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CNA
15-07-2025
- Business
- CNA
MAS reports net profit of S$19.7 billion due to healthy returns on investments
SINGAPORE: The Monetary Authority of Singapore (MAS) reported a net profit of S$19.7 billion (US$15.4 billion) in the financial year that ended on Mar 31 due to strong investment gains, it said in its annual report released on Tuesday (Jul 15). The figure is a sharp increase from the S$3.8 billion net profit posted in the previous financial year. A combination of a resilient global market as well as declining inflation led to investment gains of S$31.4 billion, which was offset by a negative currency translation effect of S$3.4 billion and net expenses of S$8.3 billion. The expenses were mainly incurred from MAS' money market operations to manage banking system liquidity. "Global markets performed well during the financial year," said MAS managing director Chia Der Jiun. "All asset classes, across bonds and equities, developed and emerging markets posted healthy returns." The negative currency translation effects of S$3.4 billion were largely because of the strengthening of the Singapore dollar against the US dollar. This does not have any bearing on investment performance and is booked as a loss because MAS reports its financial statements in Singdollar. This year's net profit was driven by a few factors, including the good performance of markets due to resilient global growth and declining inflation, said Ms Jacqueline Loh, deputy managing director for corporate development. "If you look at asset classes, in particular, equities, they've continued to perform better than generally markets would expect." There was no contribution to the government's consolidated fund for the financial year. However, Mr Chia said financial markets seem to be pricing in a relatively benign outcome in spite of uncertainties in US trade policy and the larger economy. He noted that equity markets have recovered from the turbulence in April and rallied to new highs, while credit spreads are tight and Asian currencies have strengthened. Financial markets were thrown into turmoil in April when US President Donald Trump announced a baseline 10 per cent tariff on all goods entering his country, including those from Singapore, along with steep so-called reciprocal tariffs for many other countries. As a 90-day pause in the reciprocal tariffs was coming to an end, the US last week started sending out letters informing countries that additional levies would kick in on Aug 1. "The disjoint between risks to the global economy and benign market pricing means that financial markets are vulnerable to sharp pullbacks and bouts of volatility if risk scenarios crystallise," he said. Potential triggers include an escalation in trade conflict, geopolitical conflict and heightened concerns by investors over unsustainable policies, he added. INFLATION TO REMAIN SUBDUED For the second half of the year and into 2026, MAS sees inflation remaining low and stable, though there are risks to that view. Chief economist Edward Robinson said imported inflation is subdued and domestic costs are averaging below historical trends. "Whether or not these continue into next year depends on the ... global macro environment and the determinations of global external factors," he said. "But at this time, I think our very tentative projection is for low and stable inflation to continue into 2026." MAS said in its report that imported goods inflation should be modest in the near term, as global demand is slowing. Regional inflation is also expected to be subdued because excess output is expected to be diverted to Southeast Asia, including Singapore. Locally, unit labour cost increases are expected to slow as nominal wage growth eases and labour productivity improves. "Together with softer consumer spending, as well as enhanced government subsidies, these factors should temper inflation in the quarters ahead," the report said. However, it added that the uncertainties about the inflation outlook remain high because of increased risks in the global environment. "We are alert to risks on both sides," said Mr Chia. "Disinflationary impulses could be stronger if the impact of tariffs on economic activity is more severe, while inflationary pressures could re-surface if geopolitical conflict or supply chain dislocations or disruptions escalate," he said. Mr Chia also said that MAS applied a more severe scenario when stress testing the domestic financial system's stability this year. It found that corporates and households are generally resilient. "Nonetheless, there are segments of businesses and households that are more vulnerable and should exercise vigilance," he said. He highlighted smaller firms in externally oriented sectors that could face risks to revenue and liquidity, and households with less stable incomes. The latter group should plan their finances prudently and avoid taking on large new loan commitments during this period of uncertainty, he said. GROWTH IN FINANCIAL SERVICES Singapore's financial services sector grew 6.8 per cent in 2024, compared with 3.1 per cent in the previous year. The average growth rate for 2021 to 2024 is 4.7 per cent, on track to meet