Rachel Witkowski’s Post

Ex-SJP CEO Andrew Croft misses out on annual bonus over company performance. The former CEO of St. James's Place – Asia & Middle East, Andrew Croft, was not awarded a bonus for 2023, his last year at the helm of the FTSE 100 #wealthmanager. Mark FitzPatrick. Check out Cristian Angeloni's latest article 👇 http://ow.ly/ZMHt105oOIr #investment #wealthmanagement #assetmanagement #finance

"This is the story of how Steve Schwarzman, CEO of the world’s largest private equity firm, Blackstone, nearly got fired 🔥 in his first year working in banking. "In the past two years, Steve took approximately $2bn 💰in total compensation from Blackstone." But here's the story of how he almost got fired in his first year at Lehman Brothers—and the lesson that shaped his success." Early in his career, while working on a deal with Eric Gleacher, a no-nonsense ex-Marine who had just become a partner at Lehman Brothers, were headed to St. Louis to pitch a major deal. Steve had prepared all the financials, but as they reviewed his work on the plane, Eric grew concerned. Steve had made a significant mistake—an error that affected half of the presentation. Eric, though calm, didn’t sugarcoat it. “This is a mess,” 🥴 he said, “but we’ll present anyway. Tear out the bad pages, and I’ll talk us through the rest.” Steve was relieved—until he realized during the meeting that he had mistakenly torn out the good pages, leaving the presentation incomplete.😱 Eric managed to salvage the meeting, but the silence on the way back was heavy. Just before boarding the plane home, Eric turned to Steve and said, “If you ever do that to me again, I’m firing 🔥you on the spot.” That tough experience at Lehman Brothers became a foundational lesson for Steve. He learned that finance like any craft... 💡 Demands mastery of even the smallest details: Mistakes, no matter how small, can have huge consequences. 💡 Practice makes perfect: It’s through repetition, practice, and making early errors that professionals truly learn their trade. I remember my own boss, Abi, an ex-Merrill Lynch investment banker who taught me financial modeling and valuations, used to say... "Sameer, in banking 99% correct is 100% wrong."😂😂😂 #Leadership #CareerGrowth #Finance #CFA #investmentbanking🚀

While many of the big alternative asset managers have spent years scaling up crucial lending businesses to compensate for the maturation of the private equity industry, one notable firm remains behind -- Carlyle. The firm’s footprint in credit grew in fits and starts over much of the past 25 years, marked by turnover and whiplash from strategy shifts. More than a year into Harvey Schwartz’s tenure, the 60-year-old CEO is still trying to ramp up the credit business in the face of permanent shifts in the industry — and make Carlyle a bigger alternative-asset superstore. My latest story, by Dawn Lim, me, and Ellen Rose Schneider https://lnkd.in/eMYdCwYE #privateequity #finance #wallstreet #leveragedfinance #privatecredit

Some good news for dealmakers through the various earnings seasons around the world. Australian upstart Barrenjoey’s pretty swift move to profitability follows Jarden’s news earlier this year of black ink on the other side of the Tasman (despite much sniping about the Kiwi’s Aussie foray) as the young Turks shook things up during the covid pandemic. Enjoying the initial boom when free money seemed to fuel everything, there were a couple of cooler years for both investment banks, but there are signs of life in dealmaker-land (obviously helped in part as central bankers start loosening their grips on the monetary tillers). Not only did PwC New Zealand’s recent M&A report show a pick-up in deal flow through the June quarter, but we’ve also got a few live takeovers on the go, such as with Arvida Group Limited, Vital NZ, and asset sales from Fletcher Building and Fonterra. Investment banking in general seemed to be on the mend from the major banks reporting around the world in recent weeks. UBS and Barclays both booked higher advisory fees and their trading desks benefited from the market volatility. Meanwhile, Wall Street’s majors – Goldman Sachs, JPMorganChase, Bank of America, Morgan Stanley, Citi and Wells Fargo – all posted double-digit revenue growth at their investment banking divisions with M&A activity on the up and trading desks keeping busy. It might just be the start of the recovery, but here’s hoping the easier monetary policy helps free things up some.  https://lnkd.in/grXq5KkV

In the latest article from ABL Advisor, Robert Katz of EisnerAmper and Stuart Gordon of Rivkin Radler LLP discuss how the rise of debt-hobbled ’zombie’ companies exposes the dire consequences of poor planning and inadequate leadership, with restructuring and refinancing as crucial solutions. Read the full article, Zombie Companies’ Growth and Expansion: Should This Be a Surprise? https://lnkd.in/dAuJGfPz #assetbasedlending #lending #commercialfinance #corporatefinance #privatecredit #privatedebt #privateequity #restructuring #bankruptcy #credit #finance

Great insights from our most recent Hot Topics panel, who had much to say on why middle market M&A slowed in 2023 and how a rebound could take shape in 2024. Check out the blog post that Corey Habib and I prepared on this event and reach out if you would like to add to the conversation!

