Latest news with #Lazard
South China Morning Post
6 days ago
- Business
- South China Morning Post
Geopolitical risks reshape business strategies as global tensions rise, Lazard says
Discussions on geopolitical risks have become an increasingly central part of business and investment decision-making, according to Lazard. Five or 10 years ago, people would be talking about geopolitics casually, according to Ronald Temple, chief market strategist at the US financial advisory and asset management firm. 'But now geopolitics are part of board meetings,' he said. Temple said that geopolitical risks – from the Trump administration's policy shifts to US-China regulatory hurdles and Taiwan-related contingency planning for semiconductor firms – now extend beyond cross-border issues to include domestic policies' global repercussions. 'For example, provisions that were recently included in, and then subsequently removed from, the One Big Beautiful Bill Act in the US could have had meaningful consequences on non-US investors,' he said, referring to Section 899, which proposed increasing income and withholding tax rates on certain individuals and entities from countries that imposed taxes considered discriminatory against US persons. 03:02 US House passes Trump's bill, sending it to White House for president to sign US House passes Trump's bill, sending it to White House for president to sign 'Many companies have historically thought of geopolitics as an abstract, intellectually interesting topic, but increasingly they are realising that geopolitical risks are part of their day-to-day strategic decision-making.' Lazard set up a geopolitical risk advisory unit in 2022, six months after Russia invaded Ukraine in late February that year. 'One of my key roles is to work closely with the geopolitical team to try to kind of connect the dots between geopolitics and markets and the economy and companies,' said Temple.
Wall Street Journal
7 days ago
- Business
- Wall Street Journal
QVC's Top Lenders Join Forces to Fend Off Potential Unfavorable Debt Deals
A group of QVC Group's revolving lenders has entered a pact in a rare show of unity as the struggling cable TV and online retailer weighs options to shore up its balance sheet, according to people with knowledge of the matter. The lenders, holders of the retailer's $3.25 billion revolving credit facility, have been working with law firm Simpson Thacher & Bartlett and financial adviser Lazard in recent weeks to form a cooperation group, the people said.
Yahoo
7 days ago
- Business
- Yahoo
SLGI Asset Management Inc. announces multiple changes to its mutual fund line-up
TORONTO, Aug. 13, 2025 /CNW/ - SLGI Asset Management Inc. ("SLGI Asset Management") announced changes to its mutual fund lineup today. Changes to sub-advisors for Sun Life Real Assets Private Pool Effective as of the close of business on October 14, 2025, Lazard Asset Management (Canada), Inc. ("Lazard") will be terminated as the sub-advisor of the infrastructure portion of Sun Life Real Assets Private Pool ("the Pool"). Cohen & Steers Capital Management, Inc. ("Cohen and Steers") will replace Lazard as the sub-advisor for the infrastructure portion of the Pool. Cohen & Steers is a leading global infrastructure investment manager with over 30 years of specialized expertise investing in real assets. Effective as of close of business on October 14, 2025, SLGI Asset Management as portfolio manager, will replace KBI Global Investors (North America) Ltd. in its role as a sub-advisor to the Pool. SLGI Asset Management will also change the investment strategies of the Pool to include exposure to physical commodities effective as of the close of business on October 14, 2025. The Pool's investment objective remains unchanged. Closure of Sun Life JPMorgan International Equity Fund SLGI Asset Management also announced today its decision to close Sun Life JPMorgan International Equity Fund (the "Fund"). This decision was made with the goal of streamlining offerings for investors. The termination of the Fund will be effective as of the close of business on October 14, 2025, and SLGI Asset Management will redeem any investors remaining in the Fund as of this date. About SLGI Asset Management Asset Management Inc. is a subsidiary of Sun Life Financial Inc. and offers Canadians a diverse lineup of mutual funds and innovative portfolio solutions, empowering them to pursue their financial goals at every life stage. SLGI Asset Management Inc. brings together the strength of one of Canada's most trusted names in financial services, Sun Life, with some of the best asset managers from around the world to deliver a truly global investment platform. As of December 31, 2024, SLGI Asset Management Inc. manages $40.95 billion on behalf of institutional and retail investors from coast-to-coast and is a member of the Sun Life group of companies. For more information visit About Sun Life Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the U.S., the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2025, Sun Life had total assets under management of $1.54 trillion. For more information, please visit Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Media Relations Contact: Sun Life Canada: SOURCE SLGI Asset Management Inc. View original content to download multimedia: 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
