Tag: fund

14
Oct
2020
Posted in technology

How JPMorgan and BlackRock are thinking of playing fund manager M&A

  • Top brass from JPMorgan and BlackRock, among the firms to kick off earnings season with their results, said Tuesday that they expect more consolidation in the wealth- and asset-management industries.
  • Pressures on money managers have fueled a flurry of acquisitions in those areas this year, and analysts questioned executives about their own deal ambitions, albeit coming from different corners of the market. 
  • JPMorgan boss Jamie Dimon said the bank would be “very interested” in deals in that space, and BlackRock finance chief Gary Shedlin said the firm was focused on targets that could expand its technology, global distribution, and private markets capabilities.
  • Last week, Morgan Stanley said it would buy investment manager Eaton Vance in a deal valued at $7 billion just days after it closed on its E-Trade acquisition. 
  • Visit Business Insider’s homepage for more stories.

Top brass at the world’s largest asset manager and largest US bank told analysts on Tuesday that they expect more mergers and acquisitions in the wealth- and asset-management industries, and signaled both firms are on the prowl. 

On the back of Morgan Stanley’s $7 billion deal for Eaton Vance last week, analysts peppered JPMorgan and BlackRock executives with questions about their appetites for deals during their respective third-quarter calls, which helped kick off the latest earnings season. 

“Well, since we have you all on the line, our doors, our lines are wide open. We would be very interested, and we do think you’ll see consolidation of the business,” JPMorgan Chief Executive Jamie Dimon said. 

“But we’re not going to be more specific than that,” he said, adding there were considerations around what type of deal would make sense for the largest US bank by assets, like technology, product, and execution. 

Dimon emphasized early this year that he was interested in carrying out more

12
Oct
2020
Posted in programming

Dynegy Donates $50,000 to Fund STEAM Programming at the Chicago Urban League

CHICAGO, Oct. 12, 2020 /PRNewswire/ — Dynegy today announced a $50,000 donation to the Chicago Urban League, aimed at ensuring access to quality education. The donation will directly fund the Chicago Urban League’s Youth Services Center (formerly the Center for Student Development), which offers services and programs to help students thrive academically and, ultimately, professionally.

“In this moment, we must acknowledge that fundamental building blocks – like a good education – are out of reach for too many people. As a corporation, Vistra is determined to be part of the solution,” said Curt Morgan, president and CEO of Vistra. “Vistra and our team at Dynegy are fully committed to strengthening the communities we serve. For us, that means driving inclusion, promoting equity, and investing in the organizations that serve as a springboard for the next generation of diverse, American leaders.” 

Dynegy’s donation will advance the Chicago Urban League’s STEAM (science, technology, engineering, art, and math) programs, which prepare middle school through college students to compete in a growing global economy.

“Our programming engages youth in hands-on applications of science, technology, engineering and math and helps many of them see themselves on a path to a STEAM career though exposure, equity, and access,” said Karen Freeman-Wilson, president and CEO of the Chicago Urban League. “Dynegy’s generous donation directly contributed to our ability to serve more youth through our virtual STEAM camp this summer and will continue to support our programming over the current academic year.”

Dynegy’s donation is part of a $10 million commitment from Dynegy’s parent company, Vistra, to support organizations that grow minority-owned small businesses, enhance economic development, and provide educational opportunities for students from diverse backgrounds. Serving nearly 5 million residential, commercial, and industrial retail customers with electricity and natural gas, Vistra is the largest

08
Oct
2020
Posted in technology

Paytm Stands Tall; Announces INR 10 Cr Fund For Mini App Developers

The latest development has been welcomed by the Indian startup ecosystem, which has been up in arms about Google’s Play Store policies

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After the announcement of Mini App store to fight against the monopoly orchestrated by Google in its Play Store, Paytm founder Vijay Shekhar Sharma on Thursday announced INR 10 crore investment fund for mini app developers at a virtual conference.

The developer conference also had Vishal Gondal, founder and chief operating officer, GOQUii, Anand Lunia, general partner at India Quotient, Rajesh Swahney of GSF Accelerator and Murugavel Janakiraman of Matrinomy.com as speakers. Around 5,000 developers registered for the virtual conference.

