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BTG Pactual announces strategic financing in the buyout of Fortress Investment Group

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木曜日, 5月 16, 2024

Banking, Asset Management, Professional Services, Finance, Neumark, Fortress Investment Group, Fortification, Partnership, BTG Pactual

BTG Pactual today announced a strategic financing in the buyout of Fortress Investment Group (“Fortress”), a global investment manager with US$ 48 billion of assets under management.

Key Points:

BTG Pactual today announced a strategic financing in the buyout of Fortress Investment Group (“Fortress”), a global investment manager with US$ 48 billion of assets under management.
James Frank, Head of Strategic Capital at BTG Pactual, said, “We’re thrilled to invest behind the talented and disciplined management team at Fortress, which has a track record of generating significant value for stakeholders in the alternative investment space.
Thanks to their leadership, Fortress is well positioned for growth.”
Gerrity Lansing, Head of International Private Markets at BTG Pactual, said, “Fortress’s reputation and track record, along with their success in growing investment strategies across a wide range of asset classes, makes them an ideal partner for BTG Pactual.
The Fortress team shares our values and vision, and we look forward to helping them grow.”
Josh Pack and Drew McKnight, the co-CEOs of Fortress, in a joint statement said, “We’re extremely pleased to be forging a partnership with BTG Pactual, which we believe will deliver significant benefits for our company and our clients.

Fortress Management and Mubadala Complete Acquisition of Fortress Investment Group

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水曜日, 5月 15, 2024

Asset Management, Professional Services, Finance, Neumark, Slate, Partnership, SoftBank Group, Kirkland & Ellis, Skin, Goldman Sachs, Shearman, Fortress Investment Group, Fortification, Capital, Acquisition, LLP, Mubadala Investment Company, Shearman & Sterling, Security (finance)

Fortress Investment Group (“Fortress”) and Mubadala Investment Company (“Mubadala”), through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), today announced that they have completed the previously announced acquisition of the 90.01% of the equity of Fortress that was held by SoftBank Group Corp. (“SoftBank”).

Key Points:

Fortress Investment Group (“Fortress”) and Mubadala Investment Company (“Mubadala”), through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), today announced that they have completed the previously announced acquisition of the 90.01% of the equity of Fortress that was held by SoftBank Group Corp. (“SoftBank”).
With the close of the transaction, Fortress management now owns a 32% equity interest in the company in a class of equity entitling Fortress management to appoint a majority of seats on the board.
Mubadala Capital’s CEO and Managing Director, Hani Barhoush, who has served on Fortress’ board since 2019, continues to serve on the board.
As previously announced, Fortress continues to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and operations.

As interest rates surge: flighty deposits and lending

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金曜日, 4月 5, 2024

Neumark, Face, BCBS, Quarterly Journal of Economics, COVID-19, Cash, MRO, Intensive word form, Duration, Disclosure, The, Return, Bank statement, DFR, Research Papers in Economics, Investment, DEP, Federal, Prudential, CEMFI, Core, Synthetic control method, Interest rate risk, Journal of Political Economy, Policy, OLS, Logic, PDF, LOAN, ECB, Risk, International, Shock, Quarterly Journal, ROA, Risk management, Panetta, HHS, T2, T3, E51, Silicon Valley Bank, Common, Social science, NBER, EBA, Propensity score matching, Control, JEL, University Challenge 2013–14, Database, Rigidity, Yb, Social Science Research Network, The Journal of Finance, Bednarek, Journal, Research, Public policy, AT1, Journal of Monetary Economics, PSM, Big data, McPhail, Literature, Medical classification, Federal Reserve, Robustness, Paper, NPL, Financial economics, Deposit account, European Central Bank, Gérard Schivardi, Remuneration, Central bank, Conference, Environment, Political economy, MDA, Equation, Collateral damage, Monetary economics, Monetary policy, Kernel, Hoffmann, Website, Movement, Reproduction, Financial intermediary, Silicon, FE, Working paper, Injection, American Economic Review, Data, G21, AnaCredit, Probability, Total, Lombard, Bank

Key Points:

Deposit market concentration and monetary transmission: evidence from the euro area

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日曜日, 2月 4, 2024

Neumark, American Economic Journal, Paper, A18, A21, Money, A4, Financial crisis, International, A5, A1, Exercise, Timothy, A14, Monetary policy, IRF, Interest rate, Economy, Quarterly Journal of Economics, NII, A8, Policy, HICP, MMF, Control, Statistics, Series, ECB, DNB, Index (economics), Finance, Section 3, GDP, History, American Economic Review, De Nederlandsche Bank, Rigidity, XB, Habit, Website, Federal funds, Social science, A11, 95.1 FM, IMF, MPS, A9, Credit, University of Amsterdam, Wang, A26, HHI, European Economic Review, Reproduction, Shock, University, Journal of Political Economy, Central bank, A30, Journal of Monetary Economics, Interval (mathematics), A25, G21, Politics, Auerbach, Silvana Tenreyro, XT, Research Papers in Economics, Causality, Deposit, Yb, A27, Time series, Dynamics, Literature, Hey, SSI, Interpolation, O'Driscoll (surname), BSI, A23, United, Domestic, European Central Bank, VAR, A28, Rigid transformation, A6, OIS, Role, PDF, Research, Feedback, The Journal of Finance, A15, A17, NFC, A22, E43, DSGE, Quarterly Journal, E52, MIR, Appendix, A10, Information, Surface finishing

