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<ul><li><keyword id="6357979" type="General" weightage="100" keywordseo="mutual-funds" source="Orion">Mutual funds</keyword> raised stakes in the financial services sector as economic activity and consumer demand picked up in July.</li><li>Research reports suggest that the sharp rally in July led to profit booking by mutual funds and investors alike.</li><li>Overall, the Indian mutual fund industry has ₹37.8 lakh crore of assets under its management.</li></ul>Mutual funds continued to plough in money into equities in July, after making purchases of nearly $2 billion in June. And, they are betting on financial services firms the most, as their stake in the overall mutual fund holdings increased to 31.56% from 30.56% in July. According to data from AMFI and ICICI Direct, mutual funds invested over $1 billion in July, and their biggest purchases included <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="268065" type="General" weightage="80" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword>, and United Phosphorus, among others. Zomato’s purchases came after the stock experienced a major correction after the lock-in period ended in July, <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">resulting in a 22% correction</a>. Another interesting entry into the list is Wipro, which <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">missed analyst estimates in terms of growth and margin</a>. Its rivals TCS and Infosys have seen mixed movements, with some fund houses paring their stakes while others have added. Overall, the Indian mutual fund industry invested ₹8,900 crore into Indian equities in July, down from ₹15,500 crore in June. “After having seen lows in previous months, the sharp rally in July led to many investors shying away from putting incremental money and few exiting as well during recovery,” said a report by ICICI Direct. Some other of the biggest names that mutual funds purchased includes Rakesh Jhunjhunwala-backed Star Health and the government-owned National Aluminium Company, among others. “On a month-on-month basis, the weights of NBFCs, private banks, consumer, retail, automobiles, capital goods, PSU banks, metals, cement, and media increased, while the weights of oil &amp; gas, technology, telecom, healthcare, and utilities moderated,” said a report by Motilal Oswal. Overall, according to the Association of Mutual Funds in India (AMFI), the total assets under management (AUM) of the Indian mutual fund industry increased to ₹37.8 lakh crore in July 2022 from ₹35.6 lakh crore in June 2022. There has been a sharp growth in MF AUMs which grew at around 90% in the last five years. In the past decade, AUMs multiplied by over five times, from ₹7 lakh crore in July 2012 to ₹37.8 lakh crore in July 2022. <div type="image" title="Mutual fund large cap July 2022." msid="93651789" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the large cap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund midcap July 2022." msid="93652196" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the midcap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund small cap July 2022." msid="93652308" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the small cap segment&amp;lt;/p&amp;gt;"></div> <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-becomes-first-group-company-to-hit-4-lakh-crore-market-cap/articleshow/93593431.cms">Adani Transmission becomes first group company to hit ₹4 lakh crore market cap</a> <a href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-concord-biotech-files-for-an-ipo/articleshow/93594255.cms">Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO</a> <a href="https://www.businessinsider.in/stock-market/news/checkout-rakesh-jhunjhunwala-top-stocks-current-valuation/articleshow/93589814.cms">Rakesh Jhunjhunwala’s top five stocks delivered 3 times the returns Nifty50 did</a>

Mutual funds tank up on financial services and retail stocks

Sahara <keyword id="6369681" type="POSITION" weightage="20" keywordseo="chief">chief</keyword> <keyword id="31933" type="PERSON" weightage="20" keywordseo="Subrata-Roy">Subrata Roy</keyword> might be in jail and surviving the heatwaves of May, but his ambition seems to be kissing the sky. 
 The debt ridden <keyword id="31906" type="COMPANY" weightage="20" keywordseo="Sahara-group">Sahara Group</keyword>, which failed to produce a Rs 10,000 crore bond to release it’s supremo is bidding for <keyword id="6354968" type="COMPANY" weightage="20" keywordseo="London">London</keyword>'s iconic Grosvenor House hotel. As per a news report in The Economic Times Sahara had bought the property in 2010 and lost control after defaulting on a loan, marking a bizarre twist in a long-running <keyword id="45535" type="UNKNOWN" weightage="20" keywordseo="Saga">saga</keyword> in which the group's founder has spent more than a year behind bars. 
 
 Sources have informed the ET, Sahara Group, via its subsidiary <keyword id="2870977" type="UNKNOWN" weightage="20" keywordseo="Amby-Valley-Mauritius">Amby Valley Mauritius</keyword>, has emerged as one of the bidders. Other bidders are Constellation <keyword id="6368036" type="PERSON" weightage="20" keywordseo="Hotels">Hotels</keyword> Holding, M&amp;G Prudential, Abu Dhabi Investment Authority and China's <keyword id="382183" type="ORGANIZATION" weightage="20" keywordseo="Fosun-Group">Fosun Group</keyword>. 
 The sources have also confirmed that the bids received so far are in the range of £600-625 million (up to nearly Rs 6,150 crore. <keyword id="624039" type="COMPANY" weightage="20" keywordseo="The-Bank-of-China">The Bank of China</keyword> (BOC), which has custody of the hotel, has appointed <keyword id="6358918" type="PERSON" weightage="20" keywordseo="Deloitte">Deloitte</keyword> as the <keyword id="57372" type="POSITION" weightage="20" keywordseo="Administrator">administrator</keyword> for the property and <keyword id="150310" type="CITY" weightage="20" keywordseo="Jones-Lang-LaSalle">Jones Lang LaSalle</keyword> (JLL) as one of the sales agents. 
 In 2010, the BOC had financed the Sahara group for purchasing the Grosvenor House hotel along with two hotels in <keyword id="6355838" type="COMPANY" weightage="20" keywordseo="New-York">New York</keyword> - Dream Downtown and The Plaza. Earlier this year, Sahara defaulted on BOC's loan of close to $800 million, after which the London hotel came under its custody. 
 When Sahara ran into trouble with India's capital markets regulator, <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>), the BOC asked the group to pay back its debt. Between 2013 and 2014, the group had received several bids for all the three hotel properties from possible investors, including royal families in the Middle-East. The bidders had offered close to £900 million for the London hotel alone. But the Sahara Group did not accept any offer and finally defaulted on the BOC loan. 
 
