Ewan Markson-Brown left without funds after CRUX double closure

In a letter to investors seen by Investment Week, the firm said the CRUX China fund would close on 30 April after it became too small to be economically viable. According to the latest factsheet, the fund had dwindled to an AUM of £0.8m.  Meanwhile, the closure of the CRUX Asia ex-Japan fund followed a period of underperformance, which led to a reduction of AUM, making the fund no longer commercially viable. According to the latest factsheet, the fund AUM had shrunk to £49.4m. Lansdowne Partners buys CRUX Asset Management The factsheet also revealed the fund is down 2.8% year-to…

abrdn promotes Dan Grandage to chief sustainability officer

Grandage had originally assumed the role in an interim capacity following Young’s departure at the end of April this year. Stephen Bird exits abrdn as Jason Windsor takes interim CEO role He will report to Peter Branner, abrdn’s chief investment officer, and lead the global sustainability and ownership strategy.  In the role, Grandage will continue to ensure that sustainability remains an integral consideration in the investment process to help deliver risk adjusted returns.  Prior to his decade at abrdn, Grandage held positions with WSP and RPS Group, which was acquired by the …

Asset Owners Call for Climate Clubs 

Green-minded nations should club together to punish countries with weak climate policies and encourage carbon pricing, says NZAOA. 

A UN-affiliated group of big investors has called on climate-conscious governments around the world to join forces and pressure laggard countries to impose a price on carbon emissions.   In a new paper, the UN-convened Net-Zero Asset Owner Alliance (NZAOA) argued members of a so-called ‘climate club’ could impose carbon border…

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Quilter calls for simplification as Labour backs GB ISA proposals

According to a report by City AM today (28 May), a spokesperson for the party said it has no plans to drop the GB ISA, as Labour focuses on getting people to save and invest, with the different types of ISAs a key area. Rachel Griffin, tax and financial planning expert at Quilter, said this gives Labour the opportunity to “drastically improve” the Conservatives’ GB ISA plans introduced in the 2024 Spring Budget. The proposals, which are under consultation until 6 June, set out that the GB ISA will provide an additional tax-free £5,000 to the current annual ISA allowance of £20,000, to…

Universal Investment Group appoints new CTO

Universal Investment Group, a Frankfurt-based fund services platform and Super ManCo servicing AIFs including hedge funds and private equity funds, has appointed John Burns as its Group Chief Technology Officer and a member of the executive board, effective 1 June 2024.

In this newly created role, Burns will oversee all aspects of technology, including the strategic direction and enhancement of the group’s IT platforms.

Burns has joined from DWS Group, where he most recently served as Global Head of Technology and Operations. Prior to this, he was Global CTO at Pioneer Investments.

Apis Growth Fund I gully Exits Stake in ASEAN payments service provider GHL

Apis Growth Fund I, a private equity fund managed by UK-based asset manager Apis Partners, has fully exited its investment in payments provider GHL to global technology company NTT DATA Japan.

Following completion of the transaction, NTT DATA Japan will take a controlling stake in GHL.

Apis invested in GHL in 2018 intending to enhance the company’s operational capabilities and expand its market reach, according to a press statement.

GHL’s core operations are in Malaysia, the Philippines and Thailand. The company covers physical, online and mobile payments, and manages more than 480,000 points of sale, enabling credit card, debit card, prepaid contactless payment, loyalty, prepaid top up and bill payment collection services.

Polaris sells RelyOn Nutec to Mubadala Capital

Copenhagen-based private investment firm Polaris will sell global safety training and competence provider RelyOn Nutec to Mubadala Capital, the asset management subsidiary of Abu Dhabi-based sovereign investor Mubadala Investment Company.

Polaris partnered with RelyOn Nutec (formerly Falck Safety Services) in 2018, with the company now serving industries including energy infrastructure, renewables, maritime and oil and gas. The company’s operational performance reached revenue of DKK1,086m and operating profit of DKK257m in 2023, according to a press statement.

Financial details of the deal, which is subject to regulatory approvals and is expected to close during the summer of 2024, have not been disclosed.

Following completion of the acquisition, Torben Harring will continue as Group CEO, and there will be no changes to RelyOn Nutec’s organisation or existing customer relationships.

Stocks making the biggest moves premarket: GameStop, Nvidia, Airbnb, Viking and more

Stock trade settlement moves to single day as GameStop mania underscores need for faster transactions

Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. For most retail traders, the change is expected to be seamless. The change comes after the GameStop mania in 2021 put the settlement process under closer scrutiny. The New York Stock Exchange in New York, March 28, 2023. Victor J. Blue | Bloomberg | Getty Images

Years of work on Wall Street to pick up the pace of trading will be put to the test this week. If all goes well, most people won’t notice the difference.

Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. Settlement involves the actual swap of money for a security. This so-called “T+1 settlement” is an acceleration of the previous process, which allowed for two business days.

The move is the latest evolution to make the plumbing of Wall Street look more like the front-end, which is increasingly moving toward trading apps and around-the-clock markets.

“For everyday investors who sell their stock on a Monday, shortening the settlement cycle will allow them to get their money on Tuesday. Shortening the settlement cycle also will help the markets because time is money and time is risk. It will make our market plumbing more resilient, timely, and orderly,” Securities and Exchange Commission Chair Gary Gensler said in a statement on May 21.

For most retail traders, the change is expected to be seamless. As physical paper versions of equity shares are all but extinct, most brokerage firms handle settlement automatically for their customers.

It could be trickier for large dollar trades and funds, especially those that hold international stocks since not all markets are aligned on settlement time frame.

“When you start talking about larger trades, block liquidity, that’s where you may see the movements in cost depending on the product, depending on the underlying market,” said Tim Huver, managing director at investment bank Brown Brothers Harriman.

This is not the first time that the SEC has shortened settlement time on trades, with the move to T+2 from T+3 happening in 2017. The SEC officially adopted the change to T+1 in February, though many industry experts had long expected the move.

The latest change comes after the

CNBC

Comvest makes Senior Helpers investment

Comvest Partners’ direct lending platform, Comvest Credit Partners, is acting as administrative agent on a senior secured credit facility for Senior Helpers, a provider of home care and wellness offerings for seniors.

The financing was used to support private equity firm Waud Capital’s acquisition of Senior Helpers.

Founded in 2002, Senior Helpers operates through more than 380 franchised and corporate-owned locations in 44 US states, Canada and Australia. The company’s services include grocery shopping, medication reminders, transportation, companionship and programmes for chronic diseases such as Alzheimer’s and Parkinson’s.

In a statement, Joe Higginbotham, a Managing Director at Comvest, said: “Senior Helpers marks Comvest Credit Partners’ third successful transaction with Waud Capital, a sponsor with deep investment experience in the home health care space.”