Abstract

Key Points:

Abstract
I study the transmission of monetary policy to deposit rates in the euro area with a
focus on asymmetries and the role of banking sector concentration.
Moreover, the
gap between deposit rates across euro area member states - despite being exposed to the same
key ECB interest rates - has widened.
This begs the question whether deposit rates are more
sluggish in response to both policy rate increases and cuts, and what factors might influence the
transmission of monetary policy to deposit rates.
Whether banks are indeed able to adjust deposit rates asymmetrically to positive and
negative changes in policy rates could thus well depend on how much market power they hold
in the deposit market.
Arguing that market power increases in the degree of market concentration,
I further consider whether more concentrated banking sectors set rates (more) asymmetrically.
The response of deposit rates in banking sectors with an average degree of concentration does
not appear asymmetric.
The degree of market concentration is often pointed at, but recent evidence
for the euro area is scarce.
In this paper, I provide empirical evidence on the asymmetric response of deposit rates to
monetary policy, and relate this to the degree of concentration within a country?s banking sector.
Both papers
provide empirical evidence based on US deposit markets showing that deposit rates respond
more rigidly to upward changes in market rates than downward changes, especially so in more
concentrated markets.
Recent research on euro area deposit markets,
instead, has focused more on the transmission of negative policy rates (see e.g.
Whether banks are able to set deposit rates that materially differ from policy rates is affected
ECB Working Paper Series No 2896

4

by market concentration: market power is assumed to increase in the degree of concentration in
the banking sector.
Concentration thus appears to matter for how quickly ECB monetary policy has
been transmitted to deposit rates across the euro area.
Banks thus have a motive to be
rigid in adjusting deposit rates to a ?positive? monetary policy shock.
While customers are generally (and potentially rationally) inattentive, swift and substantial
nominal deposit rate declines may trigger deposit outflows.
relative deposit rate = deposit rate - short term rate
The inverse of the wedge, the relative deposit rate will allow us to see more clearly how
the deposit rate evolves in comparison to the short-term rate.
This then translates to (more
pronounced) effects on the transmission of policy to the deposit wedge, reinforcing the asymmetry discussed before.
More concentration would mean more rigid deposit rates (and thus an
increase in the deposit wedge) in case of positive surprises, and more flexible deposit rates (and
thus a decrease in the deposit wedge) in case of negative surprises (see also e.g.
I add an identical
altered-linex adjustment cost for deposit rates, to capture the upward rigidity and downward
flexibility of deposit rates as well.
As discussed
previously, the deposit rate is particularly rigid in case of a positive shock, illustrating the dividend smoothing motive and bank market power.
Without the asymmetric adjustment cost,
the response of the deposit rates to positive and negative changes in policy would have been
symmetric.
This appears a reasonable assumption
in general, as market concentration or market shares are slow-moving concepts.
3
Methods and data

I study the dynamic response to an unexpected change in monetary policy on deposit rates
in different countries in the euro area.
deposit rate - short-term rate), which for the sake of
brevity I will refer to as the ?relative deposit rate?.
Positive IRFs for the relative deposit rate imply that
the deposit rate has increased by more than the short-term rate, narrowing the wedge between
the short-term rate and the deposit rate.
0
?2
?2
?4
?6

?4
4

8

12

4

Months

8

12

Months

Figure 9: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months

0.0

0
?1

p.p.
0
0
?2
?1
?4
4

8

12

4

8

Months

12

Months

Figure 12: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months
2.0

1.5

p.p.
And, (2) how quickly
households and NFCs learn about changes in monetary policy, via the deposit rate, may vary
across the monetary union.
?0 , ?1 )
Figure A16: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

2

10
5

p.p.
?0 , ?1 )
Figure A19: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)
5

0

p.p.
?0 , ?1 )
Figure A28: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

3

5.0

2

2.5

p.p.
?0 , ?1 )
Figure A31: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)

3
2

p.p.

Nassau Financial Group and Fortress Investment Group Enter Into Strategic Partnership

Retrieved on:

火曜日, 9月 5, 2023

Nassau Financial Group, L.P. (“Nassau”), a leading provider of fixed annuities and asset management, and Fortress Investment Group LLC (“Fortress”), a global investment management firm, today announced they have entered into a strategic partnership.

Key Points:

Nassau Financial Group, L.P. (“Nassau”), a leading provider of fixed annuities and asset management, and Fortress Investment Group LLC (“Fortress”), a global investment management firm, today announced they have entered into a strategic partnership.
View the full release here: https://www.businesswire.com/news/home/20230904160795/en/
As part of this strategic partnership, Nassau received a $130 million minority non-voting common equity investment from Fortress.
Nassau entered into a long-term Investment Management Agreement (“IMA”) with Fortress, whereby Nassau’s insurance subsidiaries will have full access to Fortress’ credit investment strategies.
Deutsche Bank served as financial advisor, Wachtell, Lipton, Rosen & Katz served as transaction counsel, and Skadden served as investment management counsel to Fortress.