 
An email sent to Sahara by the financial daily did not elicit any response. JLL said it did not have any comments to offer at this time. A legal expert involved with the current transaction said that though Sahara has emerged as one of the bidders for the property, BOC officials are still trying to figure out whether the authorities in India could create any legal problems if Sahara were to be awarded the deal. 
 
Sahara's ability to raise money for the deal is also being doubted, according to people involved in the negotiations, especially since the group is relying on backing by other financiers. 
 Subrata Roy, founder and <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">head</keyword> of Sahara group, is currently in Tihar Jail, from where he unsuccessfully tried to negotiate a deal to sell the hotels. 
 
(Image : Reuters)

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.glassdoor.com/Photos/JLL-Office-Photos-E5779_P2.htm">Glassdoor</a></div></div></div><ul><li>Real-estate brokerage <a href="https://markets.businessinsider.com/stocks/hf-stock">HFF</a><a href="https://markets.businessinsider.com/stocks/hf-stock"> </a>announced it is selling itself to <a href="https://markets.businessinsider.com/stocks/jll-stock">Jones Lang LaSalle</a>.</li><li>JLL will acquire all the outstanding shares of HFF with a combination of cash and stock at an equity value of approximately $2 billion.</li><li>HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. </li><li><a href="https://markets.businessinsider.com/stocks/hf-stock">Watch HFF trade live.</a></li></ul>The real-estate brokerage <a href="https://markets.businessinsider.com/stocks/hf-stock">HFF</a> announced it is selling itself to <a href="https://markets.businessinsider.com/stocks/jll-stock">Jones Lang LaSalle</a>, a provider of real estate and investment management services.Under the terms of the deal, JLL will acquire all the outstanding shares of HFF in a combination of cash and stock, with an equity value of approximately $2 billion, according to a <a href="https://www.prnewswire.com/news-releases/jll-to-accelerate-growth-in-capital-markets-business-through-acquisition-of-hff-300814708.html">press release.</a> HFF shareholders will receive $24.63 in cash and 0.1505 JLL shares for each HFF share. "The combination with HFF provides a unique opportunity to accelerate growth and establish JLL as a leading capital markets intermediary, with outstanding capabilities," Christian Ulbrich, Global CEO of JLL, said in the press release. "We have long admired HFF for its expertise and leading reputation in the industry, as well as its client-first culture of teamwork, ethics and excellence, which aligns with our own. I believe that combining our organizations will deliver a range of compelling benefits for our clients, employees and shareholders."HFF was up 50% this year including Tuesday's gain of more than 5%.<div class="KonaFilter image-container display-table"><div><div class="image on-image">MI</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/2019-market-outlook-john-rogers-ariel-investments-on-fund-performance-whats-ahead-2019-3">The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years</a></h3> <div> </div> </div>

Real-estate brokerage HFF sells itself to Jones Lang LaSalle for $2 billion

<ul><li>14 people have lost their lives in the building collapse in <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>’s Dongri area. </li><li>More than 50 people are still feared to be trapped in the debris. </li><li>NDRF has deployed three teams to the site of the collapse and five people have been rescued from the debris. </li><li>Chief Minister <keyword id="6355042" type="PERSON" weightage="20" keywordseo="Devendra-Fadnavis">Devendra Fadnavis</keyword> said an investigation would be launched into the case to decide responsibility for the mishap. </li></ul>The death toll in <keyword id="389616" type="PERSON" weightage="20" keywordseo="Mumbai-building-collapse">Mumbai building collapse</keyword> has reached 14 while more than 50 others are still feared to be trapped in the debris of a 100-year old Dongri building that collapsed yesterday. The <keyword id="119446" type="COMPANY" weightage="20" keywordseo="National-Disaster-Response-Force">National Disaster Response Force</keyword> (NDRF), which is at the site of the collapse, has rescued five people so far, <a href="https://www.indiatoday.in/india/story/mumbai-building-collapse-dongri-list-of-similar-tragedies-1570019-2019-07-16">according to reports</a>. It had deployed three teams who are still looking for the survivors. As many as ten ambulances and fire brigade vehicles are stationed at the locality. The situation worsened as rains flooded the narrow lanes of the locality, making rescue tougher. Prime Minister Narendra Modi tweeted condolences to the families of those who lost their lives. 
 
 
 
 
 
 
 
 
 
 
 
 
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 Even as the rescue efforts were on, various government departments have started the blame game. The housing authority Mhada claims that the building was illegal. But the victims have been claiming that <keyword id="53938" type="COMPANY" weightage="20" keywordseo="Brihanmumbai-Municipal-Corporation">Brihanmumbai Municipal Corporation</keyword> (BMC) has been negligent. A BMC official <a href="https://timesofindia.indiatimes.com/city/mumbai/blame-game-between-different-government-departments-begins-as-building-crash-in-heart-of-mumbai-kills-10/articleshow/70253182.cms">told Times of India </a>that Mhada has been collecting cess on it, and hence is not illegal. The Chief Minister of Maharashtra, Devendra Fadnavis had ordered an investigation into the case yesterday. Not the first, won’t be the last Mumbai with many old buildings that provide its residents with cheap accommodation, is known to sacrifice lives in lieu of rent. In April 2013, 74 people were killed in a building collapse in Thane. It included 18 children, while 60 others were injured. In a similar incident in September 2017, 61 people lost their lives and more than 30 were injured in a building collapse in Mazgaon area of Mumbai, <a href="https://www.indiatoday.in/india/story/mumbai-building-collapse-dongri-list-of-similar-tragedies-1570019-2019-07-16">as per reports</a>. Most of the buildings owned by the Maharashtra Housing and Development Authority, are dilapidated and in urgent need of repair and redevelopment. Residents of the locality say they have been reaching out to officials for redevelopment of the building for the last three years, but no action was taken. “We have been visiting the Brihanmumbai Municipal Corporation (BMC) for funds to repair the buildings. We are told that there are no funds,” a resident said. In December 2018, three people died and eight were injured when an under construction building came down in Mumbai’s suburbs of Goregaon. In September 2017, there a building collapsed in Bhendi Bazaar which took 33 lives and left two people injured. The building was reportedly 117-years old.

