EU Opens In-Depth Investigation Into Universal Music's $775 Million Downtown Deal
The commission said Tuesday that it wants to look further into the companies' transaction after starting a preliminary investigation earlier this year. The EU's merger enforcer said it is worried the deal could distort the market for wholesale recorded music distribution if it goes ahead, by giving Universal access to rival record labels' commercially sensitive data.
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C1 Fund Inc. Announces Pricing of Initial Public Offering
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The net proceeds of this offering are estimated at approximately $55.1 million (or approximately $63.4 million if the underwriters exercise their option to purchase additional Common Shares in full), after deducting underwriting discounts and commissions and the Fund's estimated offering expenses. The Fund intends to complete its investment of the net proceeds within three months, but, in any event, no later than 12 months, after the closing of the offering. The Benchmark Company, LLC is acting as sole book-running manager for the offering. SoFi Securities LLC and China Renaissance Securities (Hong Kong) Limited are acting as co-managers for the offering. A registration statement on Form N-2 (File Nos. 333-283139 and 811-24022) relating to the Common Shares has been filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC") on August 6, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained upon request to: The Benchmark Company, LLC, 150 East 58th Street, 17th Floor, New York, NY 10155, Attention: Prospectus Department, or by email at prospectus@ This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. About C1 Fund Inc. C1 Fund Inc. is a Maryland corporation based in Palo Alto, California. C1 Advisors LLC, which is also based in Palo Alto, California, will serve as the Fund's investment adviser. The Fund's investment objective is to maximize the portfolio's total return, principally by seeking capital gains on the Fund's equity and equity-related investments. Under normal market conditions, the Fund will invest at least 80% of its total assets in equity and equity-linked securities of companies principally engaged in the digital assets services and technology sector. The Fund intends to achieve its investment objective by investing in a portfolio of what the Fund believes to be 30 of the top digital assets services and technology companies, excluding companies whose business is principally administered in the People's Republic of China, including Hong Kong and Macao. Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The registration statement on Form N-2, which contains the Fund's preliminary prospectus, has been filed with the SEC, contains this information and should be read carefully before investing. Forward-Looking Statements This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 including statements relating to the offering of the Common Shares, our ability to complete the offering on the anticipated timeline or at all and the anticipated use of the net proceeds therefrom, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting management's best judgment based upon currently available information. Words such as, but not limited to, "look forward to," "believe," "expect," "anticipate," "estimate," "intend," "confidence," "encouraged," "potential," "plan," "targets," "likely," "may," "will," "would," "should" and "could," and similar expressions or words identify forward-looking statements. The forward-looking statements included in this press release are based on management's current expectations and beliefs which are subject to a number of risks, uncertainties and factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy and completeness of such statements in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by these cautionary statements, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. Risk is inherent in all investing. There can be no assurance that the Fund will achieve its investment objective, and you could lose some or all of your investment. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE View source version on Contacts For Media Enquiries contact: media@ Sign in to access your portfolio
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GAM Holding AG announces first half 2025 results
07 August 2025 PRESS RELEASE Ad hoc announcement pursuant to Art. 53 Listing Rules: GAM Holding AG announces first half 2025 results GAM now fully focused on growth with new investment partnerships and leadership in place. Financial & Strategic Update - H1 2025 GAM reported an IFRS net loss after tax of CHF 40.7 million, which includes CHF 6.3m of reorganisation and other charges, and an underlying loss before tax of CHF 34.1 million. Investment performance remains strong, with 73% of AuM* outperforming their benchmark and 74% over a three-year and five-year period respectively. Assets under Management (AuM) stood at CHF 12.7 billion as at 30 June 2025. GAM's CHF 100 million loan facility, provided by Rock Investment SAS (subsidiary of NJJ), was extended to December 2027 and as of 30 June 2025 CHF 16.5 million has been drawn. GAM's investment platform has been significantly enhanced to better deliver on our clients' priorities: The new European Equity team is fully operational. Swiss Re successfully co-managing GAM's Cat Bond