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AU Financial Review
15 hours ago
- Business
- AU Financial Review
Groundhog day at Sydney Desal auction as Morrison bankers up
Barrenjoey Capital Partners didn't hold back in its sell-side pitch for the $2.5 billion Sydney Desalination Plant, bowling over readers with pages of detail that read more like an investment memorandum than a sale flyer. Jarrod Key's infrastructure team is spruiking the asset hard, hoping to get as many deep-pocketed bidders to the table for part-owner Ontario Teachers' Pension Plan (OTTP). But are prospective acquirers' efforts all for nothing? According to the flyer distributed by Macquarie, UGL offers its buyer a chance to work across the entire value chain. This week: the mini-meltdown at Macquarie, the pitched battles over who's going to manage your money, and why Chinese cars are taking over the market. See all Macquarie Group news
Hindustan Times
5 days ago
- Business
- Hindustan Times
Sahyadri Hospital Trust denies land, building ownership transfer in reply to PMC
The Sahyadri Hospital at Deccan Gymkhana on Thursday submitted a detailed response to the Pune Municipal Corporation (PMC), clarifying that there has been no transfer of ownership of the land or building to any private entity, including Manipal Hospitals or Ontario Teachers' Pension Plan. According to the reply, the 1,976 square metre plot on which the hospital stands was leased by PMC to the Konkan Mitra Mandal Medical Trust in 1998. (HT) The hospital's reply to PMC assistant health officer comes after a show-cause notice issued on July 16, following a complaint filed by advocate Sushrut Kamble. The notice had raised concerns about land ownership, hospital operations, and compliance with civic agreements. According to the reply, the 1,976 square metre plot on which the hospital stands was leased by PMC to the Konkan Mitra Mandal Medical Trust in 1998. The trust continues to own the hospital building, while the land remains civic property. 'At no point was the ownership of either the land or the hospital building transferred to Everstone Capital, Ontario Teachers' Pension Plan, or Manipal Hospitals,' the reply stated. In its submission, the trust reiterated that Sahyadri Hospital operates under a valid nursing home licence issued in its name since 2004, with approvals for all infrastructure and management changes granted by PMC. The current licence is valid till March 31, 2027, and the hospital has submitted the latest 2025–26 property tax receipt. The hospital denied allegations of transfer of ownership or management rights to Manipal Hospitals or any other private party. 'The Konkan Mitra Mandal Trust continues to manage the hospital,' it said. PMC's concerns were triggered after Ontario Teachers' Pension Plan (OTPP), which had acquired a controlling stake in Sahyadri Hospitals from Everstone Capital in 2022, sold the chain to Temasek-backed Manipal Hospitals in a deal valued at around ₹6,400 crore. Responding to questions about compliance with the PMC lease agreement, the hospital stated that it remains committed to providing free treatment under the mandated scheme. 'The trust is required to provide 50 free bed-days per year but has provided an average of 166 free bed-days annually over the past three years for PMC-referred patients,' said Mahesh Kulkarni, general secretary and treasurer, Konkan Mitra Mandal Medical Trust. Dr Suryakant Devkar, assistant health chief, PMC, said, 'The health department's scope is limited to nursing home registration, the free bed scheme, and related matters. The hospital has submitted all relevant documents—including the lease agreement, tax receipts, licence copy, past notices, and treatment records—to support its claims. The trust has assured full cooperation.' Timeline 2019: Everstone Capital acquires Sahyadri Hospitals from founder Dr Charudutt Apte for approximately ₹1,000 crore. 2022: Ontario Teachers' Pension Plan (OTPP) buys Sahyadri from Everstone for around ₹2,500 crore. 2025: OTPP sells Sahyadri Hospitals to Manipal Hospitals in a deal estimated at ₹6,400 crore.
