Latest news with #MorganStanleyAustraliaSummit
Yahoo
4 days ago
- Business
- Yahoo
Morgan Stanley's Hornbach on Markets, Strategy
Matthew Hornbach, Head of Global Macro Strategy at Moragn Stanley, discusses his outlook for macro markets and investment strategy. He speaks with Haidi Stroud-Watts from the sidelines of the "Morgan Stanley Australia Summit" on "Bloomberg: The Asia Trade".
Time of India
5 days ago
- Business
- Time of India
GQG's Jain cuts AI exposure on data centre woes, backs utilities
Rajiv Jain , manager of the $23 billion GQG Partners Emerging Markets Equity Fund , is trimming exposure to investments linked to artificial intelligence on concerns of waning data-centre demand, while remaining bullish on utilities. Utility companies in Asia have flagged that hyper-scalers are paring back data-centre demand numbers following the region's aggressive AI growth, Jain said Wednesday at the Morgan Stanley Australia Summit in Sydney. 'What we've learned from a lot of utilities is that there's probably some more double counting. The numbers might be overstated here' on data-centre appetite, he said. The buzz around artificial intelligence is approaching the 'late innings, rather than the mid- or early innings,' he added. Known for his contrarian bets, Jain bought into Adani Group stocks in 2023 when shares tanked in the fallout from a Hindenburg Research report that alleged accounting fraud. The fund's stake in the group swelled to $10 billion in value a year later as stocks recovered, up from an initial investment of $1.9 billion. The fund is positive on utilities globally over artificial intelligence, with Jain saying that the sector will continue to benefit from investments in power generation , distribution and transmission. Live Events
Forbes
26-03-2025
- Business
- Forbes
Australia's Largest Pension Fund Sells $367 Million WiseTech Shares On Governance Concerns
Richard White, chief executive officer of WiseTech Global Ltd., gestures while he speaks during the ... More Morgan Stanley Australia Summit in Sydney, Australia, on Wednesday, June 12, 2024. The Summit will continue through June 13. Photographer: Brent Lewin/Bloomberg AustralianSuper—the country's largest pension fund—sold A$580 million ($367 million) shares of WiseTech Global in recent weeks amid concerns over corporate governance at the Sydney-based freight--software company. The divestment comes after WiseTech appointed its founder Richard White as executive chairman last month, enabling the tycoon to take back control of the company four months after quitting as CEO following a series of damaging media reports, including one that he paid millions of dollars to a former partner to settle allegations of inappropriate behavior. White's comeback was announced in February in tandem with the release of WiseTech's first-half to December results that showed a 38% jump in net income to $106 million from the previous year. The company's board said this month it will not take action against the billionaire founder. 'We have sold because recent developments have not met our expectations,' Shaun Manuell, head of Australian equities at AustralianSuper, said in an emailed statement. 'We may reconsider our position should circumstances change.' AustralianSuper, which manages more than A$365 billion, held a 2.3% stake in WiseTech in October when allegations of White's inappropriate behavior first came to light. Its ownership fell to 1.9% last month. 'We needed to see a sensible transition plan that got the balance right between governance and managing the founder's role over time in order to continue to remain a shareholder,' Manuell said. WiseTech shares have fallen almost 30% since White's return. His real-time net worth declined to $7.2 billion from $10.1 billion when Forbes published the list of Australia's 50 richest in February.