strategies. A strategic partnership with Gramercy has been launched covering GAM's Emerging Market Debt strategies. Under the leadership of Alberta Saporta, GAM is entering a new phase focused on growth, innovation and client-centric investment excellence. Albert Saporta, Group CEO at GAM, stated: "The transformation of our business has been thorough and intentional. We have simplified and restructured the organisation to operate as an efficient and focused business. We will grow our assets under management by focusing on our clients and our specialist active, alternative, and wealth management strategies along with other strategic growth initiatives. Anthony Maarek, Managing Director of NJJ said: 'With its strong platform and new partnerships firmly in place, GAM is now fully focused on growing its assets under management and long-term value creation. NJJ sees GAM as a distinctive business combining top-tier investment talent, global reach and agility. Our commitment is unwavering as we support GAM in realising its full potential.' * % of investment management AuM in funds outperforming their respective benchmark (excluding mandates and segregated accounts). Three and five-year investment performance as at 30 Jun 2025 based on applicable AuM. The assets under management analysed refer to onshore open-ended funds. Past performance is not a reliable indicator of future results. Financial Results for H1 2025 The underlying pre-tax loss in H1 2025 was CHF 34.1 million, compared to a CHF 33.2 million in H1 2024. This small increase was driven by the lower net fee and commission income not being fully offset by reductions in expenses. This underlying loss compares to an IFRS pre-tax net loss of CHF 40.4 million. The difference of CHF 6.3 million relates to various items including reorganisation charges of CHF 3.4 million. For further details on the Group's first half 2025 financial results please see GAM's half year report, particularly the financial review on pages 12 to 16 ( ). Strategy Update GAM has now completed its transformation and is entering a new phase focused on sustainable growth, innovation, and client-centric excellence. With a simplified structure, revitalised leadership, and a sharpened focus on high conviction talent in specialist active, alternatives, and wealth management, GAM is positioned to scale its platform and deliver long-term value. Backed by majority shareholder NJJ Holding SAS, GAM benefits from the strategic support and long-term vision of a partner with a proven track record of value creation across sectors. GAM is now the fifth pillar of NJJ's multi-billion portfolio, alongside leading businesses in telecoms, venture capital, real estate, and media. The appointment of Albert Saporta as Group CEO marks this next phase - a return to GAM's roots as an investor-led firm, combining 40 years of global markets and alternatives expertise with management and strategic clarity. Key strategic highlights from H1 2025 include: New European Equities Team: Integration of the new European equity team has materially strengthened GAM's specialist active platform, enhancing scale, depth, and client relevance in core markets. Swiss Re Partnership: The Catastrophe (Cat) bond and insurance-linked securities (ILS) partnership with Swiss Re is now fully operational, positioning GAM as a competitive platform in liquid alternatives. GAM now has an upgraded and unique offering with one of the world's largest re-insurers and risk managers actively co-managing the GAM Star Cat Bond Fund with investors benefiting from Swiss Re's investment expertise, oversight and unrivalled insights into global risks, modelling and natural catastrophe perils. Gramercy EMD Partnership: GAM has expanded its fixed income offering through a strategic partnership with Gramercy, providing differentiated emerging market debt strategies integrated into GAM's platform, offering clients differentiated access via a leading specialist manager. Gramercy Funds Management is chaired by Mohamed A. El-Erian, and Robert Koenigsberger is the Managing Partner and Chief Investment Officer. Distribution Strength and Enhancement: Distribution leadership has been reinforced with the return of Tim Rainsford as Group Chief Distribution Officer, alongside new senior hires across the UK, Wealth Management, France, Italy, and Germany. Strategic Simplification: The sale of GAM's Italy business to AcomeA SGR, which is expected to complete in H2 2025, reflects GAM's focus on core growth capabilities while maintaining strong distribution presence in Italy. In first half of 2025 GAM Group, its investment teams and our partnerships continue to win top awards: GAM won LSEG Lipper's 2025 Best Overall Investment Group across Europe over 3 years (Small Company Category) Anthony Smouha (Atlanticomnium) has been included in the coveted FE Fundinfo Alpha Manager Hall of Fame 2025 GAM won double awards at the Citywire Switzerland Portfolio Manager & Group Awards 2025 GAM's Florian Komac, Investment Manager in the Fixed Income team, has been honoured with the Best Portfolio Manager of Bonds - Swiss Franc award, for the second year in a row. GAM also won in the Best Fund Group Award category: Equity - Switzerland Small & Medium Companies. GAM Sustainable Climate Bond Fund won Green Bond Fund of the Year at the Environmental Finance Sustainable Debt Awards 2025 GAM won PAM Award 2025: Investment Performance – Growth