CNBC
25-06-2025
- Business
- CNBC
CNBC's UK Exchange newsletter: The U.K.'s pension shake-up is facing pushback
Since the Global Financial Crisis, poor productivity has bedeviled the U.K. economy for various reasons, including regional disparities and over-dependence on London and the southeast of England. Most economists agree, though, that the main factor has been low investment in skills and infrastructure. In response, the last government devised the "Mansion House reforms" in July 2023, so-called because Jeremy Hunt, then chancellor of the Exchequer, announced them at the official residence of the Lord Mayor of London (the Lord Mayor, not to be confused with Sadiq Khan, the mayor of London, is head of the City of London Corporation, the Square Mile's governing body). The proposals sought to unlock £75 billion ($102 billion) from defined contribution and local government pension schemes with the aim of directing a greater proportion of retirement savings toward private markets and assets such as infrastructure. In his announcement — which carried approving quotes from the likes of Jamie Dimon, chairman and CEO of JP Morgan Chase, and C.S. Venkatakrishnan, the Barclays CEO — Hunt noted: "The United Kingdom has the largest pension market in Europe, worth over £2.5 trillion … but how this money is invested is limiting returns for savers." "Comparable Australian schemes invest ten times more in private markets than U.K. schemes, reaping rewards that U.K. savers are missing out on," he went on. The news was accompanied by a "Mansion House compact" in which nine of the U.K.'s largest defined contribution pension providers committed to allocate 5% of assets in their default funds to unlisted assets, such as private equity or start-ups, by 2030. When Rachel Reeves succeeded Hunt, in July 2024, she pledged to build on the proposals and, for a while, there was excitement in the pensions industry. Unfortunately, it feels as if that initial enthusiasm has curdled. An early indication the industry might not be completely in tune with Reeves's ambitions came after she announced, last November, plans to create "megafunds" — modelled on Australia's superannuation funds and Canadian pension schemes such as the Ontario Teachers' Pension Plan — by consolidating assets from 86 separate local government pension scheme authorities into eight pools each worth an average of £50 billion by 2030. In theory, this would unlock huge efficiency gains, as well as allowing more money to be invested, longer term, in private assets and infrastructure. But it has run into criticism — partly because local authorities fear losing influence over how their pension assets are invested and partly because of the likely job losses among local government officials. Alongside this, the government aims to encourage consolidation among the U.K.'s defined contribution pensions, the main means by which Britons now save for retirement. It wants defined contribution multi-employer pension schemes to be worth at least £25 billion by 2030, again with the aim of building scale and efficiency, with schemes also empowered to transfer assets into the planned megafunds. This has won broad industry backing. In May, 17 leading defined contribution scheme providers signed the "Mansion House accord," building on Hunt's 2023 compact, volunteering to invest 10% of their workplace portfolios in assets like infrastructure, property and private equity by 2030. At least 5% would be ring fenced for U.K. assets. So far, so good. Explosively, though, the government is planning a "backstop provision" allowing it to set "binding asset allocation targets" — in other words, forcing megafunds to invest in private markets and U.K. assets if they fail to meet the voluntary targets. The justification is to ensure some schemes do not lose business by making costly up-front investments, while rivals hold back. But it has proved contentious. Some in the industry question why ministers should tell them how to allocate assets and have noted the irony in ministers and civil servants — who enjoy generous defined benefit pensions funded by taxpayers — obliging those same taxpayers to adopt more risk with their own retirement savings. Amanda Blanc, chief executive of Aviva, one of the U.K.'s biggest insurers, spoke for many when she called the measure a "sledgehammer to crack a nut." UK stocks in the spotlight There are questions on how mandation might be enforced and why, if unlisted assets are so attractive, these schemes are not already invested in them. Several senior leaders have also told me privately that there is insufficient industry expertise to manage such assets. Reeves sought to defend the move when, last week, she told The Times CEO Summit that she doubted it would be necessary to use the backstop. However, the following day, the Financial Times reported that Scottish Widows, the U.K.'s second-largest pensions provider, is cutting the U.K. equities allocation in its highest growth portfolio from 12% to just 3%. Significantly, Scottish Widows — which is owned by Lloyds Banking Group — had signed the original Mansion House compact, but not the later accord. Simon French, the influential head of research at the investment bank Panmure Liberum, described it as "an inevitable reaction to the Mansion House accord which … pushes/strong-arms U.K. pension flows into private assets over the next five years." Ironically, all this is happening just as, after years of indifference among investors, U.K. equities are having their moment in the sun, with the FTSE 100 so far outperforming not only the pan-European Stoxx Europe 600 but also the S&P 500 this year. One prominent City figure told me last week that his investment bank's trading desk had just enjoyed its busiest day in more than 20 years — with American investors, in particular, showing renewed interest in U.K. equities. Ministers will argue that, with tax relief to private pension contributions costing £46.8 billion in 2022-23, the latest year for which figures are available, they are entitled to ask for more pension savings to be channelled toward the U.K. economy. Institutions might respond that, if the government is keen to see that happen, it might remove some barriers to investing in the U.K. such as the unpopular 0.5% levy paid on share purchases. It all creates a sense that, while ministers and investors are agreed on the desirability of investing more in the U.K., there is little agreement on how to achieve that. And it certainly feels as if Reeves and her colleagues are more interested in seeing investment in private assets rather than public of London can be a springboard for economic growth in the UK, says the Lord Mayor Alastair King, the Lord Mayor of London, discusses business activity in London ahead of the UK government's 10-year industrial strategy. The future of exchanges: Global capital flows in the age of Trump, tariffs and trade wars CNBC's Martin Soong hosts a roundtable in Singapore with stock exchange leaders from around the world to discuss how U.S. exceptionalism is reshaping global capital flows. Europe has been underinvesting in defense, says Deutsche Bank CEO Christian Sewing, CEO of Deutsche Bank discusses how the business is responding to current geopolitical uncertainty and outlines how the bank plans to finance defense spending through a mix of public and private sector could face changes to search in the UK as regulators crack down. Britain's Competition and Markets Authority said it's consulting on a proposal to give Google "strategic market status." NATO allies pledge to hike defense spending – but will they deliver? Whether allies' defense spending promises materialize is the key question. Conflict or ceasefire, most markets remain unfazed — here's why. Global equities posted muted gains Tuesday, as investors digested U.S. President Donald Trump's announcement of a ceasefire between Iran and Israel, as well as growing signs of fatigue toward Trump's policymaking.U.K. stocks have fallen by 0.8% over the last week, with the FTSE 100 finally closing flat on Tuesday after three consecutive trading days of losses. Meanwhile, the British Pound gained nearly 1% to reach $1.36, its strongest level against the U.S. dollar since January 2022, according to FactSet. In government bond markets, 10-year gilt yields slipped over the last week and now trade around 4.47%. In case you missed it, Amazon said it will invest £40 billion in the U.K. over the next three years to build and upgrade its large warehouses. The British government welcomed the investment as it looks to boost domestic growth and productivity.