the target of the Industry Transformation Map. The sector is also on track to meet the target of 3,000 to 4,000 net jobs created per year. In 2024, growth in the banking sector was resilient, while the insurance industry expanded, with total assets increasing by 3.6 per cent to S$456.4 billion. MAS added that Singapore continues to grow as a leading foreign exchange hub in Asia and that the corporate debt market posted strong growth. Assets under management grew 12.2 per cent and exceeded S$6 trillion for the first time, driven by both traditional and alternative sectors. Wealth management experienced strong growth, and Singapore will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth, said Mr Chia. He added that MAS does not expect the financial sector to continue growing at the pace of the last few years. "With the global uncertainty, we do expect globally economic activity to come down, and financing activity will also come down," he said. There are a range of possible outcomes, but the pace has also been "unusually strong", so that cannot be expected to continue, he said. QUANTUM TECH AND AI Mr Chia also announced that the MAS's Quantum Key Distribution sandbox, conducted together with some banks and technology partners, has been successfully completed. The regulator had conducted trials to study the viability of quantum-safe solutions in anticipation of the future threat posed by quantum-powered decryption. Last year, MAS committed an additional S$100 million to support financial institutions in building capabilities in quantum and artificial intelligence technologies. "While quantum computing is currently not at a mature stage, the technology is developing rapidly and could eventually render current encryption techniques obsolete, putting at risk sensitive customer data and financial transactions," said Mr Chia. MAS also announced that it has established a programme where financial institutions can share their knowledge and experience in implementing artificial intelligence solutions. "By curating a library of use-cases, industry-validated solutions and best practices among these FIs, the programme seeks to reduce the time and effort to search, select and effectively implement AI solutions.
Globe and Mail
25-06-2025
- Business
- Globe and Mail
Clairvest Reports Fiscal 2025 Fourth Quarter and Year End Results
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today reported results for the fourth quarter and year ended March 31, 2025 and events which occurred subsequent to year end. (All figures are in Canadian dollars unless otherwise stated) Highlights March 31, 2025 book value was $1,251.6 million or $88.30 per share compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31, 2024 Net income for the fourth quarter was $20.7 million or $1.46 per share as the fair value of certain investments increased Net income for fiscal 2025 was $122.0 million or $8.47 per share. During fiscal 2025, Clairvest had $46.1 million of net realized gains from the realization of four investments and $44.8 million of net investment gains on its remaining private equity portfolio Subsequent to year end, Clairvest and Clairvest Equity Partners VII ('CEP VII') invested in NCS Engineers Also subsequent to year end, Clairvest and CEP VII invested in Beneficial Reuse Management Also subsequent to year end, Clairvest declared an annual dividend of $1.4 million, or $0.10 per share, and a special dividend of $11.1 million, or $0.7830 per share, both payable on July 25, 2025 Clairvest's book value was $1,251.6 million or $88.30 per share as at March 31, 2025, compared with $1,234.3 million or $86.78 per share as at December 31, 2024 and $1,176.3 million or $80.16 per share as at March 31 2024. For the year ended March 31, 2025, Clairvest had invested a total of $53 million in three new deals and follow-on investments and exited four investments for total proceeds of $141 million. As at March 31, 2025, cash, cash equivalents and temporary investments excluding marketable securities, as reported under IFRS, were $250 million. In addition, our acquisition entities held $139 million in cash, cash equivalents and temporary investments as at March 31, 2025 bringing total available cash to $389 million. In aggregate, this represented 31% of our book value as at March 31, 2025, or approximately $27 per share. Net income for the fourth quarter was $20.7 million, or $1.46 per share. The net income for the fourth quarter of fiscal 2025 reflects a net increase in the fair value of Clairvest's investee companies and a corresponding increase in carried interest from the CEP Funds. Net income for the fiscal year was $122 million or $8.47 per share. During the fiscal year, Clairvest divested its investments in Winters Bros. Waste Systems of Long Island, Chilean Gaming Holdings, FSB Technology and Durante Rentals for net realized gains of $46.1 million, while the rest of the portfolio experienced net investment gains of $44.8 million, inclusive of foreign exchange gains. Following the realization of Winters Bros. Waste Systems of Long Island, Clairvest was awarded the 2025 CVCA Private Equity Global Dealmaker of the Year for the sale of this investment. During the fiscal year, 500,070 shares were purchased and cancelled for a total purchase price of $35 million, or at an average price of $70.01 per share. These purchases were accretive to the book value per share. In April 2025, and as previously announced, Clairvest together with CEP VII made a US$22.4 million (C$32.1 million) minority preferred equity investment in NCS Engineers, a provider of turn-key water and wastewater engineering solutions across the United States. Clairvest's portion of the investment was US$5.6 million (C$8.0 million). In May 2025, and as previously announced, Clairvest together with CEP VII made a US$72.5 million (C$100.6 million) equity investment in Beneficial Reuse Management, a U.S.