Yahoo
7 days ago
- Business
- Yahoo
Lazard's July AUM Rises 2.1% on Net Inflows & Market Gains
Lazard, Inc. LAZ reported a preliminary asset under management (AUM) balance of $253.7 billion as of July 31, 2025, reflecting an increase of 2.1% from June 30, 2025. The AUM was affected by net inflows of $4.5 billion and market appreciation of $3.9 billion, partly offset by foreign exchange depreciation of $3.2 billion. LAZ's July AUM Breakdown In July, Lazard's equity assets increased 3.4% from the prior month's level to $198.8 billion. Further, other assets decreased 1.7% from the previous month's level to $8.9 billion. Fixed-income assets decreased 2.3% sequentially to $45.9 billion. Our Take on Lazard The company's high reliance on financial advisory fees for most of its revenues is likely to affect top-line growth to some extent. Nevertheless, the cost-management efforts are expected to aid the company's bottom line in the near term. LAZ's Price Performance & Zacks Rank Over the past year, shares of Lazard have risen 6.4% compared with the industry's growth of 19.9%. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Performance of Other Asset Managers AllianceBernstein Holding L.P. AB has announced AUM for July 2025. The company's preliminary month-end AUM remained unchanged at $829 billion compared with June 2025-end. This flat figure of AB was due to market gains being offset by net outflows during the month. These outflows were primarily from institutions, with approximately $4 billion linked to the completion of the EQH-RGA reinsurance transaction. Franklin Resources, Inc. BEN reported its preliminary AUM of $1.62 trillion as of July 31, 2025, which increased slightly from the prior month. The increase in BEN's AUM balance was due to the positive impact of markets and flat preliminary long-term net inflows, inclusive of $3 billion of long-term net outflows at Western Asset Management. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franklin Resources, Inc. (BEN) : Free Stock Analysis Report AllianceBernstein Holding L.P. (AB) : Free Stock Analysis Report Lazard, Inc. (LAZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
San Francisco Chronicle
13-08-2025
- Business
- San Francisco Chronicle
The Trump administration wants to squash clean energy. How bad will it be for California?
Before President Donald Trump was elected for the second time, catastrophic wildfires sent electricity prices soaring and posed one of the biggest continuing threats to energy affordability in California. Today, there's another major factor. Since taking office, the Trump Administration has thrown up roadblocks for clean energy development at a time when electricity demand is rising. In nearly a dozen policy directives, the administration is ending subsidies and tax credits for wind and solar and adding regulatory hurdles that could slow new development. These actions, some renewable energy advocates say, could drive up electricity prices even more nationwide and especially in California, a state pushing new large-scale wind and solar projects in its race to ensure homes and businesses are powered solely by clean energy sources by 2045. 'It's going to hurt affordability for literally every person in this country," said Merrian Borgeson, California climate and energy policy director with the Natural Resources Defense Council. Trump has repeatedly complained that wind and solar farms are eyesores that take up too much space and are too reliant on government subsidies. His administration has quickly reversed policies promoting renewable energy, while clearing hurdles for gas- and coal-fired power sources. 'We will develop the liquid gold that is right under our feet, including American oil and natural gas,' Trump wrote on social media. 'And we will also embrace nuclear, clean coal, hydropower, which is fantastic, and every other form of affordable energy to get it done.' However, Trump's view of renewables overlooks how much less expensive experts say they are to develop compared to gas and coal. A June report from Lazard asset management firm found that 'utility-scale solar and onshore wind remain the most cost-effective forms of new-build energy generation,' even with no government subsidies, and that the cost of building new gas turbines had reached a 10-year high. 