Latest news with #assetmanager
Yahoo
10 hours ago
- Business
- Yahoo
Amundi second-quarter profit misses expectations, shares fall
By Mathieu Rosemain and Bertrand De Meyer PARIS (Reuters) -Asset manager Amundi reported weaker-than-expected quarterly profit on Tuesday as margins came under pressure from lower net management fees partly due to a depreciation in the U.S. dollar, sending its shares down nearly 6% in early trading. Adjusted net income over the April-to-June period fell 4.5% from a year earlier to 334 million euros ($386 million), below the 345 million euros expected on average by analysts polled by the company. Net revenue fell 1% to 790 million euros, also below expectations. Shares in Europe's largest asset manager, which is controlled by French bank Credit Agricole, fell nearly 6% at market open and were down 4.3% by 0749 GMT. Analysts at Goldman Sachs said Amundi's margins were hit by a decrease in net management fees, due to a weaker U.S. dollar, a greater share of institutional clients who pay lower fees, and inflows into lower-margin products like passive and fixed income funds. Net inflows in the second quarter were 20.4 billion euros ($23.65 billion), bringing total assets under management to a new record of 2.27 trillion euros. Amundi said institutional investors and third-party distributors poured money into both passive and active strategies, especially those focused on European markets, as clients seek to rebalance the allocations of their assets. "What we saw a lot of during the first half of the year was, first and foremost, many European clients repatriating and diversifying their allocations," CEO Valerie Baudson told reporters on a call. "In particular, they repatriated a lot of money that had been invested outside Europe back to Europe. We also saw a lot of interest from American and Asian clients," she said. She added that she expected minimal impact on European economic growth from the framework trade agreement struck between the United States and the European Union. ($1 = 0.8625 euros) 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
The National
a day ago
- Business
- The National
Investcorp Capital appoints industry veteran Sana Khater as chief executive
Investcorp Capital, an Abu Dhabi-listed asset manager, has appointed industry veteran Sana Khater as chief executive as the company embarks on the next phase of its growth. Ms Khater will take charge of Investcorp Capital, a unit of Mubadala Investment Company-backed Investcorp, on September 1, succeeding Mohamed Aamer, who has served as interim chief executive since March, the company said in a regulatory filing on Monday to the Abu Dhabi Securities Exchange, where its shares are traded. Mr Aamer will continue to lead Investcorp Capital until Ms Khater joins and will resign thereafter, the bourse statement said. Ms Khater brings more than 35 years of experience and has served in leadership roles at listed and private companies, including Abu Dhabi's Aldar, investment management company Waha Capital, alternative investment firm NBK Capital, as well as the National Bank of Kuwait. At Aldar, the top-listed developer in Abu Dhabi, Ms Khater worked as an executive director from 2021 to 2023 and as chief financial officer at Waha Capital from 2010 to 2020. She is currently chief financial officer and senior adviser at a family office in Abu Dhabi, Investcorp Capital said. 'Her exceptional leadership experience and deep expertise in financial services positions her well to steer Investcorp Capital through its next chapter,' said Mohammed Alardhi, chairman of Investcorp Capital. Investcorp Capital began trading on the ADX in 2023 following an initial public offering that raised Dh1.66 billion ($451 million) The parent Investcorp is an independent manager of alternative investments, with $59.7 billion in assets under management. The firm invests capital into funds managed or controlled by its clients, or directly into alternative investments, including private corporations, property assets and collateralised loan obligations. It has interests in private equity, real estate and credit management, and holds general partner positions in North America, Europe, the Middle East and Asia. Last year, Investcorp Capital agreed to invest in the $4.2 billion redevelopment of New York's JFK International Airport's Terminal 6 through its newly formed partnership with Corsair Capital – Investcorp Corsair Infrastructure Partners. In 2023, Investcorp bought a controlling stake in China's Shandong Jianuo Electronics (Jianuo), which provides specialised premium components used in high-end applications such as electric vehicle power management, battery charging infrastructure, solar and wind power generation and 5G base station infrastructure. Ms Khater said Investcorp Capital is at a 'pivotal time in its growth journey' and with its differentiated investment platform and offering, it is "well-positioned to create value through its exposure to the global alternatives space backed by over 42 years of Investcorp's track record".