Fortress Management and Mubadala to Acquire Fortress Investment Group

Retrieved on:

月曜日, 5月 22, 2023

Fortress Investment Group (“Fortress”) and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), today announced that they have entered into definitive agreements to acquire 90.01% of the equity of Fortress that is currently held by SoftBank Group Corp. (“SoftBank”), who have been the owners of Fortress since 2017.

Key Points:

Fortress Investment Group (“Fortress”) and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala Capital”), today announced that they have entered into definitive agreements to acquire 90.01% of the equity of Fortress that is currently held by SoftBank Group Corp. (“SoftBank”), who have been the owners of Fortress since 2017.
View the full release here: https://www.businesswire.com/news/home/20230522005259/en/
After transaction close, Fortress management is expected to own a 30% equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board.
Mubadala Capital (which currently holds a 9.99% stake in Fortress through its Private Equity Funds II and III), will own 70% of Fortress equity.
After the closing, Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and operations.

China's Dishui Lake - World's Financial Bay

Retrieved on:

木曜日, 12月 8, 2022

SHANGHAI, Dec. 8, 2022 /PRNewswire/ -- On December 8, the Dishui Lake Emerging Finance Conference, themed Financial Innovation and Openness in China's New March to Modernization, took place at the permanent venue for the World Laureates Forum, located on the shore of Dishui Lake in the China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area. The event highlighted the area's strengths in artificial intelligence, integrated circuits, intelligent electric vehicles, high-end equipment manufacturing, and other cutting-edge sci-tech industries, and invited leaders from government and financial regulatory authorities, as well as industry experts and leaders. The event reinforces the area's tagline "China's Dishui Lake - World's Financial Bay", with discussions on finance, technology and openness.

Key Points:

SHANGHAI, Dec. 8, 2022 /PRNewswire/ --On December 8, the Dishui Lake Emerging Finance Conference, themed Financial Innovation and Openness in China's New March to Modernization, took place at the permanent venue for the World Laureates Forum, locatedon the shore of Dishui Lake in the China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area.
The eventreinforcesthe area's tagline"China's Dishui Lake - World's Financial Bay", with discussions on finance, technology and openness.
To this end, new and emerging financial modelswill provide a powerful solution for the zone's efforts in seeking new areas forindustrial growth and creating a new ecosystemfor financial services.
The financial center of the future is taking shape, withDishui Lake Financial Bay well on its way to becoming aworld-class financial hub at the forefront offinancial opening, promotingvalue innovation and paving the way forthe next generation of new and emerging industries.

Fortress Announces Integration of Vannin Capital into Fortress Legal Assets Business

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火曜日, 10月 5, 2021

Banking, Professional Services, Finance, Neumark, Fortress Investment Group, Acquisition, Investment, Fortification, Financial services

Fortress Investment Group LLC (Fortress) today announced that following the acquisition of Vannin Capital by funds managed by Fortress in 2019, the operations of Vannin Capital are now being restructured into the Fortress Legal Assets business.

Key Points:

Fortress Investment Group LLC (Fortress) today announced that following the acquisition of Vannin Capital by funds managed by Fortress in 2019, the operations of Vannin Capital are now being restructured into the Fortress Legal Assets business.
As part of the restructuring, a number of Vannin Capital employees will transfer to Fortress.
This change will have no impact on Vannin Capitals existing investments, and Vannin Capital will remain the counterparty to its various litigation funding agreements.
We are confident that this combination will further strengthen our leadership position in the litigation finance market, broadening our sourcing capabilities and bringing counterparties the benefits of a deeply experienced, fully-integrated, global Legal Assets team, said Jack Neumark, Managing Director and head of the Fortress Legal Assets business.

Marcus & Millichap Brokers $58 Million Manufactured Housing Sale in Huntington Beach

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金曜日, 8月 27, 2021

REIT, Other Construction & Property, Residential Building & Real Estate, Commercial Building & Real Estate, Construction & Property, Neumark, Specialization, MMI, Research, Marketing, NYSE, Walking, Marcus & Millichap, Farmer, Sale, Restaurant, Financial services, Auction

Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Skandia Mobile Country Club, a 167-unit mobile home complex in Huntington Beach, California.

Key Points:

Marcus & Millichap (NYSE: MMI) , a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Skandia Mobile Country Club, a 167-unit mobile home complex in Huntington Beach, California.
Centrally located in beautiful Huntington Beach, Skandia Mobile Country Club is a five-star manufactured housing community with 167 units, primarily consisting of double-wide spaces, which are all tenant-owned homes, said Jeff Benson, senior vice president investments, Marcus & Millichap.
Given the impeccable quality of the property, coupled with the strong Huntington Beach rental market, there is significant upside opportunity for the new owner, added Neumark.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.