Another building collapses in Mumbai killing 14 so far and exposing the dangers of living in India’s financial capital one more time

<ul class="summary-list"><li>John Rogers - the CEO, chief investment officer, and lead portfolio manager at $12 billion Ariel Investments - spoke with Business Insider to break down his top fund's outsized success since the financial crisis.</li><li>The $1.8 billion flagship Ariel Fund was No. 1 in Lipper's mid-cap core universe of funds in the period from the stock market's bottom on March 9, 2009 through Dec. 31, 2018.</li><li>Rogers also discussed what Ariel does differently than other firms, his views on the stock market's future, and whether he thinks an economic recession is imminent.</li></ul><a href="https://www.arielinvestments.com/content/view/112/1062/" target="_blank" rel="noopener">John Rogers</a> - the CEO, chief investment officer, and lead portfolio manager at $12 billion Ariel Investments - spoke with Business Insider senior investing editor <a href="https://www.businessinsider.com/author/joe-ciolli" target="_blank" rel="noopener">Joe Ciolli</a>.They chatted about his fund's market-beating performance since the financial crisis, what Ariel does differently than others, the stock market's future, and the possibility of a recession.Following is a transcript of the video.Joe Ciolli: John, your fund has really outperformed peers over the last decade, and I wanted to see if you could maybe distill that success down to one specific strategy or behavior that you guys do better than anyone else.John Rogers: I think what was really, really important is that we are long-term investors, so we are always looking out over the horizon and making sure that we're not getting caught up in the short-term noise, short-term emotions of the market. We're able to say, 'Hey, three to five years from now, what will these companies look like?'So during that financial crisis, we were able to look out over the horizon, take a long-term perspective, and try not to let all the fear stymie us during that tough, tough time.Ciolli: So I wanted to see what your best call might be over the last 10 years. Is there any sector call or specific allocation that you made that you think really contributed to your success more than other things?Rogers: There are a couple sectors that we worked on, but the one that really comes to mind is the real estate services companies. Jones Lang LaSalle (JLL) and CB Richard Ellis (CBRE). They are both real estate services companies known for leasing. They have businesses that do the capital markets business. They have outsourcing real estate services.They really are worldwide companies in terms of real estate servicing, and those stocks got crushed during the financial crisis. CBRE got under $5 a share, and got to be extraordinarily cheap, everyone hated it, and now it's bumping up toward $50 a share. So that was a sector that was really great for us.Another one was the leisure-oriented companies. Companies like Royal Caribbean that do a wonderful job of creating cruises for American consumers primarily. But they're also global, they're all over the world. That stock got under $10, and now it's well over $100. People were very fearful during the crisis that people wouldn't cruise again.In both cases, we looked out over that horizon and took that long-term perspective that we believe that real estate will be here forever and that people would love being able to get away on a cruise down the road.Ciolli: Is there anything in particular that you think you do differently that kind of sets you apart? I know that you're traditional value investors, but value has not done so well over the last decade, but you have. What wrinkle have you added to the value investing playbook that's allowed you to continue to succeed where others have failed?Rogers: I think, on the one hand, the thing that we do that has worked well for us is to follow Warren Buffett's playbook. He always says, 'You wanna be greedy when others are fearful.' And so during the financial crisis when there was maximum pessimism, we were buying our favored names.Same thing happened this last December. Stocks got crushed as we moved up toward Christmas. We were in there buying our favored stocks like Mattel and US Silica right before Christmas Day, and those stocks are up now over 50%, just through this period, through the end of February and early March. So being able to truly buy when there's that kind of fear in the marketplace is something that distinguishes us from our peers.And then finally, we worked hard to improve our debt analysis. We think often value-oriented firms - and we learned this during the financial crisis - we didn't spend enough time doing our own independent work on making sure that our balance sheets were exceedingly strong, and that's something that I think we've worked really hard on improving, and it's helped our performance these last 10 years.Ciolli: So does that help you avoid these so-called value traps, where a company's cheap just because it's not that great of a company and maybe it's saddled with debt? Does that sort of allow you to avoid that minefield somewhat and pick the cream of the crop?Rogers: Well, I think it helps us that if you make a mistake, if you don't have an overleveraged balance sheet, you can live through mistakes, and you can build a business for the long run. If you don't have the right type of balance sheet, when things get tough, that business can go away. You can have a permanent loss of capital, which we're trying to really protect our customers from.We think that waiting to make sure we have these bulletproof balance sheets has helped to protect capital for us during the ups and downs that are inevitable in the market, and the volatility that's gotten greater and greater than I've ever seen in my career. There's been so much volatility.Ciolli: You mentioned the big uptick in volatility in recent months. Is there anything strategy-wise that you're doing to sort of take advantage of that, or to avoid the downside of that?Rogers: Well, we're trying to make volatility our friend. And when we see stocks that are gapping down maybe where there's no fundamental change in the long-term economic outlook of that business, well, that creates an opportunity, and I think that's an important thing. So volatility should be something that helps you. On the other hand, when stocks spike higher and maybe get overpriced, that can be an opportunity for us to trim, take some profits, and move into cheaper companies.So volatility doesn't scare us, and we think that in this environment where everyone's been in this flight to safety, more and more investment communities have gotten more and more conservative. So they're moving money to the safe parts of the marketplace. That means the stocks that are left out can be truly orphaned and be really cheap. So we're trying to find those cheap orphans in this type of environment.Ciolli: So you mentioned that you're looking more at company credit profiles. Is there anything else that you're doing on a stock-selection basis to sort of insulate yourself from the next downturn? Any other types of strategies that you're using to protect yourself?Rogers: One of the things that Charlie Bobrinskoy - the head of our investment group - has helped us work on is that we are big believers in behavioral finance, and we're in Chicago, and the University of Chicago's there. I'm actually vice chairman of the board. Professor Dick Thaler just won the Nobel Prize in behavioral finance. They've had some other great behavioral finance professors there. So we've been trying to use that to help us.One of the things that we think that helps protect you against behavioral biases is to have a devil's advocate. Someone in your investment group who challenges the perspectives and points of view of our various reports that we put together on the companies and industries we follow. So I think the devil's advocate's been a big improvement. It's created better dialog, better discussion for us to challenge each other in our weekly portfolio management meetings.Ciolli: I know that you like to look way beyond the short term, so perhaps this is too nearsighted of a question, but I'm gonna ask it anyway. What do you think the future holds for the bull market, how much longer can it go?It sounds like the way your portfolio is built that you're insulated from any downturn. But it's still helpful to get an idea from an expert like yourself how long we have to go in the current cycle.Rogers: As you know, you never know quite where we are in the cycle. I always tell people we invest for the long run so that in case there is a downturn that's inevitable, we know that downturn will end, and that stocks will march back up. We think that if you get too caught up in the short-term emotions and try to predict the short term, it's really, really hard to do and often doesn't lead to good decision-making.But overall, our perspective is right now is things are steady as she goes. Market multiples are reasonable, the S&amp;P at 17 times next year's earnings is reasonable. If you look at the kind of interest-rate environment we're in, we have historically low rates. So you put reasonable valuations with low rates, we think that means stocks are not overpriced. I think that's really a big deal.Also, there's so much money in private equity, so much cash sloshing around out there. If stocks get beaten up and get cheap, private equity can come in and bid those companies up and take advantage of those opportunities. So we're still quite optimistic. As we talk to our management teams these days, people are telling us cash flows are strong, the economy's reasonably strong, and it gives us confidence that things are gonna chug along here. It's a good environment to invest in common stocks.Ciolli: One last one. A recession, people seem to be thinking that there could be one coming by the end of this year, or end of next year. Opinions really vary, but it's on the radar. What's your take on it?Rogers: No one knows when the next recession's going to come. And we just believe you've got to look out over the horizon. Warren Buffett always talks about the fact that last century the Dow started at around 66, and ended at over 11,000. We had two world wars. We had a Great Depression. We had all kinds of challenges that faced our country.Our capitalist democracy is the best system ever invented. So if we do have a recession, which is inevitable, we'll recover from it, and it'll bounce right back. So I think investors shouldn't try to time the market to move in and out on a short-term basis. I don't think that's a successful formula.<h2>Now read:</h2><a href="https://www.businessinsider.com/rob-arnott-investment-recommendations-tips-top-10-year-call-smart-beta-2019-3" target="_blank" rel="noopener">The world's biggest and best firms pay Rob Arnott for advice. He shared his top investing idea for the next 10 years - and gave us a peek inside his unique thought process.</a><a href="https://www.businessinsider.com/marko-kolanovic-stock-market-outlook-investing-recommendations-2019-3" target="_blank" rel="noopener">We spoke with JPMorgan quant guru Marko Kolanovic, who can move markets with a single call. Here's where he said investors should be putting their money.</a><a href="https://www.businessinsider.com/next-stock-market-crash-investors-repeating-same-historical-mistake-john-hussman-2019-3" target="_blank" rel="noopener">'Obscenely overvalued': Stocks are far more fragile than most people realize - and one expert says traders are making the same mistake they did before the past 2 crashes</a>

