Latest news with #AbuDhabiInvestmentAuthority
Yahoo
5 days ago
- Business
- Yahoo
The Convergence of TradFi and Digital Asset Markets
The line between traditional and crypto markets is actively being redrawn. As digital asset markets mature, the convergence of traditional finance (TradFi) and digital markets is accelerating, resulting in a more mature, institutional-grade ecosystem shaped by the frameworks, expectations and operational resilience that have historically characterized TradFi. Recent developments underscore a paradigm shift in how digital assets are perceived by institutions. The U.S. government's announcement of a strategic digital asset reserve, consisting of bitcoin, ether, XRP, solana and cardano, signals strong institutional validation. In parallel, more than eleven U.S. states have shown interest in or are actively working on bitcoin treasury bills. Sovereign investors such as the Abu Dhabi Investment Authority (ADIA) have disclosed significant positions, with a $436.9 million stake in BlackRock's iShares Bitcoin ETF (IBIT) as of December 31, 2024. These aren't speculative moves, but rather concerted investments to stay at the forefront of an evolving financial system. Support from these governments is reinforcing institutional engagement, marking a turning point where the risk of missing out outweighs the risk of exposure to the digital assets ecosystem. Previously, institutional participation in digital assets was constrained by high volatility, regulatory uncertainty and fragmented infrastructure. Now, regulated custodians offer institutional-grade solutions, while trading platforms provide improved access and reliable execution. The expansion of risk management tools — including hedging, credit facilities and market surveillance — has enhanced the operational stability for a space once known for volatility. These developments have lowered barriers to entry, enabling traditional institutions to approach digital assets with familiar risk and compliance frameworks. Institutional adoption is further fueled by products that mirror traditional markets while leveraging blockchain advantages. Today's institutional offerings include spot & derivatives markets, yield-bearing products, ETFs & in-kind redemptions and depositary receipts — all designed with similar underwriting logic and performance expectations. The expansion of futures, options and structured products in crypto mirrors the mechanics of TradFi derivatives. These instruments provide price discovery, risk hedging and speculative capabilities that align with institutional mandates. Yield-bearing products like staking, crypto lending and tokenized fixed-income are being designed with yield profiles resembling TradFi. These structures provide fixed or floating returns while incorporating risk metrics familiar to institutions. One of the most popular products has been spot bitcoin ETPs. Nasdaq's proposed in-kind redemptions for BlackRock's Bitcoin ETF further align crypto ETFs with traditional counterparts, boosting efficiency and liquidity. Additionally, crypto depositary receipts enable institutions to access digital assets without direct custody, bridging traditional markets and crypto in a regulated, familiar structure. Institutional investors are engaging through structures that blend traditional and digital techniques: hybrid funds, separately managed accounts (SMAs) and bespoke mandates. These tailor exposure while maintaining operational familiarity, providing institutions with regulated pathways to participate in this evolving ecosystem. Regulatory clarity remains critical. Recent SEC moves and a more crypto-forward administration signal openness to clearer frameworks, encouraging increased institutional engagement. Some traditional players are still taking a wait-and-see approach, cautiously observing market infrastructure and regulatory signals before committing capital at scale. On the other hand, firms like BlackRock, Fidelity and Citadel are entering the DeFi space. Institutional adoption is unlocking portfolio diversification, enhanced market efficiency and a more structured approach to risk management, all pointing to a more robust financial ecosystem. The institutionalization of digital assets and its convergence with traditional financial systems is not a passing trend, but a structural realignment of markets. Forward-looking institutions are not just participating, they're supporting the emerging ecosystem. For CIOs and allocators, this convergence presents an inflection point. The ability to navigate digital assets with TradFi discipline and DeFi innovation is becoming a key differentiator — placing emphasis on the importance of partnering with firms who have deep experience across both markets. As the financial landscape evolves, institutions that stay informed and insightful will find themselves positioned to adapt and thrive. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
