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<ul><li>The stock listed at ₹465 as compared to the issue price of ₹418.</li><li>The grey market had been expecting 8% listing gains from the stock.</li><li>Its market capitalization is at ₹3,201 crore as per Bombay Stock Exchange. </li></ul>Medi Assist Healthcare debuted on the stock exchanges at a 11.2% premium on Tuesday. The grey market was expecting 8% listing gains from the stock. The stock listed at ₹465 as compared to the issue price of ₹418 in the morning. Its market capitalization is at ₹3,201 crore as per Bombay Stock Exchange. It held on to its gains even as the stock market saw a volatile trading session with Sensex shedding over a 1,000 points and Nifty down by 333 points. The ₹1,171 crore issue was subscribed 16 times over the shares on offer. It also raised as much as ₹351 crore from anchor investors ahead of opening the issue to the public. Some of its anchor investors include <keyword id="20199580" type="General" weightage="20" keywordseo="nomura-trust" source="keywords">Nomura Trust</keyword>, <keyword id="20199579" type="General" weightage="20" keywordseo="pinebridge-global-funds" source="keywords">Pinebridge Global Funds</keyword>, <keyword id="20199576" type="General" weightage="20" keywordseo="troo-capital" source="keywords">Troo Capital</keyword>, <keyword id="20199577" type="General" weightage="20" keywordseo="tata-mutual-fund" source="keywords">Tata Mutual Fund</keyword>, <keyword id="20199578" type="General" weightage="20" keywordseo="sundaram-mutual-fund" source="keywords">Sundaram Mutual Fund</keyword> and more. In 2023, many new debutants on the stock exchanges provided positive listing gains. Here are the listing gains of the last few market debuts <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jyoti CNC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Innova Captab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Azad Engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Doms </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">162% </td></tr></tbody><tbody></tbody></table> Medi Assist’s issue is a complete offer for sale (OFS) with no fresh issue. It claims to be India’s largest health benefits administrator in terms of revenues as of FY21 to FY23. Its primary clients are insurance companies; but it also serves as an intermediary between general and health insurance companies and the insured members, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes. As of FY22, its total revenues accounted for 24.89% of the Indian health benefits administration industry revenue, as per a Frost &amp; Sullivan report. It’s also the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of 14.83% of the retail health insurance market. The company has no peers listed in the market. In FY23, its restated consolidated net profit went by 18.7% to ₹75.3 crore. Its revenues went up by 26% to ₹518.9 crore.

Medi Assist Healthcare closes debut day with 11% listing gains

<ul><li>As much as 89% retail investor portion was subscribed on the first day.</li><li>QIBs did not put in any bids, but 45% of the non-institutional investor portion was subscribed.</li><li>The ₹1,171 crore issue has a price band of ₹397-418 per share, and will close on January 17. </li></ul>As much as 54% of insurance tech company Medi Assist’s initial public offer (IPO) was subscribed by the end of the first day of the issue, on Monday. The ₹1,171 crore issue did not see any bids from qualified institutional buyers. But 45% of the non-institutional investor portion was subscribed. Retail book saw good action as 89% of the shares were subscribed off on day 1. The company raised as much as ₹351 crore from anchor investors ahead of opening the issue to the public. Some of its anchor investors include <keyword id="20199580" type="General" weightage="20" keywordseo="nomura-trust" source="keywords">Nomura Trust</keyword>, <keyword id="20199579" type="General" weightage="20" keywordseo="pinebridge-global-funds" source="keywords">Pinebridge Global Funds</keyword>, <keyword id="20199576" type="General" weightage="20" keywordseo="troo-capital" source="keywords">Troo Capital</keyword>, <keyword id="20199577" type="General" weightage="20" keywordseo="tata-mutual-fund" source="keywords">Tata Mutual Fund</keyword>, <keyword id="20199578" type="General" weightage="20" keywordseo="sundaram-mutual-fund" source="keywords">Sundaram Mutual Fund</keyword> and more. The issue is a complete offer for sale (OFS) with no fresh issue. They fixed a price of ₹397-418 per share and investors can bid for a lot size of 35 shares and in multiples thereof. The issue will close on January 17. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.45 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.89 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.54 </td></tr></tbody></table>Source: BSE Medi Assist claims to be India’s largest health benefits administrator in terms of revenues as of FY21 to FY23. Its primary clients are insurance companies; but it also serves as an intermediary between general and health insurance companies and the insured members, insurance companies and healthcare providers (such as hospitals), and the Government and beneficiaries of public health schemes. As of FY22, its total revenues accounted for 24.89% of the Indian health benefits administration industry revenue, as per a Frost &amp; Sullivan report. It’s also the largest health benefits administrator in India in terms of premium under management for retail and group policies, with a market share of 14.83% of the retail health insurance market. The company has no peers listed in the market. In FY23, its restated consolidated net profit went by 18.7% to ₹75.3 crore. Its revenues went up by 26% to ₹518.9 crore.