-based company which distributes products to the agriculture, landscape, wallboard, and construction end-markets by reusing or converting certain industrial waste streams into value-add products. Clairvest's portion of the investment was US$18.1 million (C$25.1 million). "Fiscal 2025 was a productive year across Clairvest, marked by strong progress in our portfolio and continued investment momentum, despite a challenging macroeconomic backdrop. Our portfolio companies, on the whole, are performing well, and we remain confident in our ability to build long-term value alongside our entrepreneur partners. With CEP VII now underway with its first three investments, we are energized by the opportunities ahead and remain focused on backing aligned entrepreneurs in our active domains," said Ken Rotman, CEO of Clairvest. "We were also honoured to receive the 2025 CVCA Private Equity Global Dealmaker of the Year award for our investment in Winters Bros. Waste Systems of Long Island - our ninth time being recognized by the CVCA. Clairvest and CEP V achieved a 7.5x MOIC and a 24% internal rate of return on this investment. Our partnership with the Winters family spans three separate investments over 18 years, and this transaction marks another excellent outcome driven by long-term alignment, patience, and mutual trust." Also subsequent to year end, Clairvest declared an annual ordinary dividend of $0.10 per share and a special dividend of $0.7830 per share, such that in aggregate, the dividends represent 1% of the March 31, 2025 book value. Both dividends will be payable on July 25, 2025 to common shareholders of record as of July 4, 2025 and are eligible dividends for Canadian income tax purposes. Summary of Financial Results – Unaudited Financial Results (1) Quarter ended Year ended March 31 March 31 2025 2024 2025 2024 ($000's, except per share amounts) $ $ $ $ Net investment gain (loss) 11,438 22,024 15,248 (19,385) Net carried interest from Clairvest Equity Partners III and IV (292) 1,005 4,169 3,700 Distributions, interest income, dividends and fees 19,386 11,897 157,064 52,336 Total expenses (recovery), excluding income taxes 9,746 1,592 37,940 39,824 Net income (loss) and comprehensive income (loss) 20,721 26,103 122,042 (3,353) Basic and fully diluted net income (loss) per share 1.46 1.78 8.47 (0.23) Financial Position March 31 March 31 2025 2024 ($000's, except share information and per share amounts) $ $ Total assets 1,429,435 1,342,139 Total cash, cash equivalents and temporary investments 295,728 330,193 Carried interest from Clairvest Equity Partners III and IV 48,517 52,188 Corporate investments (1) 942,857 870,660 Total liabilities 177,844 165,842 Management participation from Clairvest Equity Partners III and IV 37,718 41,506 Book value (2) 1,251,591 1,176,297 Common shares outstanding 14,173,631 14,673,701 Book value per share (2) 88.30 80.16 (1) Includes carried interest of $141,897 (2024: $143,617) and management participation of $105,457 (2024: $103,740) from Clairvest Equity Partners V, VI and VII and $162,235 (2024: $90,973) in cash, cash equivalents and temporary investments held by Clairvest's acquisition entities. (2) Book value is a non-IFRS measure calculated as the value of total assets less the value of total liabilities. Clairvest's annual fiscal 2025 financial statements and MD&A are available on the SEDAR website at and the Clairvest website at About Clairvest Clairvest's mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $4.6 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 69 different platform companies and generated top quartile performance over an extended period. Contact Information Stephanie Lo Director of Investor Relations and Marketing Clairvest Group Inc. Tel: (416) 925-9270 Fax: (416) 925-5753 stephaniel@ Forward-looking Statements This news release contains forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP limited partnerships and their investments. These statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Clairvest, its subsidiaries, its CEP limited partnerships and their investments to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general and economic business conditions and regulatory risks. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Associated Press
30-05-2025
- Business
- Associated Press
Milliman analysis: Public pension funding stable in April after plans end volatile month with slight market gain