6 days ago
- Business
- Time of India
Ex-KPMG deals co-head Manish Aggarwal joins Deloitte
Former KPMG co-head of deal advisory Manish Aggarwal has joined rival Deloitte in a senior leadership role. Aggarwal has advised on high profile deals including most recently Abu Dhabi Investment Authority 's ( ADIA 's) Rs. 6300 crore investment in GMR Airports and KKR 's Rs. 9000 crore purchase of PNC Infratech's road portfolio. He was also leading the IDBI Bank privatization deal while at KPMG, the first banking privatization that is being attempted in India. Deloitte has been investing in the deals business over the past two years in a major way. It is said to be eyeing opportunities in areas like infrastructure, government and financial services. The drivers for growth opportunities in these segments are either regulatory changes or aspirational economic growth that India is targeting that will necessitate large investments. These investments would also necessitate innovative financing solutions such as private credit to fund large acquisitions and private equity buyouts which the firm wants to be able to provide. Aggarwal will lead the firm's foray in these segments with an integrated deal and consulting opportunities approach. Earlier Deloitte had hired Rohit Berry and Vivek Gupta; both from KPMG. Berry is the president of strategy, risk and transactions. Aggarwal confirmed the development in a post on a professional networking platform on Tuesday. ET reported on 21 November last year about Aggarwal's exit from KPMG. In the past, Aggarwal was a director at CRISIL Infrastructure Advisory where he led multiple reforms, policy advisory, strategic advisory-related engagements with different stakeholders. He started his career with Industrial Development Bank of India (IDBI) as part of the project finance vertical. Deloitte has been looking to scale up its presence in mergers and acquisitions. It was amongst advisors on Siemens's sale of its windmill unit Siemens Gamesa in India in March. The unit was sold to a consortium of TPG, MAVCO and Prashant Jain. In the same month, it was also credited with advising on ONGC and NTPC 's $2.2 billion purchase of Ayana Renewable Power.
National Post
28-05-2025
- Business
- National Post
Galderma Buys Back Shares Worth CHF 233 Million in the Context of Accelerated Bookbuild Offering
Article content ZUG, Switzerland — Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that it has agreed to repurchase 2.38 million shares at a price of CHF 97.75 per share for a total consideration of CHF 232.5 million in the context of the accelerated bookbuild offering ('ABO') of Galderma shares by Sunshine SwissCo GmbH ('EQT'), Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. launched yesterday evening. The repurchase was made at the same price per share determined by the bookbuilding offering. Article content The repurchase, which is expected to settle on June 2, is being financed by Galderma's existing liquidity on hand and will not affect the company's ability to deliver on its strategic and financing priorities. Article content The shares will be held in treasury for future use in connection with Galderma's employee participation plans, business development opportunities and/or treasury management. Article content Following the closing of the ABO, the free float in Galderma's shares is expected to increase from 41.8% to 49.8%. Article content About Galderma Galderma (SIX: GALD) is the pure-play dermatology category leader, present in approximately 90 countries. We deliver an innovative, science-based portfolio of premium flagship brands and services that span the full spectrum of the fast-growing dermatology market through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Since our foundation in 1981, we have dedicated our focus and passion to the human body's largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals. Because we understand that the skin we are in shapes our lives, we are advancing dermatology for every skin story. For more information: Article content Certain statements in this announcement are forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as 'plans', 'targets', 'aims', ' believes', 'expects', 'anticipates', 'intends', 'estimates', 'will', 'may', 'continues', 'should' and similar expressions. These forward-looking statements reflect, at the time, Galderma's beliefs, intentions and current targets/ aims concerning, among other things, Galderma's results of operations, financial condition, industry, liquidity, prospects, growth and strategies and are subject to change. The estimated financial information is based on management's current expectations and is subject to change. