Avantia Law taps BlackRock’s machine learning VP

Avantia Law, a law firm specialising in investment compliance and contract review for private equity and asset management firms, has appointed Paul Gaskell as Chief Technology Officer. 

In his new role, Gaskell will lead Avantia’s development of AI and technology platforms and serve on the firm’s leadership team. 

Gaskell was most recently VP of machine learning at BlackRock, where he built an AI platform underpinning the firm’s private markets technology offering via the Aladdin and Efront/Insight brands. 

Prior to BlackRock, Gaskell was Group Technology Officer at Access Intelligence (now Pulsar Group), where he was responsible for integrating AI solutions across SaaS products. 

 

IMF chief says Europe looks like ‘an ideas supermarket’ for the U.S., calls for further integration

Speaking to CNBC’s Karen Tso, IMF Managing Director Kristalina Georgieva said Europe’s economic performance was strengthening and inflation was clearly on a downward trajectory. “We come with this relatively good news and with a warning: There is no time to waste for the euro zone to concentrate on productivity,” Georgieva said. “Right now, Europe looks like an ideas supermarket for the United States,” she added. Kristalina Georgieva, chief executive officer of the World Bank Group, arrives to a briefing at the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Friday, April 19, 2024. Bloomberg | Bloomberg | Getty Images

The head of the International Monetary Fund on Thursday called on Europe to achieve the full potential of its prized single market, lamenting what she described as a situation that makes the region look like “an ideas supermarket” for the U.S.

Speaking to CNBC’s Karen Tso, IMF Managing Director Kristalina Georgieva said Europe’s economic performance was strengthening and inflation was clearly on a downward trajectory.

Indeed, alongside the IMF observing an uptick in consumption, Georgieva said expected interest rate cuts from the European Central Bank would likely help investment in the euro zone and bolster the 20-member bloc’s economic performance.

“We come with this relatively good news and with a warning: There is no time to waste for the euro zone to concentrate on productivity,” Georgieva said.

“That means two things. One, to achieve the full potential of the single market. It is not there yet. We want to see more labor market flexibility in Europe, we want to see [a] deepening [of] the financial markets, integrating them [and] we want to see the banking union, the capital union in place,” she continued.

“And two, we want to see much more attention to innovation, investing in [research and development], making it possible to have business based on innovation in Europe to materialize in Europe. Right now, Europe looks like an ideas supermarket for the United States,” Georgieva said.

“A lot of what is invented here ends up being commercially viable and on scale over there and when you look at the main obstacle? [It is] 27 countries not yet integrated in a single market.”

U.S. productivity

CNBC

BoE hold ‘made sense’ amid General Election-induced ‘vow of silence’

According to Laura Suter, director of personal finance at AJ Bell, the move by the central bank “made sense”, considering it has taken a “vow of silence” during the campaigning period. The central bank announced at the end of last month that it was cancelling all speeches or public statements prior to the UK  election, and would just carry out essential business. Bank of England holds rates at 5.25% in final pre-General Election decision This meant the BoE would have not had the opportunity to explain its decision making should it have opted for a rate cut, following the return of …

Value Partners Group’s David Townsend: Unlocking the potential of China’s A-share market

Yet, the journey has been marked by a divergence between economic growth and stock market returns. Despite China’s economy consistently boasting growth rates exceeding 9% annually since Deng Xiaoping’s initiation of economic reforms in 1978, returns from the domestic A-share market have lagged, averaging just 4.40% annually according to the MSCI China A Onshore index (data: December 2000 – December 2023). M&G’s Fedeli: Taking on the CIO role, ‘the big industry disruptor’ and global opportunities But changes are occurring that mean investors should adopt a fresh perspective when consid…

Scottish Mortgage dominates investment trust share buybacks year-to-date

According to Winterflood Securities’ May roundup, buybacks across the investment trust sector hit £3bn, a 129% increase on the equivalent period in 2023. SMT alone bought back £582m between January and May, “considerably more” than any other trust over the period, head of research Emma Bird commented. Investment trust mergers surpass annual record in five months In comparison, the second highest total was £159m from Smithson Investment with Nick Train’s Finsbury Growth & Income redeeming £142m shares in third place. May was a standout month on this metric with buyback volumes up…

ESAs Add More Ideas into SFDR Mix

In a bid to simplify the regime, the European Supervisory Authorities run the risk of adding complexity, regulatory specialists say. 

The European Supervisory Authorities’ (ESAs) proposal for a revamped Sustainable Finance Disclosure Regulation (SFDR) may seek to clarify the regime, but lawyers are concerned it could make it diverge from other jurisdictional rules, creating disruption for fund managers.  The European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and…

Subscribe

Subscribe to ESG Investor to gain access to the leading platform for news, analysis, and interviews across sustainable investing. Select subscribe below to view our subscription packages or you can email us at subscriptions@esginvestor.net to discuss your options.

