Author: Lily Harper

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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Ares Management is on course to raise more than $80bn from investors this year, a record sum for the credit-focused investment group, its chief executive predicted on Friday.Michael Arougheti, the head of the $464bn asset manager, said the investment group was benefiting from “heightened demand” for its funds from both institutional and retail investors, who have been drawn to the high yields on offer in private credit.That has manifested in the fastest fundraising pace Ares has ever logged, including $20.9bn of investor…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Japan’s Nomura said profits more than doubled in its latest quarter, to their highest point in four years, a day after the bank’s chief executive took a pay cut as he accepted accountability for a bond trading scandal.The country’s biggest brokerage and investment bank said after Friday’s Tokyo market close that net income for the July to September quarter had come in at ¥98.4bn ($640mn), compared with ¥35.2bn a year earlier and beating analysts’ estimates compiled by Bloomberg of ¥63bn. The quarter was…

Latest news on ETFsVisit our ETF Hub to find out more and to explore our in-depth data and comparison toolsLow- and minimum-volatility funds are haemorrhaging money as performance continues to disappoint and investors shift to a newer, shinier way of managing risk in equity markets.Investors have pulled $43.8bn from US-listed low-volatility exchange traded funds since February 2020, according to data from State Street Global Advisors, with just one month of positive flows in the past 22.Money is instead pouring into newer “defined outcome” buffered ETFs, which use derivatives to reduce the risk of investing in equity markets, and which have…

Stay informed with free updatesSimply sign up to the Property sector myFT Digest — delivered directly to your inbox.A growing number of buy-to-let landlords who own through limited companies have been purchasing rental homes, challenging the picture of decline across the private rented sector.Limited companies purchased 85,000 new properties in England and Wales in the year to September — 165 per cent more than the 32,000 bought in the 12 months to September 2017, before tax and regulatory changes in the sector began to bite. The figures were calculated by Hamptons, the estate agent, and Nottingham University’s economics department, which conducted…

Stay informed with free updatesSimply sign up to the Accounting & Consulting services myFT Digest — delivered directly to your inbox.BDO has been ordered to pay more than $5mn in damages to Jay-Z’s former tax adviser, who said he was unfairly dismissed for disclosing confidential information to celebrity clients who accused a firm employee of stealing money. Kashyap Bakhai, a BDO partner with 35 years of experience advising wealthy individuals including sports stars and entertainers, was fired almost two years ago when the accounting firm was dealing with accusations that the employee dipped into client accounts for personal use, according…

One giant chipmaker’s earnings to start: Intel announced a massive $18.7bn set of restructuring and asset impairment charges on Thursday in an attempt to clear the decks and accelerate its effort to rebuild its competitiveness.Some new block trade rules to start: Hong Kong authorities are cracking down on how banks discuss block trades with hedge funds, after a criminal case against Segantii Capital Management and its founder Simon Sadler threw a spotlight on the practice.Welcome to Due Diligence, your briefing on dealmaking, private equity and corporate finance. This article is an on-site version of the newsletter. Premium subscribers can sign…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Barclays’ chief executive CS Venkatakrishnan has defended Rachel Reeves’ tax-raising Budget, arguing the UK chancellor had done an “admirable job” of balancing spending, borrowing and taxation despite a backlash from company bosses about the increased cost of doing business. Reeves drew heavy criticism from company bosses for increasing their national insurance bills in her maiden Budget on Wednesday, with retail and hospitality executives warning the move would lead to job losses and higher prices.But Venkatakrishnan backed Reeves on Thursday, arguing it was…

Stay informed with free updatesSimply sign up to the UK banks myFT Digest — delivered directly to your inbox.Lenders’ rapidly expanding use of generative artificial intelligence is creating new risks for the financial system and could be incorporated into annual stress tests that examine sector resilience, a Bank of England deputy governor said. “The power and use of AI is growing fast, and we mustn’t be complacent,” Sarah Breeden said on Thursday, adding that while the UK central bank was concerned, it was not ready to change its approach to regulating generative AI.Some 75 per cent of financial companies are…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UK chancellor Rachel Reeves has announced long-anticipated reforms to the taxation of carried interest, the share of profits private equity executives get to keep when they exit investments.How will taxes on carried interest change?In her Budget on Wednesday Reeves set out a two-pronged approach. From April 2025 the tax rate on carried interest will increase to 32 per cent, from the current rate of 28 per cent. But from April 2026, the Labour government is proposing a bigger change. All carried interest…