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which Galderma operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting Galderma's markets, and other factors beyond the control of Galderma). Neither Galderma nor any of their respective shareholders (as applicable), directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this announcement. Statements contained in this announcement regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever. Except as required by applicable law, Galderma has no intention or obligation to update, keep updated or revise this announcement or any parts thereof. Article content Article content Article content Article content Article content Contacts Article content For further information: Article content Christian Marcoux, Chief Communications Officer +41 76 315 26 50 Article content Richard Harbinson Corporate Communications Director +41 76 210 60 62 Article content Emil Ivanov Head of Strategy, Investor Relations, and ESG +41 21 642 78 12 Article content Article content Article content
Sharjah 24
26-05-2025
- Business
- Sharjah 24
Saud bin Saqr attends Kuala Lumpur summit reception in Malaysia
Strengthening regional and international ties His Highness Sheikh Saud exchanged cordial conversations with the heads of state and leaders of delegations participating in the summit, reflecting the depth of friendship and strong cooperation between the United Arab Emirates, the ASEAN countries, and China. Attendance by UAE officials The reception was also attended by Sheikh Khalid bin Saud bin Saqr Al Qasimi, Vice Chairman of Ras Al Khaimah's Investment and Development Office; Ahmed bin Ali Al Sayegh, Minister of State; Khalifa Shaheen Al Marar, Minister of State; Khalil Mohammed Sharif Foulathi, Board Member of the Abu Dhabi Investment Authority; Dr. Mubarak Saeed AlDhaheri, UAE Ambassador to Malaysia; and Abdullah Salem AlDhaheri, UAE Ambassador to Indonesia and ASEAN.
Mint
21-05-2025
- Business
- Mint
IDFC's growth hits a speed bump. Is the stock's bounce-back at risk?
Slow growth and rising stress have been weighing on the prospects of Indian banks. But mid-sized banks such as IDFC First Bank have managed to buck the trend by focusing on fast-growing retail credit while keeping a lid on stress. IDFC First Bank reported more than 20% year-on-year growth in deposits and advances in FY25. Management aims to sustain this pace of growth over the next few years. This has enthused investors, resulting in the stock bouncing back from its 52-week low. It has rallied by 28% in just over two months, registering steep outperformance over the broader sector's 13% return. But recent events threaten to dent investors' newfound confidence. Will this mark the end of a short-lived bounce-back, or is it just a blip in a long-term rally? Stumbling block in fundraise plans Management has ambitious plans for the bank's growth. But it has seen a persistent drag on profits from slippages and provisions in recent quarters, even as new business lines are yet to break even. So, it has been fueling growth by raising capital – more than ₹13,000 crore over the past five years. Last month the bank's board voted to raise another round of capital, and a large one at that. A fundraise of ₹7,500 crore was approved – ₹4,876 crore from an affiliate of Warburg Pincus and ₹2,624 crore from a wholly owned subsidiary of the private-equity division of Abu Dhabi Investment Authority. The fundraise will give the two investors a 14.5% stake, taking the bank's total equity dilution over the past five years to 40%. Also read: Defence stocks are soaring again, but can fundamentals support the rally? But this week the plan hit a stumbling block. The proposal to induct a non-retiring board member from Warburg Pincus failed to secure the required consensus. Citing issues with Warburg's shareholding at less than 10%, a majority of institutional investors voted against the proposal. Only 64.1% of shareholders approved the appointment, well short of the 75% regulatory requirement. Capital adequacy comfortable, but growth at risk If the fundraise falls through, the bank may need to go in for smaller and more frequent ones. This could cause delays in raising capital, hindering the bank's ambitious plans for growth and profitability. In its quest to become a full-suite universal bank, IDFC has made investments in new business lines including credit cards, cash management and wealth management, which are yet to achieve profitable scale. The bank was counting on the fresh capital to accelerate this. This holds even more relevance given the underwhelming profitability posted for FY25. Despite more than 20% growth in interest income and 19% growth in pre-provisioning operating profit, a 132% rise in provisions resulted in profits being slashed by half year-on-year. For a bank that is unable to compound capital by accumulating profits, raising capital