AU Financial Review
19-06-2025
- Business
- AU Financial Review
Macquarie Asset Management buys back into UK airports
Macquarie Group's infrastructure arm has acquired stakes in three United Kingdom airports from Canadian pension investor Ontario Teachers' Pension Plan, as it seeks to capitalise on a rebound in post-pandemic travel demand. The European infrastructure fund of Macquarie Asset Management (MAM) has bought a 55 per cent stake in Bristol Airport, 26.5 per cent of Birmingham Airport and a quarter stake in London City Airport. It comes a year after Macquarie pulled out of a bidding battle for a stake in London's Heathrow Airport, the busiest in Europe.
Yahoo
09-06-2025
- Business
- Yahoo
Exclusive: Gusto launches $200 million–plus tender offer
Gusto, an HR tech startup valued at more than $9 billion, is conducting an over $200 million tender offer via a new deal led by the Ontario Teachers' Pension Plan. The tender offer, which begins Monday and runs through July 8, will allow employees in the company to cash out some of their shares while giving the Canadian fund its first stake in the company. 'Given the momentum, we've had investors interested in owning Gusto stock for a long time,' Gusto cofounder and CEO Josh Reeves told Fortune via email. The offer will be open to both current and former employees with a minimum of two years of tenure. Gusto declined to disclose price per share and whether there is a maximum number of shares that employees can sell. The deal was done at Gusto's last valuation, $9.3 billion, and is led by Teachers' Venture Growth, which is part of Ontario Teachers' Pension Plan. (OTPP, the largest single-profession pension plan in Canada serving over 340,000 current and retired teachers, is also an investor in Canva, Databricks, and SpaceX.) OTPP is the anchor for the deal, and is joined by new and existing Gusto investors. It's a full-circle moment of sorts—Reeves' parents are both teachers. The tender offer, the third that Gusto has arranged for employees since its founding in 2012, comes as the market for initial public offerings remains limited. Several tech companies, including Circle and Omada Health, have had IPOs in recent weeks, but the overall number of public listings remains well below historical norms. Reeves declined to comment on Gusto's IPO plans, telling Fortune: 'Gusto has been a long-term focused, multi-decade company from day one … When we have more details to share on an IPO, we'll share it.' The company's last employee tender offer was in 2021, done in addition to the startup's $175 million Series E funding round. Gusto—founded in 2011 by Reeves, Tomer London, and Edward Kim—has been free cash flow positive since early 2023. As Fortune reported in May 2024, Gusto generated north of $500 million in revenue in its 2023 fiscal year. The company also said that it's been growing over the past year, driven by the expansion of existing products like health benefits and 401(k) management. In 2024, Gusto's 401(k) business grew its ARR, or annual recurring revenue, about 50% year over year, while the unicorn's Gusto Money spending account product grew ARR over 140% year over year. HR tech has recently made headlines for the sprawling legal brawl between HR unicorns Rippling and Deel, but Reeves says that the space itself remains active and bright. In 2025, Reeves added, the company is set to add 150,000 new small businesses to its platform, and is actively hiring, with a particular focus on R&D. 'There is tremendous opportunity in the broader HR tech space,' said Reeves. 'More businesses are being created while at the same time more rules and regulations are being introduced. Gusto can help. I have conviction that there will be multiple $100 billion–plus new companies built in this space, including Gusto. And as a reminder, Intuit is a $200 billion–plus company today; ADP is a $100 billion–plus company today; and Paychex is a $50 billion–plus company today.' This story was originally featured on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
