Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Europe’s biggest asset manager Amundi is taking a 9.9 per cent stake in London-based ICG as it steps up efforts to grow its private credit business. The French group, which also said it would launch a share buyback, did not give financial details of its offer, but a 10 per cent stake in listed private credit specialist and private equity firm ICG would be worth about £550mn at Monday’s closing price. Executives at Amundi said about half the stake would be bought on…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.FT Alphaville had a long history of trying new things. Some have been successful, others have been abject failures. With the former firmly in mind and the latter mostly memory-holed, we are now launching a Substack.Many readers have long asked for a newsletter of some kind, and will probably think this is hugely overdue. Others might be baffled, and worried that our output of financial and economic nerdery and occasional shitposting could become balkanised. So we thought we’d quickly explain why FTAV…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Swiss bondholders are exploring ways to push for a settlement with UBS, after a court ruled that the SFr16.5bn write-off of Credit Suisse bonds during the bank’s 2023 rescue by its rival lacked a legal basis. The Swiss Federal Administrative Court delivered a surprise ruling last month that market regulator Finma’s order to write off the additional tier 1 bonds lacked a sufficient legal basis. Finma and UBS are both appealing against the decision, which will now go to the Supreme Court. The appeals process…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.This article is the latest part of the FT’s Financial Literacy and Inclusion Campaign“Why don’t they teach us about money in schools?” is the frequent refrain of adults who approach me for advice about their financial problems. The good news is that in future, all schools in England will have to, starting from the age of five.Making financial education compulsory was the number one ask of both parents and children who contributed to a wide-ranging overhaul of the curriculum announced this week…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Buyers of used cars must be on guard to make sure they don’t drive away with a lemon. The same is true of investors and lenders in used car dealerships. Three different US companies have of late been flashing warning signals, both for the sector and the broader economy. Tricolor, the Texas-based lender and retailer, plunged into a shock bankruptcy liquidation in September. Allegations of fraudulent lending are now being investigated by legal authorities. CarMax, another dealership that sold more than 1mn…

Stay informed with free updatesSimply sign up to the Property myFT Digest — delivered directly to your inbox.Holiday home matchmakingHoping to reinvent the way we view holiday homes, a new breed of co-ownership companies now offers the benefits of flexibility, variety and hassle-free fractional ownership within a freehold basis. August has more than 500 homeowners and manages 80 renovated properties across Europe. Its CEO Mélie Dunod claims that the average holiday home is used for just 35 days every year.An August Collection property in Mallorca © “Why own 100 per cent of an asset that you visit just 10 per cent…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.State Street pulled its US operations out of what was once a leading climate action industry group, in a move symbolic of the retreat by money managers previously leading the charge in America.It said it had decided that only its units serving UK and European clients would remain part of the Net Zero Asset Managers initiative. The initiative itself on Wednesday removed a reference to 2050 climate goals in its manifesto.State Street, one of the world’s largest money managers, follows BlackRock, Vanguard and…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Credit ratings on private loans held by US insurers may have been systematically inflated, the Bank for International Settlements has warned in a new paper on the growing risk of “fire sales” during periods of financial turmoil.Ratings on private credit investments have come under scrutiny following a rise in insolvencies and recent high-profile bankruptcies at car parts maker First Brands and auto lender Tricolor. The rapid collapse of the two businesses has rattled credit markets, with some investors highlighting concerns over their…

The world’s largest listed hedge fund manager, Man Group, is at a crossroads. After years of high flying thanks to its innovative quant trading strategies, the company’s hedge fund unit has been faltering. Recently, the performance of Man Group’s core business has been lacklustre, and some institutional investors have pulled their money. The FT’s hedge fund correspondent Costas Mourselas analyses which strategies Man Group may pursue to rebound. – – – – – – – – – – – – – – – – – – – – – – – – – – For further reading:Can the world’s largest…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EY reported a 4 per cent increase in annual global revenue on Wednesday, as an artificial intelligence-driven rebound in consulting work was offset by shrinking activity in its strategy and deal advisory business.The Big Four accounting and consulting firm brought in revenue of $53.2bn for the year to the end of June, up from $51.2bn in the previous year and close to the same rate of growth in constant currency terms.EY is the second of the Big Four to report, against a…