Medi Assist Healthcare IPO subscribed 54% on day 1

In the race to acquire the fund management business of <a href="http://www.businessinsider.in/searchresult.cms?query=Goldman+Sachs+Group+">Goldman Sachs Group</a> Inc in India, <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Mutual+Fund+">Reliance Mutual Fund</a> and <keyword id="45123" type="CITY" weightage="100" keywordseo="HDFC">HDFC</keyword> Mutual Fund are trying hard. 
 
According to a person familiar with the development, both the suitors are in the final round of negotiations and hope to clinch the deal. “However, it depends on who is more aggressive," said one of them. The deal is likely to be announced shortly,” he said. 
 
The Goldman’s MF business has assets of about Rs 7,132 crore. 
 
Let’s take a look at the profile of both the suitors! 
 <keyword id="106417" type="ORGANIZATION" weightage="100" keywordseo="Reliance-Mutual-Fund">Reliance Mutual Fund</keyword>, which had assets under management of Rs 1.53 lakh crore on September 30, is likely to bid aggressively as it looks to bridge the gap with number two <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">ICICI Mutual Fund</a> that manages about Rs 1.65 lakh crore. 
 
On the other hand, HDFC Mutual Fund is looking at consolidating its number one position with assets of Rs 1.71 lakh crore. 
 
"The deal is expected to be valued at about 3-4% of AUM (<a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">assets under management</a>). With an AUM of Rs 7,132 crore, the transaction value should be around Rs 250 crore," said another person who is aware about the development. 
 
Besides adding Rs 7,132 crore of AUM, a deal would also help the acquirer gain a foothold in the <a href="http://www.businessinsider.in/searchresult.cms?query=exchange-traded+fund+%28ETF%29+business+">exchange-traded fund (ETF) business</a> that is growing in popularity with local investors, mirroring global trends. 
 
ETFs have been witnessing sustained growth in markets such as the US in the past decade. 
 But for India, the ETF market is relatively new. <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Mutual Fund, which has 13 schemes, is primarily focused on the ETF segment. It has seven equity-oriented ETFs, one liquid ETF, one gold ETF, one international ETF, two equity schemes and an open-ended debt scheme. About 95% of its assets are in ETFs. 
 
Goldman Sachs Mutual Fund was awarded a central government mandate last year to sell the Central Public Sector Enterprise ETF. The government sold a part of its stake in state-run companies through an ETF for the first time, raising Rs 4,000 crore by disposing of shares in 10 state-controlled companies. 
 
Goldman Sachs entered the Indian mutual fund industry in 2011 by acquiring Benchmark Mutual Fund for Rs 120 crore. 
 "The (likely) exit of Goldman Sachs from the asset management business conclusively proves that the foreign <keyword id="109711" type="POSITION" weightage="40" keywordseo="Fund-manager">fund manager</keyword>s are finding it difficult to make inroads into the Indian investors' mind space," said a fund manager with a leading foreign fund. 
 He said: "In the last few years, we have witnessed the exit of Fidelity, PineBridge, <keyword id="48670" type="CITY" weightage="100" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, ING among others." 
 
