support the weight of a massive tank, the court release said, so the which suggested a nearby crossroads for the display. The Russian Embassy in Berlin on September 3, 2022. On Monday, following intense Russian bombardment of Ukrainian cities and energy infrastructure, Germany announced it would send air defense systems, as Reuters reported.

☆ Kanye West's Twitter, Instagram accounts restricted after anti-Semitic posts
▼ + stars: | 2022-10-09 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 10 (Reuters) - Kanye West's Twitter and Instagram accounts were restricted over the weekend, with the social media platforms saying they removed the rapper's posts after online users condemned them as anti-Semitic. West's first post on Twitter since 2020 was a blurry photo of the rapper and Meta Platforms founder Mark Zuckerberg singing karaoke. That post, in which he said he wasn't anti-Semitic, has been removed by Twitter due to a violation of its policies. Earlier this year, he was suspended from Instagram for 24 hours after he directed racial slurs at comedian Trevor Noah. The company said on Saturday temporary restrictions on posting, commenting and messaging were imposed on West's Instagram account.

The Republican Jewish Coalition Victory Fund is out with two new ads in Pennsylvania's Senate race targeting Democratic nominee John Fetterman over a 2013 incident where he pulled a firearm on an unarmed Black jogger. "My message to Black voters: do your homework about John Fetterman," one woman says in the first ad. It's been brought up in other ads attacking Fetterman earlier this year, too. RJC is spending over $1.5 million on this ad campaign, a press release from the group said. "This is John Fetterman," the narrator says later, adding, "the guy who will cut taxes for working people, slash healthcare costs and fight for a woman’s right to choose.

☆ I talked to 70 parents who raised highly successful adults—here are 4 'extreme' things they did that made their kids confident
▼ + stars: | 2022-10-01 | by ( Margot Machol Bisnow | ) www.cnbc.com time to read: +3 min

When writing my book, "Raising an Entrepreneur," I asked 70 parents who raised highly successful adults about the most extreme things they did that helped make their kids brave and confident:1. Tania Yuki is the founder and CEO of Shareablee, a company that analyzes the impact of businesses' social media platforms. If she breaks anything, I’ll pay for it!” “At that moment, I knew my parents would always trust me," Tania told me. The parents I interviewed all agreed: The sooner kids are given big responsibilities, the more confident and independent they'll become. But these parents all trusted their kids to make choices about how they spent their time.

☆ Swedish central bank surprises with full percentage point rate hike
▼ + stars: | 2022-09-20 | by ( Simon Johnson | ) www.reuters.com time to read: +2 min

read moreThe hike was the biggest since November 1992, when the Riksbank also raised its key rate by a full percentage point. A majority of analysts in a Reuters poll had forecast a 75 basis point hike on Tuesday, with only two expecting a full percentage point. Rate-setters now see the policy rate peaking at around 2.5% in the second quarter of next year. "We ... believe the policy rate will be higher than that and we don't exclude a peak of 3.5% at the end of 2023," Lars Kristian Feste, head of fixed income at Ohman Group said. The Riksbank's forecast compares with June when the central bank said rates would reach about 2% early next year and then remain basically unchanged going forward.

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