Latest news with #GlobalAtlantic
Bloomberg
28-05-2025
- Business
- Bloomberg
KKR's Nuttall Open to M&A to Grow Global Atlantic Insurance Arm
KKR & Co. is willing to make acquisitions to help scale its Global Atlantic insurance unit, a key growth area for the alternative asset manager, Co-Chief Executive Officer Scott Nuttall said. 'We're in the market, so we're happy to look,' Nuttall said Wednesday at a financial conference. 'The key for us is making sure we can understand the liability side.'
Business Insider
19-05-2025
- Business
- Business Insider
Point72 hires Schonfeld's top HR exec as hedge fund talent wars go beyond investing talent
Jennifer Cohen, Schonfeld's one-time top HR executive, is joining $38 billion Point72. Cohen will be the 2,900-person firm's chief human resources officer, starting in January. She previously worked for private equity firm Global Atlantic and Goldman Sachs. Firms are also raiding each other for operations, human capital, and technology leaders. The latest big move is Jennifer Cohen's decision to join $38 billion Point72 from Schonfeld Strategic Advisors. Cohen has been the head of human capital management for Steve Schonfeld's eponymous fund since 2022. According to an internal Point72 memo seen by Business Insider, she'll join Steve Cohen's fund in January as the firm's chief human resources officer. "Jenn will play a pivotal role in advancing our human resources strategy, focusing on enhancing talent management, supporting organizational growth, and reinforcing our culture of excellence," wrote Gavin O'Connor, Point72's chief operating officer, in the memo. "She is uniquely positioned to lead these efforts, bringing a data-centric and process-oriented approach honed over 25 years of experience across business operations and human capital." Cohen worked at private equity firm Global Atlantic and Goldman Sachs before joining Schonfeld. At the multistrategy fund, she was a part of the leadership group that guided the manager through an unsteady 2023 that included takeover rumors by rival Millennium and ultimately culminated in the layoff of 15% of the firm's total workforce. The manager has since rebounded, with strong performance in 2024 and so far in 2025. Point72 has a larger head count than Schonfeld, with more than 2,900 total employees, according to the Stamford-based manager's website.
Business Insider
19-05-2025
- Business
- Business Insider
$38 billion Point72 poaches Schonfeld's top HR executive
Jennifer Cohen, Schonfeld's one-time top HR executive, is joining $38 billion Point72. Cohen will be the 2,900-person firm's chief human resources officer, starting in January. She previously worked for private equity firm Global Atlantic and Goldman Sachs. Firms are also raiding each other for operations, human capital, and technology leaders. The latest big move is Jennifer Cohen's decision to join $38 billion Point72 from Schonfeld Strategic Advisors. Cohen has been the head of human capital management for Steve Schonfeld's eponymous fund since 2022. According to an internal Point72 memo seen by Business Insider, she'll join Steve Cohen's fund in January as the firm's chief human resources officer. "Jenn will play a pivotal role in advancing our human resources strategy, focusing on enhancing talent management, supporting organizational growth, and reinforcing our culture of excellence," wrote Gavin O'Connor, Point72's chief operating officer, in the memo. "She is uniquely positioned to lead these efforts, bringing a data-centric and process-oriented approach honed over 25 years of experience across business operations and human capital." Cohen worked at private equity firm Global Atlantic and Goldman Sachs before joining Schonfeld. At the multistrategy fund, she was a part of the leadership group that guided the manager through an unsteady 2023 that included takeover rumors by rival Millennium and ultimately culminated in the layoff of 15% of the firm's total workforce. The manager has since rebounded, with strong performance in 2024 and so far in 2025. Point72 has a larger head count than Schonfeld, with more than 2,900 total employees, according to the Stamford-based manager's website.