SEATTLE--(BUSINESS WIRE)--May 30, 2025-- Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation's 100 largest public defined benefit plans. Despite April market swings caused by trade and tariff uncertainty, the Milliman 100 PPFI plans closed the month with estimated investment gains of 0.4% in aggregate. Individual plans' estimated returns ranged from -1.8% to 1.4%. Combined, the plans added about $24 billion in market value during the period, rising to $5.213 trillion as of April 30. Meanwhile, the deficit between plan assets and liabilities was unchanged since March at $1.340 trillion. The PPFI funded ratio rose from 79.5% as of March 31 to 79.6% as of April 30. 'After significant market fluctuations caused by trade policy announcements, it was somewhat surprising to see the public pension funded status inch upward during April,' said Becky Sielman, co-author of the Milliman PPFI. 'By the end of the month, 25 plans were still more than 90% funded and 12 plans were less than 60% funded, the same breakdown observed in March—demonstrating that public pensions are well-positioned to withstand turbulent markets.' Read this month's complete Public Pension Funding Index or Milliman's full range of annual Pension Funding Studies. To receive regular updates of Milliman's pension funding analysis, contact us at [email protected]. About Milliman Milliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at View source version on CONTACT: Becky Sielman Milliman, Inc. Tel: +1 860 687 0125 [email protected] KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: FINANCE CONSULTING PROFESSIONAL SERVICES INSURANCE HUMAN RESOURCES SOURCE: Milliman, Inc. Copyright Business Wire 2025. PUB: 05/30/2025 11:14 AM/DISC: 05/30/2025 11:13 AM
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Fountain Asset Corp. Announces Its Financial Results for the Quarter Ended March 31, 2025
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Fountain Asset Corp. (TSXV:FA) ('Fountain' or the 'Company') would like to announce its financial results for the three months ended March 31, 2025 (' Q1/25 '). Highlights from Q1 2025: NAV of $5.57 million ($0.09/share) at March 31, 2025 compared to $5.51 million ($0.09/share) at December 31, 2024, representing a 1.0% increase on a quarter over quarter per share basis; Net comprehensive income of $0.05 million compared to net comprehensive losses of $0.45 million for the quarter ended March 31, 2024 (' Q1/24 '); Total gains from investment activity was $0.39 million compared to losses of $0.28 million for Q1/24; Net realized gains on the sale of portfolio investments of $1.29 million compared to net realized losses of $0.32 million for Q1/24; Net unrealized losses on portfolio investments of $0.96 million compared to net unrealized gains of $0.04 million for Q1/24; Total expenses of $0.34 million compared to $0.17 million for Q1/24; and Operating expenses of $0.16 million compared to $0.17 million for Q1/24. During Q1/25, the Company realized $1.29 million in gains on the sale of certain portfolio investments. The company saw a slight decrease in its portfolio of publicly traded companies as a result of the disposition of its holdings of certain investments. These decreases were offset by increases in the Company's new investment recent investments. The Company continued to find ways to reduce its operating expenses in Q1/25, which contributed to the profitability of the Company in Q1/25. As at March 31, 2025, the Company's net assets were valued at $5.57 million or $0.09 per share compared to $5.51 million or $0.09 per share at December 31, 2024. Andrew Parks, CEO of Fountain stated, 'During Q1/25, Fountain made meaningful progress toward its growth-oriented goals, generating significant realized gains. This strong start to the year strengthens the Company's financial position as it continues to realign its investment portfolio in order to capitalize on market trends and strategic opportunities. Fountian remains committed to reducing its ongoing expenditures while maximizing revenues to unlock the Company's full potential.' A full set of the Q1 2025 unaudited financial statements and the management discussion & analysis are available on SEDAR+. About Fountain Asset Corp. Fountain Asset Corp. is a merchant bank which provides equity financing, bridge loan services (asset back/collateralized financing) and strategic financial consulting services to companies across many industries such as marijuana, oil & gas, mining, real estate, manufacturing, retail, financial services, and biotechnology. Forward-Looking Statements Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations of the Company, which are based on assumptions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information in this press release includes, but is not limited to, growing Fountain's capital base and a strong pipeline going forward. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the level of bridge loans and equity investments completed, the nature and credit quality of the collateral security and the nature and quality of equity investments, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated August 17, 2022 filed on SEDAR+ at Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For further information: please contact Andrew Parks at (416) 456-7019 or visit Fountain Asset Corp.'s website at