The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years

<table class="image-container float_right click-to-enlarge" width="200"><tr><td><div class="image"><a title_source="AP Images" title_caption="Miss New Mexico Teen USA 2007 Liz Kranz made the top 15 at the Miss Teen USA pageant." class="zoomin" href="http://static5.businessinsider.com/image/5133bc14ecad04a83700000e-960/screen shot 2013-03-03 at 4.09.05 pm.png"></a></div>AP ImagesMiss New Mexico Teen USA 2007 Liz Kranz made the top 15 at the Miss Teen USA pageant.</td></tr></table><keyword id="154791" type="POSITION" weightage="60" keywordseo="Hedge-fund-manager">Hedge fund manager</keyword> Rishi Bajaj, who runs <a href="http://www.insidermonkey.com/blog/altai-capital-loves-this-promising-solar-company-should-you-23904/">$620 million</a> Altai Capital, has filed a lawsuit against his former beauty queen ex-girlfriend for allegedly spending tens of thousands of dollars on his credit card after they broke up last year, <a href="http://www.nypost.com/p/news/local/manhattan/she_miss_con_genial_F88vewJ4pQ5X6zZV6A9U8I">the New York Post reported.</a>
Bajaj alleges that Miss New Mexico Teen USA 2007, Elizabeth "Liz" Kranz, spent $58,860 at furniture stores and high-end clothing stores such as Bergdorf Goodman, Barney's, Saks, Nordstrom, and Helmut Lang, <a href="http://www.nypost.com/p/news/local/manhattan/she_miss_con_genial_F88vewJ4pQ5X6zZV6A9U8I">the Post reported citing court papers.</a>
The pair dated for "several months" beginning in July 2012, the report said. They traveled together, he gave her a $20,000 loan to help a relative go to rehab, and bought a 2012 BMW for them to share (she returned the car), the report said citing the court documents.
Kranz placed in <a href="http://www.pageantupdate.info/missteenusa2007/delegates/newmexico.htm">the top 15</a> at the Miss Teen USA pageant in 2007. She was <a href="http://www.santabanta.com/contestants.asp?picid=1806">selected for Miss Congeniality</a> (that's an award voted on by the pageant participants) two years running at her state pageant. <a href="http://www.pageantupdate.info/photoarchives/images/teen/2007/swimsuits/NM.jpg">You can see a pageant swimsuit photo of her here &gt;</a>
Before Bajaj started his hedge fund, he worked at Silver Point Capital in Greenwich. Prior to that, he worked at boutique investment bank Gleacher Partners in M&amp;A. 
He graduated magna cum laude from the University of Pennsylvania's Wharton School with a degree in economics. 
He's also on the executive committee of the <a href="http://www.erictrumpfoundation.com/?nd=committee">Eric Trump Foundation.</a> Donald Trump is the owner of the <keyword id="154400" type="UNKNOWN" weightage="60" keywordseo="Miss-USA">Miss USA</keyword> pageant.