Yahoo
3 days ago
- Business
- Yahoo
Up 68% but still yielding 7.1%, I've been loading up on Aberdeen shares
After hitting an all-time low back in April, Aberdeen (LSE: ABDN) shares have been on a tear. The mammoth dividend yield of 11.6% may have gone, but there aren't many large, well-known stocks out there that continue to offer market-beating returns. Improving numbers The asset manager is due to report H1 results next week. Should the positive momentum seen in Q1 continue, then we could be on the cusp of a major recovery in its share price. Last quarter, its direct-to-consumer offering, interactive investor (ii) continued its strong growth momentum. Total customer numbers were up to 450,000. This included 88,000 high-value SIPP accounts. ii has been very successful in tapping into a growing trend – the increasing importance of private investors to markets. With the spread of online investment forums, YouTube, and the like, individual investors have more power to move markets than at any time in history. Last quarter, during the tariff-induced selloff, ii saw record levels of engagement with an average of 24,000 trades per day on the platform. In the first half of April, it saw four of its highest trading days ever, as private investors swooped to buy stocks on the cheap. Fund outflows For all the success of ii, the reality is that a sustained recovery in Aberdeen's share price will only occur if it can get a grip on falling assets under management. Over the last few years, its Adviser business has simply haemorrhaged funds. The business is working hard to regain the trust of independent financial advisers, who recommend funds for their clients to buy. In Q1, Adviser saw outflows of £600m. This was its 'best' performance over the past six quarters. A couple of years back, outflows were in the billions. By 2026, it's aiming for greater than 70% of its total funds to beat a benchmark index. I certainly expect it to achieve that with its bond funds, which regularly hit over 90%. But I'm less confident that equity-only funds will achieve that milestone. It's not just Aberdeen equity funds that struggle to beat a benchmark; this is an industry-wide problem. Over the last few years, unless a fund manager was invested in the Magnificent 7 stocks, it had zero chance of beating the S&P 500, the most tracked index. Structural trends If it can get its Adviser business back to profitability, then the opportunity is massive. Despite recent blunders, like the ill-fated 'abrdn' fiasco, I still view the asset manager as one of the most respected in the industry. The UK wealth industry is growing. Over the next 25 years, over £5.5trn of wealth will be passed on by the baby boomers. In the more immediate future, over the next three years, the number of people retiring annually is estimated to be about 750,000. Now more than ever people are beginning to wake up to the fact that the State Pension will no longer fund the kind of retirement they want. With deep expertise in long-term financial planning, Aberdeen looks well placed to provide innovative retirement solutions. Over the last few months, I have been loading up on the stock at every available opportunity. I think my future self will thank me. The post Up 68% but still yielding 7.1%, I've been loading up on Aberdeen shares appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool Andrew Mackie owns shares in Aberdeen. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Yahoo
4 days ago
- Business
- Yahoo
Bitcoin Rebounds After Galaxy Completes Sale of $9B BTC From Satoshi-Era Whale
Bitcoin (BTC) rebounded on Friday from its overnight dip below $115,000, back to its familiar range it traded for the past two weeks. The largest crypto recently changed hands at $117,200, still down 1.2% over the past 24 hours. Some analysts noted the dip coincided with asset manager Galaxy moving large amount of BTC to exchanges overnight, likely related to the bitcoin whale that sent this month around $9 billion worth of BTC to trading desks. The wallets held BTC since the early years of Bitcoin's history, transferred the assets in after being dormant for more than a decade. Later on Friday, Galaxy confirmed that it completed the sale of all 80,000 BTC on behalf of a client, touting it as "one of the largest notional bitcoin transactions in the history of crypto." The sale was part of the investor's estate planning strategy, the firm said. With the selling pressure by the whale now past, some analysts predicted the lows could be in or close. John Glover, chief investment officer of crypto lender Ledn, said that BTC could put in a local bottom on Friday or over the weekend before continuing its push to new records, according to his Eliot wave analysis. "Once completed (either today or over the weekend) I expect that we will complete wave iii by rallying to circa $132,000," Glover said in a market in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Blackstone CEO says preparing portfolio companies for IPOs
(Reuters) -Blackstone CEO Stephen Schwarzman said on Thursday the asset manager is preparing some of its portfolio companies for initial public offerings over the next few quarters.