is the last resort to fuel growth. That said, the bank's capital adequacy is sufficient even without the fresh capital. Stress from infrastructure and microfinance While retail loans are the bank's mainstay, this is not a cause for concern. Coincidental delinquency in the segment is significantly superior to that of the industry, and collection efficiency has remained stable at 99.5%. Also, only 14% of the total loan book is unsecured retail credit, where the bank has managed to maintain credit quality with gross non-performing assets (NPAs) contained at 1.89% and net NPA at 0.56%. The stress in its books comes primarily from its microfinance portfolio and a toll-focussed infrastructure business that went belly-up during the year. Overall gross NPA as of March 2025 stood at 1.87%, but those in the microfinance and infrastructure portfolios were much higher at 7.71% and 24.76%, respectively. Early indicators of reduced stress But these portfolios have been pared down in response to the stress. They have seen degrowth of 28% and 17% during the year, and together constitute only 5% of the bank's book. Also read: Chalet Hotels is gearing up for a major expansion. Should investors check in now? The infrastructure portfolio has been all but written off entirely, and there are early indicators of improvement in the microfinance portfolio. While fresh slippages have increased sequentially from ₹437 crore to ₹572 crore, and SMA-1&2 (loans overdue by 30 to 90 days) has expanded from 4.56% to 5.1% for the microfinance portfolio, SMA-0 (loans overdue by less than 30 days) has seen a 45% sequential decline. Moreover, incremental disbursements towards microfinance since 2024 have been covered under the Credit Guarantee Fund for Micro Units (CGFMU). About 66% of the bank's microfinance book is currently covered under CGFMU. Finally, IDFC First has been proactive on provisioning. The provision coverage ratio has improved from 68.8% to 72.3% over FY25, reducing the risk of hidden stress. Laggards are looking up The bank's cost-to-income (C-I) ratio is on the higher side at 73%, thanks to expansion of branch banking and credit cards, which are yet to achieve a profitable scale. Their C-I stands at 171% and 100%, respectively. But losses have been shrinking in branch banking, and credit cards achieved breakeven in FY25. Management is aiming for a capital-driven scale to reduce the overall C-I to 65% by FY27. Income growth is expected to outpace growth in operating expenditure, thereby enhancing operating leverage and improving profitability. Deposit growth continues to support margin growth Since its merger with Capital First in 2018, the bank has persistently worked on shedding legacy high-cost borrowings while doubling down on low-cost current account and savings account (CASA) deposits. While loans have doubled since the merger, deposits have grown six-fold. With the branch footprint expanding from 206 to more than 1,000, high interest-rates, monthly interest payouts, focus on advertising, and consistent improvement in technology and customer support, the bank has managed to grow its sticky and low-cost CASA base by 22 times. Also read: Why Tata Teleservices is drawing institutional bets despite mounting losses FY25 saw the trend continue. The bank paid off ₹7,000 crore of high-cost borrowings during the year, and plans on retiring them almost entirely by FY26. Meanwhile, customer deposits have expanded by 25.2%. Thanks to deposit growth outpacing credit growth, the incremental credit-deposit (CD) ratio for the fiscal moderated to 76.1%. A lower CD ratio creates room for profitable credit growth by sidestepping the need to supplement funds with high-cost borrowings. The bank's cost of funds stood at 6.48% – among the lowest in mid-cap banks. Its net interest margin (NIM) was at 6.1%. Rounding it up Robust growth, early signs of moderating stress, and improving profitability of laggards suggest the recent dip in the bank's profits is likely a blip on the way to a business turnaround. IDFC First Bank is confident of working through Warburg's board seat holdup. The re-entry of Warburg into the bank's cap table also speaks to its potential for long-term growth. So, notwithstanding short-term headwinds, management is gunning for 20% credit growth over the medium term. Given the bank's history of frequent capital raises, what's more promising is that it is also aiming for return on equity to expand to 18-19% by FY29. Of course, slippages in subsequent quarters and the performance of branch banking and credit cards will need to be monitored closely. For more such analysis, read Profit Pulse. Ananya Roy is the founder of Credibull Capital, a Sebi-registered investment adviser. X: @ananyaroycfa Disclosure: The author does not hold any shares of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.