Hedge Funder Claims His Beauty Queen Ex-Girlfriend Spent Over $58,000 On His Credit Card After They Broke Up

<ul class="summary-list"><li>San Francisco's commercial real estate market has seen a recent peak in demand. </li><li>The city may have the recent AI boom to thank for the boost, experts say.</li></ul>San Francisco's commercial real estate market has been struggling in recent years. Storefronts, hotels, and office buildings have been moving out of the city at such a rate some have dubbed it a "<a href="https://www.businessinsider.com/san-francisco-doom-loop-fix-american-city-housing-transit-2023-7">doom loop.</a>" It has also seen tech companies drastically reduce their presence. <a href="https://www.businessinsider.com/san-francisco-office-vacancy-tech-firms-subleased-space-left-2022-12" rel="">Meta, PayPal</a>, and <a href="https://www.businessinsider.com/snapchat-leaves-san-francisco-office-lease-closed-during-snap-restructuring-2022-10" rel="">Snap</a> have all slashed office space in the city in recent years. Meanwhile, the city is facing a <a href="https://www.ppic.org/blog/homeless-populations-are-rising-around-california/" target="_blank" rel="noopener nofollow">devastating</a><a href="https://www.ppic.org/blog/homeless-populations-are-rising-around-california/" target="_blank" rel="noopener nofollow"> homelessness problem</a> and a concerning <a href="https://www.sfchronicle.com/bayarea/article/robberies-san-francisco-18185651.php#:~:text=While%20San%20Francisco%20isn't,changes%20to%20city%20life%20linger." target="_blank" rel="noopener">shift in crime patterns</a>. "San Francisco used to have the lowest office vacancy in the US of any major market," Alexander Quinn, director of research at real estate company Jones Lang LaSalle, told Insider. "<a href="https://www.nbcbayarea.com/news/local/san-francisco-office-vacancy/3204043/" target="_blank" rel="noopener">Vacancy is now at around 28%</a> which would put it at the highest of any major market in the US," he added. The pandemic was the major culprit behind this decline, Nick Romito – CEO of commercial real estate leasing and asset management platform VTS – told Insider. "San Francisco was a white-hot market driven mostly by technology. To go from that to quite literally the worst market in the country over the course of two years is kind of unprecedented," he said.But things are starting to turn around for San Francisco's faltering commercial real estate market and the city may have artificial intelligence to thank for it. The excitement around generative AI since the launch of Open AI's <a href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> in November has spurred a flood of investor interest in major companies and start-ups alike. Now, some appear to be hunting for more office space.According to <a href="https://www.vts.com/news/demand-for-office-space-remains-muted-but-stable-as-employers-take-a-wait-and-see-approach" target="_blank" rel="noopener">data from VTS</a>, San Francisco saw a recent boom in demand, experiencing a 10.2% demand increase in the most recent quarter. Romito links a lot of this increase to the recent AI boom. OpenAI, for example, is headquartered in San Francisco's Mission District. "There's certainly enough capital to cause a nice leap in demand," he said, pointing to the estimated <a href="https://sfstandard.com/2023/07/10/san-francisco-companies-got-half-the-worlds-ai-funding-so-far-this-year/?taid=64c9c7a2d53f42000199082b&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter" target="_blank" rel="noopener">$11 billion worth of funding</a> poured into San Francisco-based AI companies this year. The figure accounts for nearly half of all funding for AI startups worldwide, according to data from PitchBook."Pretty much all the data points to this demand coming from companies that are tangentially connected to AI," Romito said.It's perhaps unsurprising that AI companies seem to have San Francisco in their sights. The city is home to <a href="https://www.reuters.com/technology/ai-startups-bringing-dollars-lean-workforces-ailing-san-francisco-2023-07-13/#:~:text=Eleven%20of%20the%20country's%20top,from%20venture%20capital%20firm%20NFX." target="_blank" rel="noopener">11 of the top-funded companies in the sector</a>, according to data from VC firm NFX, which was shared with Insider by San Francisco's Office of Economic and Workforce Development. These companies include OpenAI, Anthropic, and Adept AI."Specifically in San Francisco we are at the epicenter of artificial intelligence," Quinn said, "as a result that's pushing us into growth in that sector and we are seeing growing requirements."Quinn said JLL had 10 AI clients eyeing around 750,000 to one million square feet of San Francisco real estate. One AI company, Hive, recently announced it was subleasing three floors of a downtown San Francisco office — taking over space previously occupied by software company Okta, <a href="https://www.bloomberg.com/news/articles/2023-06-30/artificial-intelligence-firms-hunt-for-san-francisco-offices?in_source=embedded-checkout-banner" target="_blank" rel="noopener">Bloomberg reported</a>. "They have a pretty strong remit to be in the office," Quinn said of AI companies. "It's driving demand which was really muted just three quarters ago — now we're seeing a rise in our tenant requirements in San Francisco."VTS's Romito said the vast majority of demand in the city in the last quarter was for smaller spaces, signaling recently-funded companies with fresh capital. He's also optimistic about this demand keeping up for the rest of the year."I would assume for the remainder of this year AI is going to be the most active segment of technology," he said. "You're going to continue to see a lot of these AI deals carry a lot of capital."