The latest development has been by and large welcomed by the Indian startup ecosystem, which has been up in arms about Google’s Play Store policies.

However, after facing backlash, Google has decided to extend its deadline for Indian app developers to comply with its play billing system to April 2022 from the original date of September 2021.

The Fallout

The move to support indigenuous app developers has come days after Paytm was taken down by Google from its Play Store for violating the company’s gambling policy. Within a few hours of the move, Google had restored the Paytm app on the Play Store, but Vijay Shekhar Sharma, has since then gone on record multiple times expressing his discontent with Google’s high-handed behavior of abusing its monopoly over the Indian internet ecosystem.

Many other prominent Indian entrepreneurs, including arch-rival PhonePe’s founder Sameer Nigam, have also come out in support of Paytm’s fight against Google.

Following this Paytm launched its own Mini App Store. Mini apps are a custom-built mobile

07
Oct
2020
Posted in technology

AI Startup Vestun Launches Hedge Fund Navigating Market Turbulence

Swiss-based AI company Vestun opens its market agnostic hedge fund strategy to new outside investors.

Vestun

Swiss-based AI company Vestun opens its market agnostic hedge fund strategy to new outside investors.
Swiss-based AI company Vestun opens its market agnostic hedge fund strategy to new outside investors.
Swiss-based AI company Vestun opens its market agnostic hedge fund strategy to new outside investors.

Zurich, Switzerland, Oct. 07, 2020 (GLOBE NEWSWIRE) — Vestun, a Swiss-based financial and technology company has now opened the launch of its hedge fund to new outside investors. The firm which until now has been only managing its own capital announced that its investment vehicle will open to institutional investments including banks, multi-family offices and asset managers within certain jurisdiction.

The company flagship strategy trades liquid US equities systematically. The strategy is designed to autonomously adapts its portfolio and risk exposure dynamically to the prevailing market conditions. In contrast to traditional systematic strategies, Vestun’s approach does not rely on statistical rules and historical events to generate signals. Instead, the strategy aggregate domain specific intelligence with datasets that individually perform in their own economics while remaining uncorrelated against each other.

Chayan Asli, the founder and CEO of the company commented: “Nowadays, everyone has access to the same financial datasets and machine learning models. If everyone uses the same smart systems with the same recipe for success, it will undermine the competitive advantage obtained by using computer-driven models to invest. In our belief, relying on signals generated from statistical rigid rules and backtesting history are not sustainable for delivering consistent long-term market outperformance”.

Over the past decade, there has been an increasing number of funds involving data scientists or so-called “quants” using machines to build large statistical models. While they are usually more disciplined than their discretionary counterpart, the problem is that they tend to remain static. These models are usually not able to perform

01
Oct
2020
Posted in technology

Bullpen Capital raises $130 million more to fund the far afield and misunderstood

Bullpen Capital, a now 10-year-old, venture fund in Menlo Park that focuses on what it calls post-seed investing — it backs startups that have already raised up to $5 million and “aren’t quite ready for a $10 million check but another $5 million would make them dangerous,” says firm cofounder Paul Martino — just closed its fifth fund with $130 million in capital commitments.

The firm also brought aboard a new general partner: Ann Lai, formerly of Binary Capital, a firm that has since closed its doors but where Lai, who has a PhD in engineering sciences from Harvard, developed a thesis  around bringing in more diverse startups from both a startup and geographic perspective — work that, it turns out, is also a prime focus for Bullpen.

In a call with both Martino and Lai earlier this week, they pointed to the startup Hemster to illustrate how both Bullpen and Lai respectively think about startups, and why, soon after Lai brought the deal to Bullpen roughly a year ago, it knew it had found its newest GP.

Hemster was founded by a solo founder, who happens to be a woman (Allison Lee), who happens to be a first-time entrepreneur. In the traditional world of venture capital, that’s three knocks against the company.

What the company does — on-demand tailoring — doesn’t necessarily sound on its face like a venture-like bet, either. Martino admitted that his first reaction to Lai’s pitch was: Why would we fund this?

Yet what Lai saw, and Bullpen eventually did, too, is a company positioned well to seize on the continuing shift from offline to online shopping, where all manner of technologies have tried to map body types in order to guarantee a better fit for customers. But Hemster, by constructing data about customers and