Yahoo
03-05-2025
- Business
- Yahoo
The 5 Biggest Financial Worries for Retirees in 2025 and How You Can Address Them
Retirement in 2025 doesn't look like it used to. According to the Global Atlantic 2025 Retirement Insights Survey, 67% of retirees are worried their savings won't last their lifetime. Be Aware: Try This: With concerns over the stability of pensions and Social Security — both traditionally the bedrock of retirement income — many are questioning how to maintain financial security as costs rise, markets swing and lifespans stretch well beyond previous generations. Here are the five financial issues that retirees are most concerned about, along with strategies to manage those concerns. Medical expenses top the list, with 90% of retirees concerned about rising healthcare costs, per the Global Atlantic survey. According to a recent study based on data from the World Health Organization (WHO) the U.S. has the largest gap between lifespan and healthspan — how long someone remains healthy — meaning the average American spends 12.4 years in poor health at the end of their life. Medicare doesn't cover everything, and even routine care has become more expensive. Health Savings Accounts (HSAs) are a tax-efficient way to prepare for healthcare costs in retirement, though contributions must stop once enrolled in Medicare. Jason Bickler, co-head of individual markets at Global Atlantic, recommends annuities as part of a broader plan. 'They offer a steady stream of income for life,' he said, 'which can help retirees confidently cover both routine and unplanned medical expenses without the fear of outliving their savings.' Consider This: Nearly as many survey participants — 89% — said they were worried about inflation impacting spending power, with prices having crept up across the board. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) is currently 2.4% for the 12-month period up to April 2025. Although that's down slightly from recent months, what felt like a solid nest egg five years ago may not go as far in 2025. Bickler emphasized the importance of building a strategy that prioritizes both growth and reliability. 'A steady and guaranteed income stream can be the difference between a comfortable retirement and one marked by financial stress.' Annuities tied to market performance, offering growth with built-in protection, can help offset inflation's impact on income. Additionally, starting a small business or side gig can be a great way to generate extra income during retirement, helping to counteract the rising costs that inflation brings. According to Emily LeMay, co-head of individual markets at Global Atlantic, one of the biggest financial blind spots for new retirees is underestimating how long their retirement could last and the impact of market volatility — 87% noted in the survey that they were 'at least somewhat concerned about stock market volatility.' With retirement lasting 20 to 30 years, or even more, many retirees face the risk of outliving their savings. As individual situations and risk tolerances are different, working with a trusted financial professional can help. Diversifying a retirement portfolio can also help strike the right balance between growth and protection. The risk of recession remains high, with experts putting the odds as high as 90%. A downturn can cause investments to lose value, dividends to shrink and Social Security cost-of-living adjustments to fall short, creating a ripple effect across retirees' financial plans. Managing the impact of a recession is a combination of being cautious with spending and taking a measured approach to investing. Prioritizing needs over wants, downsizing housing and delaying major purchases can help free up cash. Though higher interest rates offer better returns on savings, they also mean higher borrowing costs. That's particularly bad for retirees with variable-rate debt or family members who may need financial help. Paying down high-interest debt should be a priority, as even small extra payments can ease the long-term burden. With 65% of retirees saying lifetime income is a top financial priority, per Global Atlantic, the takeaway is clear: Building a retirement plan that offers long-term security is more important than ever. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources Global Atlantic Financial Group, 'Global Atlantic 2025 Retirement Outlook Survey.' JAMA Network, 'Global Healthspan-Lifespan Gaps Among 183 World Health Organization Member States.' U.S. Bureau of Labor Statistics, 'Consumer Price Index.' This article originally appeared on The 5 Biggest Financial Worries for Retirees in 2025 and How You Can Address Them Sign in to access your portfolio
Business Mayor
01-05-2025
- Business
- Business Mayor
KKR reports first quarterly loss since 2022
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US private equity group KKR reported its first quarterly net loss since 2022 as a strong quarter for fundraising in its private equity business was overshadowed by its Global Atlantic insurance unit, which lost more than $1bn in the quarter due to markdowns on its sprawling fixed income portfolio. KKR, like other private equity groups including Apollo Global and Brookfield, has pushed headlong into managing insurance assets to turbocharge its growth. But these groups' insurers are vulnerable to large quarterly accounting swings in the values of their holdings during volatile conditions, as interest rate gyrations shift valuations for even highly rated corporate bonds, mortgages and other loans. They caused KKR's insurance unit to lose $1.1bn during the quarter as the insurer absorbed a $1.4bn loss on a $76bn investment portfolio of corporate bonds and other debts that must be marked quarterly. The insurance-related losses pushed the broader KKR financial empire, which spans corporate buyouts, private loans and infrastructure and property deals, to a $185mn net loss in the first quarter. However, the insurance unit generated $258mn in pre-tax operating profits excluding the quarterly mark-to-market of its holdings. The valuation changes stem from KKR's purchase of Global Atlantic in 2021, when interest rates were far lower. The decision to sell some of the insurer's portfolio and move into higher-return alternative investments weighed on earnings, chief financial officer Robert Lewin said on an earnings call. Investors shrugged off the insurance losses, with shares 2 per cent higher by midday in New York. The insurer is expected to serve as a significant source of asset management and transaction fees in the coming years, bolstering the group's future profits. KKR's growth was buoyed by strong fundraising across its asset management businesses, highlighted by its corporate buyout unit, which disclosed that it has completed a $14bn first close for a targeted $20bn North American buyout fund. KKR raised $31bn in new capital during the quarter, pushing its assets under management to $664bn, a 15 per cent increase from this time last year. KKR's rising assets caused its quarterly fee-related earnings, a proxy for management fees, to reach $823mn, an increase of 23 per cent from a year ago and slightly ahead of analysts' forecasts. While KKR's fee earnings and its adjusted net income, which analysts use as a proxy for cash flows, both beat expectations, its $526bn in fee-paying assets slightly fell short of analyst forecasts. KKR's earnings continue to benefit from a multibillion-dollar stockpile of equity stakes in 19 companies that the conglomerate holds on its balance sheet. Those holdings delivered $31mn in earnings to KKR, an increase of more than 50 per cent from the previous year. Last month, KKR raised more than $2bn in a mandatory convertible preferred stock offering to increase its stake in two companies it holds on its balance sheet KKR co-chief executive Scott Nuttall said the current dislocations in financial markets stemming from US President Donald Trump's trade war were an opportunity for the group to invest its $116bn in idle investor cash at higher potential returns. Since tariffs were implemented last month, KKR had already invested $10bn, Nuttall said. 'These periods always end, and we typically look back and wish we had invested more when the world is most uncertain. We are running the firm with those lessons in mind,' he said on a call with analysts.