'It costs less to build a new clean energy power plant than to just operate an existing fossil fuel plant,' said Daniel Kammen, a professor of energy at UC Berkeley. The actual impacts of Trump's policies to utility bills, if any, aren't yet known because most have yet to be implemented. One of the most impactful changes may be the abrupt end of tax credits that can save clean energy developers at least 30% on costs. That tax credit was slated to begin phasing out in 2032, but the Trump administration has changed the deadline to Dec. 31, 2025. The American Clean Power-California is urging state agencies to speed up approvals of projects currently under review so that they qualify for the federal tax credits before they sunset. Without the tax credits, developers could be paying between $400 million to $650 million more per gigawatt of large-scale solar or wind resources currently in the pipeline, according to an association memo submitted to the CPUC. That could boost costs by as much as 60% over the lifetime of a project, according to the association. These aren't direct costs to ratepayers but could eventually filter into utility bills. Utilities pass the costs of buying energy directly to customers. For example, roughly 38% of Pacific Gas and Electric Co. residential bills go toward power the company generates and power it buys from power producers. PG&E spokesperson Lynsey Paulo said that the company is currently not aware of any impacts to new power projects related to changes in federal policies. The company 'met our residential and small business customers' electricity use with 98% greenhouse-gas free electricity in 2024,' she said. PG&E will continue adding greenhouse gas-free sources of electricity 'to reduce emissions across our energy system and make progress toward our goal of net-zero emissions by 2040 at the lowest possible cost,' she said. Alex Jackson, executive director of the power association said there is now a race among developers to qualify for the subsidies and tax breaks before they expire. But he said the state has a lot of tools to push projects forward despite federal policies. 'California is a big state. It has a lot of influence,' Jackson said. 'It's not helpless in this fight.' State regulators this summer fast-tracked a massive new solar project in Fresno County slated to include more than 3 million solar panels and the largest solar energy battery storage system in the world. Called the Darden Clean Energy Project, it was the first project approved in a new process designed to reduce regulatory hurdles. The project developer, a subsidiary of San Francisco-based Intersect Power, didn't respond to a request for comment from the Chronicle. But Borgeson said that the project is unlikely to face federal pushback because it is on private land and primarily required state approval. A California Public Utilities Commission spokesperson said there are 'hundreds' of clean energy projects currently in the pipeline. 'We are actively assessing how recent changes in federal tax, tariff, and land use policy may impact the long-term prospect for projects planning to come online to serve California – but so far 2025 has continued to see robust development of new resources,' said Terrie Prosper, CPUC spokesperson. But it's not just heavily Democratic California that relies on clean energy sources. Wind is an important power source in states like Texas and Oklahoma, and solar power is critical in sunny states like Arizona and Nevada. In an Aug. 4 letter to Department of the Interior Secretary Doug Burgum, Nevada Gov. Joe Lombardo warned that new federal policies toward clean energy had already stalled important solar energy projects for the state and would harm his state's 'business-friendly environment.' 'Solar energy development on federal land fuels Nevada's economy,' he wrote. Many energy experts are hopeful that California will continue using its economic clout to continue fueling the clean energy boom despite federal headwinds. Gov. Gavin Newsom recently reported that the state brought a record amount of clean energy online in 2024 – about 7,000 megawatts – boasting in a news release that the state 'has never added so much capacity to our grid in such a short amount of time.' The state must triple the amount of clean energy to meet its 2045 goal – and solar is a significant part of that. Bernadette Del Chiaro, senior vice president for California at the Environmental Working Group, criticized California for slashing incentives for rooftop solar at a time when energy demand is rising and the federal government is hostile. 'We can't place all the blame on Trump. Newsom has unwisely engaged in a zero sum game of pitting one form of renewable energy against another (rooftop vs utility scale),' Del Chiaro said. With the many hurdles it is creating for large-scale projects, the federal government 'has a great deal of power to slow and delay clean energy projects, which results in higher costs,' Kammen said. Even so, Kammen said he doesn't expect it to impact utility bills in part because electricity prices are influenced by many other factors including natural gas markets. Plus, momentum for new clean energy projects is strong because 'it costs less to build a new clean energy power plant than to just operate an existing fossil fuel plant,' he said. 'The clean energy transition has left the station,' Kammen said.