Portfolios With a clear strategy, strong partnerships, and a focused platform, GAM is now fully aligned to deliver growth and performance. Further details on GAM's strategy can be found in the HY 2025 report. Investment Performance GAM continues to deliver strong investment performance across its diverse and distinctive products, with 73% of Investment Management assets under management (AuM) outperforming their three-year benchmark and 74% outperforming their five-year benchmark, as at 30 June 2025. Percentage of GAM Fund AuM Outperforming Benchmark 3 years 3 years 5 years 5 years Business Area Asset Class 30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024 Specialist Active Fixed income 85% 84% 85% 86% Specialist Active Equity 45% 1% 51% 79% Alternatives Alternatives 96% 96% 91% 97%Total 73% 64% 74% 89% % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts). Three- and five-year investment performance based on applicable AuM of CHF 5.6 billion and CHF 5.6 billion, respectively. Certain strategies were reclassified from Specialist Active to Alternatives. As a result, the investment performance for both categories have been amended GAM has also delivered strong investment performance compared to our peer group with 55% of Investment Management AuM outperforming their three-year Morningstar peer group and 76% outperforming their five-year Morningstar peer group, as at 30 June 2025. Percentage of GAM Fund AuM Outperforming Morningstar Peer Group 3 years 3 years 5 years 5 years Business Area Asset Class 30 June 2025 31 Dec 2024 30 June 2025 31 Dec 2024 Specialist Active Fixed income 10% 19% 19% 14% Specialist Active Equity 37% 20% 61% 89% Alternatives Alternatives 14% 99% 100% 99%Total 55% 66% 76% 82% . Assets Under Management Total AuM were CHF 12.7 billion as at 30 June 2025, compared to CHF 16.3 billion as at 31 December 2024. Outflows have primarily been driven by changes in the European Equity investment team and the change to Swiss Re in respect of GAM's Cat Bond funds. (CHF Bn) Business Area Opening AuM 1 Jan 2025 Net flows Disposal (2) Market/FX movements Closing AuM 30 June 2025 Specialist Active (1) 11.1 (0.9) - - 10.2 Alternatives (1) 4.3 (2.1) (0.4) (0.2) 1.6 Wealth Management 0.9 - - - 0.9 Total 16.3 (3.0) (0.4) (0.2) 12.7 (1) Certain strategies were reclassified from Specialist Active to Alternatives. As a result, the opening AuM as of 1 January 2025 was restated with CHF 3.8 billion transferred from Specialist Active to Alternatives. (2) In the first half of 2025, a strategic review of our funds resulted in the disposal of selected alternative funds. These results reflect the strength of GAM's investment platform and the value of its specialist partnerships. With a sharpened focus and renewed momentum, GAM is well-positioned to grow assets under management and deliver consistent performance for information Half year report Investor presentation Investor workbook GAM corporate calendar Investor Relations Magdalena Czyzowska T +44 (0) 207 917 2508 Media Relations Colin Bennett T +44 (0) 207 393 8544 Visit us: us: X and LinkedIn About GAM GAM is an independent investment manager that is listed in Switzerland. It is an active, independent global asset manager that delivers distinctive and differentiated investment solutions for its clients across its Investment and Wealth Management Businesses. Its purpose is to protect and enhance its clients' financial future. It attracts and empowers the brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 12.7 billion as of 30 June 2025. GAM has global distribution with offices in 15 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit Other Important Information This release contains or may contain statements that constitute forward-looking statements. Words such as 'anticipate', 'believe', 'expect', "estimate", "aim", 'project', 'forecast', "risk", 'likely', 'intend', 'outlook', 'should', 'could', "would", 'may', 'might', "will", "continue", "plan", "probability", "indicative", "seek", 'target', 'plan' and other similar expressions are intended to or may identify forward-looking statements. Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith. This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction. Attachments GAM Holding AG announces first half 2025 results-EN-Adhoc GAM Holding AG gibt Ergebnisse des ersten Halbjahres 2025 bekannt_DE
Yahoo
23 minutes ago
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Siemens reports Q3 results in line with forecasts
ZURICH (Reuters) -Siemens reported industrial profit in line with forecasts for its latest quarter on Thursday as the German engineering group navigated the fallout of rising global trade barriers. The maker of industrial software and trains reported industrial profit falling 7% to 2.82 billion euros ($3.29 billion) for the three months to the end of June, in line with analyst forecasts in a company-gathered consensus. Earnings were reduced by currency translation effects, particularly the fall of the dollar versus euro during the quarter, as well as restructuring costs as Siemens shed jobs at its flagship digital industry division. Revenue rose 3% to 19.38 billion euros, beating forecasts for 19.24 billion euros. "Our third-quarter performance demonstrates that Siemens is delivering robust results despite the volatile global market," said Chief Executive Roland Busch in a statement. ($1 = 0.8568 euros) Sign in to access your portfolio