Subscribe

Request a Trial

Get in touch today to discuss a trial giving you unrestricted and unlimited access to ESG Investor for you and/or your team(s) for a limited period. Email us at subscriptions@esginvestor.net

Related Items:, , , , , , , , , , Recommended for you

More states expected to roll out Inflation Reduction Act energy-efficiency rebates this summer

New York was the first state to launch a rebate program for consumers tied to home energy efficiency upgrades. Many more states are expected to roll out similar Inflation Reduction Act programs this summer. Low-income New Yorkers can get up to $24,000 in combined state and federal funding. New York Gov. Kathy Hochul. Lev Radin/Anadolu Agency via Getty Images

New York is launching a program offering homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property, and more states are expected to follow suit by summer’s end.

The rebate programs are part of the federal Inflation Reduction Act, the largest piece of climate legislation in U.S. history, which President Joe Biden signed in 2022.

The law earmarked $8.8 billion for consumers via two Home Energy Rebates programs.

The financial incentives help consumers reduce or fully offset the cost of upgrades to make their homes more energy-efficient, thereby reducing carbon emissions and cutting homeowners’ future energy bills, state and federal officials said.

Such projects might include installing air sealing, insulation, electric heat pumps and electric stoves, for example.

More from Personal Finance:
Here’s how to buy renewable energy from your electric utility
What the SEC vote on climate disclosures means for investors
Here’s why FEMA has spent about $4 billion to help destroy flood-prone homes

New York launched part of its rebate program on May 30, making up to $14,000 of federal funds available to low-income households.

When combined with a fledgling state program called EmPower+ — which offers up to $10,000 per low-income household — consumers can access up to $24,000 in total rebates for making energy-efficiency upgrades, according to Doreen Harris, president and CEO of the New York State Energy Research and Development Authority.

‘Several’ states will roll out rebates by September

States, territories and tribes — which administer the programs — must apply for the federal funds.

Seventeen states had applied for Home Energy Rebates funding as of June 14, according to the U.S. Energy Department. New York was the first to roll out funding to consumers.

The Energy Department expects “several more states” to make the rebates available “between now and September,” it said. The agency has approved applications submitted by California and Hawaii, the final stage before rollout.

New York’s launch “is a milestone,” said Kara Saul Rinaldi, CEO and

CNBC

Super Micro, Dell shares jump as Elon Musk calls them suppliers to xAI supercomputer project

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute’s Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.  Apu Gomes | Getty Images

Shares of Dell Technologies and Super Micro Computer jumped Thursday after Elon Musk revealed that the two hardware makers will provide servers to help his artificial intelligence startup xAI develop a supercomputer.

“Dell is assembling half of the racks that are going into the supercomputer that xAI is building,” Musk said in an X post, adding that Super Micro will also be involved.

Dell and Super Micro both popped more than 5% Thursday.

Musk has promised to build a $500 million “Dojo” supercomputer in Buffalo, New York, and a “super dense, water-cooled supercomputer cluster” at the company’s factory in Austin, Texas. The technology would potentially help Tesla develop the computer vision and large language models needed for robots and autonomous vehicles.

Musk founded xAI last year as a challenger to Microsoft-backed OpenAI and Alphabet‘s Google. Musk also co-founded OpenAI.

Michael Dell, CEO of Dell, said Wednesday in an X post that his firm is building a “Dell AI factory” with Nvidia to power Musk’s AI bot Grok.

CNBC

Morgan Lewis adds partner in New York

Global law firm Morgan Lewis has appointed Leonora Shalet as a global private investment funds partner, based in New York. In her new role, Shalet will advise investment funds and advisers on fund structuring, formation and ongoing operational needs.

Shalet has previously advised on US and offshore credit funds, hedge funds, perpetual funds, hybrid funds, funds-of-funds, private equity funds, growth equity funds and managed accounts. 

Shalet was most recently a partner at international law firm Schulte Roth & Zabel, where she advised on investment vehicles, closed-end funds and permanent capital vehicles in the credit space. 

Apex Group names Head of Private Clients and Family Office

Global fund, financial and corporate services provider Apex Group has appointed Katie Baxter as Head of Private Clients and Family Office.  

In her new role, Baxter will lead Apex’s private clients and family office service offering. 

Baxter specialises in trust and fiduciary law, advising trustees locally and internationally on private and commercial structures, including employee incentives and pension trusts.  

Baxter previously worked at the Jersey office of offshore law firm Ogier.