Hudson's Bay-backed Liberty Strategic Capital led a $1bn investment round in New York Community Bank (NYCB), a bank holding company, with participation from Reverence Capital Partners, Citadel Global Equities, other institutional investors and certain members of the company’s management. Liberty will invest $450m, Hudson Bay will invest $250m, and Reverence will invest $200m as part of the transaction. "We welcome the approach that Liberty, Reverence and the other investors took in their respective evaluations of the Bank and look forward to incorporating their insights going forward. The strategic investments involving former Secretary Steven Mnuchin, former Comptroller Joseph Otting and Milton Berlinski, along with the other institutional investors is a positive endorsement of the turnaround that is underway and allows us to execute on our strategy from a position of strength. We enter this next chapter with a strong balance sheet and liquidity position supported by a diversified and retail focused deposit base. Our new leadership team, with the support of the reconstituted Board, will continue to take the actions that are necessary to improve earnings, profitability and drive enhanced value for shareholders," Sandro DiNello, NYCB Non-Executive Chairman. New York Community Bancorp (led by Joseph Otting and John Pinto) is advised by Jefferies and Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (led by Christopher Barlow). Jefferies & Company is advised by Latham & Watkins. Liberty is advised by Sullivan & Cromwell LLP. Hudson Bay Capital (led by Sander Gerber) is advised by Schulte Roth & Zabel LLP. #MergersAcquisitionsDivestitures #Banking #Commercial

We keep finding smiling Private Markets people! CFA Society Atlanta would like to thank our sponsor, T. Rowe Price Oak Hill Advisors, L.P., and Vista Equity Partners for a fascinating discussion today about the Anatomy of a Private Markets Deal. Special thanks to Nathaniel Furman, Aaron G., and Sean Cahill for making this event a success! #privateequity #privatecredit #finance #alternatives #directlending #investors #assetmanagement

"We believe now is an excellent time to invest in UK smaller companies." Ken Wotton manager of Strategic Equity Capital plc (SEC) gives his views on UK smaller companies to Wealth DFM. Here are three key takeaways: 🌟 Valuations Valuations are compelling as evidenced by the steady stream of takeover offers for UK-listed companies. 📈 Economic conditions Improving economic conditions with inflation lower, confidence recovering and the prospect of rates falling later in the year. 🏷️ Discounts A large number of high-quality UK smaller companies are trading at discounted ratings. Ken and the team apply their highly disciplined private equity approach to investing in public markets, to identify compelling investment opportunities in smaller #ukequities. Read more about the insights here: https://lnkd.in/eVeRQbV2   #publicequities #investmenttrusts | Capital at risk. Not an investment recommendation. Opinions expressed are those of the individual fund managers. Brendan Gulston Cassie Herlihy David Bickerstaffe

“The potential PE approach is another illustration of the disconnect between valuations of high-quality UK smaller companies and equivalent private market transactions.” 💬 Ken Wotton, Fund Manager of Strategic Equity Capital plc, discusses ALPHA FINANCIAL MARKETS CONSULTING LIMITED (AFMC) recent takeover offer, which he highlights as an example of private equity giants exploiting distressed UK small cap valuations. Recent negative investor sentiment around UK markets has particularly impacted small caps trading at considerable discount to blue chips, which have scaled to record highs this year. However, Ken believes valuations on UK-listed small-caps have become even more compelling relative to large-caps, global equities, and private markets. On this basis, he expects takeover valuations to remain elevated, driving the potential for selective re-ratings across the market. https://lnkd.in/gmEPCJmh #ukequities #publicequity | Capital at risk. Not an investment recommendation. Past performance is not necessarily a guide to future performance. Opinions are the fund managers own and not necessarily those of Gresham House.