AI companies are flocking to San Francisco — giving the city's commercial real-estate market a much-needed boost

Amelia Basista and JP Stonestreet call 2015 their "year from hell" — the final straw that sent them packing to South America. Stonestreet was 43 and working as a self-employed web developer when he began experiencing strange nerve pain in his hands, feet, and legs. After a frightening afternoon when he found himself struggling to walk, he got diagnoses of congenital spinal stenosis and degenerative disc disease, conditions that required two major spinal surgeries to correct.During the nearly yearlong recovery that followed, Stonestreet was unable to work. Basista left her job as a regional sales manager to take a new sales role that allowed her more time at home while her partner recovered, but it came with a significant pay cut. As the couple's income plummeted, Stonestreet's insurance premiums soared to $1,200 a month."We realized we couldn't afford the mortgage and the car payments and everything," Stonestreet told me. "The conventional American lifestyle just wasn't in our reach anymore." The couple sold their house in Denver, but that wasn't enough to break even. Over the next year and a half, they hatched an escape plan. In 2017, the pair relocated to Cuenca, Ecuador, and continued working their old jobs remotely. Their monthly expenses dropped by 70%.Basista and Stonestreet are part of an <a target="_blank" href="https://www.businessinsider.com/move-from-us-to-france-without-visiting-first-worth-it-2024-1">emerging cohort of Americans</a> who, fed up with the <a target="_blank" href="https://www.businessinsider.com/american-moved-to-paris-finds-it-more-affordable-than-expected-2024-4">cost of living at home</a>, are seeking a better quality of life elsewhere. They swap advice on Reddit boards like AmerExit (57,000 members) and I Want Out (2 million members), consult with concierge relocation-service providers that cost a few hundred to several thousand dollars a pop, and teach others how to follow in their footsteps. They toss around terms like "<a target="_blank" href="https://www.businessinsider.com/how-to-remote-work-travel-abroad-digital-nomad-save-money-2022-10">geoarbitrage</a>" (the notion of saving money by moving somewhere cheaper) and acronyms like FIRE (short for "<a target="_blank" href="https://www.businessinsider.com/personal-finance/financial-independence-retire-early">financial independence, retire early</a>," which is equal parts target and mantra).Some, like Basista and Stonestreet, envision the move as the first step in a long-term plan that ends in a <a target="_blank" href="https://www.businessinsider.com/retired-abroad-thailand-cheaper-respectful-retiree-resort-2024-1">leisurely retirement abroad</a>. Others are drawn to a <a target="_blank" href="https://www.businessinsider.com/becoming-a-digital-nomad-jobs-travel-remote-work-pros-cons-2023-5">digital-nomad lifestyle</a> that allows them the flexibility and extra income to travel the world indefinitely on a remote paycheck. Either way, they're moving to <a target="_blank" href="https://www.businessinsider.com/living-abroad-money-lessons-saving-thousands-navy-2024-04">save money</a> for the future, to <a target="_blank" href="https://www.businessinsider.com/personal-finance/moving-abroad-pay-off-student-loans-2022-5">pay off debts</a>, or to <a target="_blank" href="https://www.businessinsider.com/kentucky-native-moved-to-japan-shares-three-differences-he-noticed-2024-1">afford more of what life has to offer</a> — all while propping up a cottage industry of companies catering to their every need.It's tricky to know exactly how many <a target="_blank" href="https://www.businessinsider.com/trump-reelected-americans-are-planning-to-flee-in-droves-2024-3">Americans have relocated to other countries</a>, let alone the details of when or why. But as of 2023, there were almost 161 million US passports in circulation, one for nearly half of all Americans. (A generation ago, only 10% of Americans had a passport.) The State Department estimated in 2020 that a total of 9 million US citizens lived abroad, up from an estimated 5 million in 2010 — though those numbers include dual citizens born and raised abroad. The nonprofit advocacy group American Citizens Abroad puts the figure closer to 4 million. We do know, however, that the yearning is there. In a recent poll from Monmouth University, one-third of Americans said they'd like to settle in another country, compared with just 12% who said the same in a 1995 Gallup poll. In InterNation's 2023 survey of 12,000 expats from 172 countries, the US was the country of origin for the largest share of the expats.The longing to move abroad will likely be unsurprising to anyone who has recently gasped over their weekly grocery bill or chipped in on an acquaintance's medical GoFundMe with a six-figure goal. The Bureau of Labor Statistics reported that the average US household's monthly expenses jumped from $5,111 in 2020 to $6,081 in 2022. In a new Financial Technology Association survey, 61% of American workers indicated they were living paycheck to paycheck.And for what? Though there's no question that Americans enjoy a higher material standard of living than most of the world, the nation measures poorly against its wealthy Western peers on several quality-of-life indexes: Americans <a target="_blank" href="https://www.ilo.org/wcmsp5/groups/public/---ed_protect/---protrav/---travail/documents/publication/wcms_864222.pdf">work more</a>, <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/08/10/more-than-4-in-10-u-s-workers-dont-take-all-their-paid-time-off/">vacation less</a>, spend more on healthcare, and <a target="_blank" href="https://www.oecdbetterlifeindex.org/countries/united-states/">die sooner</a> than people in other high-income economies.These factors likely explain why some Americans are <a target="_blank" href="https://www.businessinsider.com/top-10-places-live-work-abroad-expat-survey-2023-7">moving to countries</a> that aren't generally considered low-cost-of-living locales. Data from the global recruitment firm Deel suggests the UK, Germany, Canada, and France are among the top seven international destinations for American job seekers. In places with universal healthcare, government-subsidized childcare, and cultures that encourage a better work-life balance, your dollar can stretch further.Maliya Fale, a 22-year-old digital nomad and content creator from Minneapolis, had been traveling through Latin America off and on for nearly three years when, in February, she left the US for good. "I'm genuinely going crazy having to live in a toxic American capitalist society," she <a target="_blank" href="https://www.tiktok.com/@g0v3rnmentnamehere/video/7314023192245325098?lang=en">announced</a> in a TikTok video titled "Moving out of America."When we spoke in March, Fale was staying in the coastal town of Puerto Morelos, Mexico, and scoping out her next move. She said that living abroad afforded her a degree of flexibility and spontaneity that would be out of reach back home. She supports herself with remote content gigs and follows whichever adventures come her way. "The cost of America is not going to allow me to do that," she told me.Others who have followed similar paths say they've never looked back. In November 2015, the writer Cristina Johnson packed three suitcases and <a target="_blank" href="https://www.businessinsider.com/us-woman-saved-enough-cash-living-abroad-to-build-home-2023-5">boarded a one-way flight from Pennsylvania to Belize</a>. Johnson, now 53, has a disability that makes it difficult to hold down enough work to make ends meet in the States. In Belize, where her monthly expenses are a mere $250, Johnson has been able to build a home and save thousands while earning about $1,200 a month as a content-marketing copywriter. "I could not even venture a guess on how much I've saved over the years," she told Business Insider last year, "but even if I saved a million dollars, it would not be as valuable as the mental, emotional, physical, and psychological things I have gained."It has never been easier for Americans to test international waters — particularly in countries where greenbacks can stretch much further than they would in a typical US city. More than 50 countries offer <a target="_blank" href="https://www.businessinsider.com/countries-with-digital-nomad-visas-list-income-requirements-spain-portugal-malta-12">digital-nomad visas</a> to remote workers able to prove they have enough funds to support themselves. Combine a <a target="_blank" href="https://markets.businessinsider.com/news/bonds/bond-yields-1980s-strong-dollar-rally-interest-rates-inflation-2023-10">strong US dollar</a> with the relative ease of obtaining remote and gig-based work through freelancing platforms such as Fiverr and Upwork, and it's no wonder that Americans of all ages are open to weighing their options abroad. Among the numerous companies that have cropped up to meet the burgeoning demand is Mexico Relocation Guide, based in Austin. Founded in 2019 by the husband-and-wife duo of Mariana and Dustin Lange, the company sells relocation guidebooks geared toward Americans who are interested in retiring early or reducing their cost of living without compromising on lifestyle."We are very careful not to give the false idea that people are going to live like kings on pennies, because that's not the case," Mariana Lange told me. "But people do see that they can increase their quality of life for the same amount, or even a lower amount, of money." She said that while some farther-flung destinations offer greater bang per buck than Mexico, her clientele of mostly 40-plus Americans see the country's relative proximity to their family and friends back home as a fair trade-off. Some are even able to keep seeing their primary-care providers in the US after they move. Since the pandemic lockdowns have subsided, Lange's business has boomed.Business owners in other arenas have similarly taken note of the expanding global expat population. Mark Zoril, the North Carolina-based founder of the financial-planning firm PlanVision, began working with expat clients eight or nine years ago, helping them manage cross-border assets and save for the future while living abroad. Today, thanks in part to a high-profile endorsement from Andrew Hallam, the author of "Millionaire Expat," these clients account for a significant proportion of his company's business.Zoril said most of his clients planned to remain abroad indefinitely, largely because of the high cost of returning. "They just haven't accumulated a lot of assets during their working years," he told me. "And so for them to come back to the States would be a challenge." He identified Central America, Portugal, and Spain as particularly popular destinations because of their relatively low costs of living and mild climates.Though he hasn't noticed a change in the demographic makeup of his expat clientele — people in their 30s and 40s who don't have large savings and are working to support themselves — Zoril said that in recent years these customers have generally become savvier about researching and weighing their options, learning online about "where they can live inexpensively, how they can access cash, and how they can invest." He added: "They can join social communities with other people that are also living this way. They have a better support network of people they can reach out to and learn from before they go."Expat life does come with its share of potential downsides. A lower cost of living often means significantly reduced earnings, which can impede someone's financial ability to return home. <a target="_blank" href="https://www.businessinsider.com/americans-europe-culture-shock-laundry-dryer-difference-explained-2023-12">Cultural differences</a> and language barriers add a layer of complexity and <a target="_blank" href="https://www.businessinsider.com/moved-to-europe-from-us-regret-felt-homesick-misunderstood-lonely-2024-3">a risk of alienation</a>.For the people whose towns and neighborhoods have recently transformed into <a target="_blank" href="https://www.businessinsider.com/americans-moving-to-portugal-golden-visa-d7-overcrowding-housing-costs-2023-5">expat hot spots</a>, the dynamic is especially fraught. On a visit to Lisbon this February, I was shocked by the relatively few locals I saw in the city's center, where swaths of housing have been gobbled up by foreign investors and absorbed into a short-term-rental market catering to international tourists, expat settlers, and waves of <a target="_blank" href="https://www.politico.eu/article/portugal-digital-nomads-bubble-gentrification/">digital nomads</a>. With residential-property costs up by <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-15/why-lisbon-s-hot-housing-market-refuses-to-cool-down?embedded-checkout=true">nearly 30%</a> over the past five years, both old and new residents of the Portuguese capital are feeling the squeeze.Other expat destinations pose challenges of their own. Amid political unrest in Ecuador, Stonestreet and Basista swapped their adopted home for a semi-nomadic "slow travel" lifestyle in Europe. They don't regret leaving America, though. From their temporary perch in Tirana, Albania, the couple told me via WhatsApp that their only regret about moving abroad was not doing it sooner. Within three years of leaving the US, they said, they were able to pay off $60,000 in consumer debt and double down on saving for retirement."Retirement wasn't even on our radar when we were still in the US," Stonestreet told me. "We just assumed we'd work till we dropped. But life is short. Tomorrow's not guaranteed."<a target="_blank" rel="" href="https://www.businessinsider.com/author/kelli-maria-korducki">Kelli María Korducki</a> is a journalist whose work focuses on work, tech, and culture. She's based in New York City.

It turns out the best way to get ahead in America is to leave

<ul><li><keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>’s shares zoomed on Monday after the government agreed to convert interest dues worth ₹16,133 crore into equity.</li><li>The equity conversion will make the government the largest shareholder of Vodafone Idea, with a 33% stake.</li><li>The government will remain a passive investor, leaving the Aditya Birla Group and Vodafone Plc as the primary decision makers of the telco.</li></ul>Vodafone Idea’s shares zoomed by 25% on Monday hitting an upper circuit, after the government agreed to convert interest dues worth ₹16,133 crore into equity. The move breathed a fresh lease of life into the telco’s attempts to raise funds to make payments to vendors and sign contracts with telecom equipment makers and roll out its 5G network. The share price of the troubled telco is back to its December 2022 levels, erasing the losses it saw this year, so far. <div type="image" title="Vodafone Idea share price April 2022 to Feb 2023." msid="97642952" hostid="261" caption="&amp;lt;p&amp;gt;Vodafone Idea share price in FY23&amp;lt;/p&amp;gt;"></div> “The total amount to be converted into equity shares is ₹16133,18,48,990. The Company has been directed to issue 1613,31,84,899 equity shares of the face value of ₹10 each at an issue price of ₹10 each,” Vodafone Idea said in an exchange filing on February 3. The equity conversion will pave the way for the government to become the largest shareholder of Vodafone Idea, long after the telecom reforms package was <a href="https://www.businessinsider.in/business/telecom/news/telecom-relief-package-airtel-vodafone-idea-get-four-year-moratorium-on-agr-dues/articleshow/86227218.cms">announced in September 2021</a>. As a result of this, the Aditya Birla Group’s stake will stand at 31.8%, while Vodafone Plc’s stake will be at 18.3%. This is a reduction from the existing stake of 75% held by the two promoters. <div type="Article" hostid="261" msid="86221662" title="Government picking up a stake in Vodafone Idea ‘might be a remedy worse than the disease’, say experts" mstype="2" mssubtype="0"></div> However, Aditya Birla Group, and Vodafone Plc, will continue to drive the company. Vodafone Idea’s management has already underlined that the government will neither take a seat on the company’s board, nor will it take decisions regarding the company’s operations. <cmsannotation type="cmsannotation" annotationid="Capital infusion key to Vodafone Idea’s future" comment="subhead" text="Capital infusion key to Vodafone Idea’s future">Capital infusion key to Vodafone Idea’s future</cmsannotation> Capital infusion remains a key to Vodafone Idea’s future, according to analysts. The telco has been struggling to retain subscribers while its rivals <keyword id="6354504" type="General" weightage="50" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> and Bharti Airtel have seen both their subscriber numbers as well as the average revenue per user (ARPU) climb up each quarter since FY22. In the company’s post-result investor call in Q2, Vodafone Idea’s chief executive officer Akshaya Moondra had said, ‘’We are trying to close the funding quickly so that some of the backlog of vendor payments that we have can be addressed.” Vodafone Idea needs funds not just to fund its capital expenditure requirements, but also to service its debt. According to a Motilal Oswal report, its current earnings before interest, taxes, depreciation and amortization (EBITDA) of ₹8,700 crore in FY23 is inadequate to service debt. Capex is another piece of puzzle that the telco needs to solve. Vodafone Idea is yet to roll out its 5G offerings even as Jio and Airtel 5G services have been available in several parts of the country since October 2022. “The much-awaited capital raise remains critical to provide immediate liquidity and invest in the rollout of 5G and extending 4G infrastructure. Vodafone Idea acquired 5G spectrum in the 3300Mhz and 26GHz bands in the recent auction (September 2022) but unlike Reliance Jio and Bharti Airtel, it has not deployed the spectrum and remains significantly behind in 4G network rollout too,” said the Motilal Oswal report. It remains to be seen if the equity conversion gives investors enough confidence about the future of Vodafone Idea, and whether it will be enough for them to infuse funds that the telco needs desperately. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-stocks-59844-crore-market-capitalisation-wiped-out-today-in-morning-trading/articleshow/97638076.cms">Adani group stocks continue to plummet – lose ₹59,844 crore in market capitalisation on Monday</a> <a href="https://www.businessinsider.in/business/corporates/news/adanis-stock-rout-can-impact-its-ability-to-raise-capital-or-refinance-debt-says-moodys/articleshow/97582403.cms">Adani’s stock rout can impact its ability to raise capital or refinance debt, says Moody’s</a> <a href="https://www.businessinsider.in/budget/news/budget-for-the-amrit-kaal-powered-by-capex-rooted-in-fiscal-consolidation/articleshow/97551916.cms">Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation</a>

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Mutual funds tank up on financial services and retail stocks

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You Searched For "lang capital fund lfc" and got 9 results

Mutual funds tank up on financial services and retail stocks

Rounak Jain

​Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say

BI India Bureau

Real-estate brokerage HFF sells itself to Jones Lang LaSalle for $2 billion

Ethel Jiang

Another building collapses in Mumbai killing 14 so far and exposing the dangers of living in India’s financial capital one more time

BI India Bureau

The founder and CIO of $12 billion Ariel Investments breaks down how his top-ranked flagship fund has crushed its peers over the past 10 years

Joe Ciolli,Rachel Cohn

Hedge Funder Claims His Beauty Queen Ex-Girlfriend Spent Over $58,000 On His Credit Card After They Broke Up

Julia La Roche

AI companies are flocking to San Francisco — giving the city's commercial real-estate market a much-needed boost

Beatrice Nolan

It turns out the best way to get ahead in America is to leave

Kelli María Korducki

Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity

Rounak Jain

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Sahara lacks money to get Subrata bail, but can bid for London’s Grosvenor House hotel! Ridiculous, did we hear anyone say