Foreign firms are finding it difficult to compete against local companies such as HDFC, ICICI, Reliance, Birla and UTI, except for outfits such as Blackrock and Franklin Templeton. 
 
Dhirendra Kumar, founder and CEO of Value Research, is of the view that foreign fund managers find it difficult to navigate India's investment landscape. Value Research is an independent mutual fund research house. 
 
In 2014, PineBridge Mutual Fund sold its domestic mutual fund schemes to Kotak Mahindra AMC, Morgan Stanley sold its domestic MF business to HDFC AMC and ING MF was acquired by Birla Sun Life AMC. In 2012, L&amp;T Finance acquired Fidelity's mutual fund business in India. 
 
(Image: Indiatimes)

Who will buy Goldman’s MF business in India?  Reliance Mutual Fund or HDFC

What marks the latest exit of yet another foreign player from the Indian market, <keyword id="182288" type="CITY" weightage="100" keywordseo="Reliance-Capital-Asset-Management">Reliance Capital Asset Management</keyword> will acquire global giant <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>' <keyword id="6354820" type="ORGANIZATION" weightage="100" keywordseo="mutual-fund">mutual fund</keyword> business in India for Rs 243 crore in all-cash deal. 

	In its first ever buyout, RCAM will acquire all 12 onshore mutual fund (MF) schemes of Goldman Sachs Asset Management India with total assets base of Rs 7,132 crore. The deal will make Reliance MF the exclusive fund manager for government's ambitious Central Public Sector Enterprises (CPSE) Exchange Traded Fund. 
 

	The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal, RCAM's parent firm Reliance Capital said in a statement. 
 Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate <keyword id="54268" type="COMPANY" weightage="100" keywordseo="Reliance-Group">Reliance Group</keyword> and is also present in insurance, brokerage and wealth management among other areas. 

	"This acquisition by RCAM is an important first step in our overall strategy to strengthen our businesses through selective inorganic growth. GSAM India has a strong bouquet of schemes and a talented team. We are confident that together they will complement and enhance RCAM's overall offerings to our investors," said Sam Ghosh, Executive Director, Reliance Capital. 
 

	RCAM CEO Sundeep Sikka said the deal will add over half a per cent to its market share. 
 

	The deal marks yet another exit by a foreign player from the Rs 13 lakh crore Indian mutual fund industry. In last few years, a number of global players have exited the Indian mutual fund business. Standard Chartered sold its mutual fund business in India to IDFC in 2008, Fidelity sold its mutual fund to L&amp;T Finance in 2012, while last year HDFC MF acquired Morgan Stanley's fund business here. 
 

	Besides, Birla Sunlife has acquired ING Mutual Fund, Kotak MF has bought PineBridge Mutual Fund and Pramerica has taken over Deutsche Bank's mutual fund business in India. 
	 
	(Image credit: Economic Times)

Anil Ambani-led Reliance Capital to acquire Goldman Sachs mutual fund business in India for Rs 243 crore

<ul><li>The public offering of Ahmedabad-based Harsha Engineers International has been subscribed 10.35 times on the second day.</li><li>The company plans to raise ₹755 crore through this IPO.</li><li>The lender has fixed the price band at ₹314-330 per share.</li><li>Shares of the company are commanding a premium of ₹225 from ₹210 earlier in the grey market.</li></ul>The initial public offering (IPO) of Ahmedabad-based Harsha Engineers International, which manufactures precision bearing cages has been subscribed 10.35 times on the second day. The IPO received strong demand from non-institutional and retail investors. Overall, it received bids of 17.45 crore shares against 1.68 crore equity shares on offer. The company plans to raise ₹755 crore through this IPO consisting of a fresh issue of equity shares worth ₹455 crore and an offer for sale by promoters of up to ₹300 crore. The proceeds from the IPO will be utilised for debt repayment, funding capital expenditure, purchase of machinery, infrastructure repairs, renovation of the existing production facilities and for general corporate purposes. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category of investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.63 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.91 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.14 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.35 times </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>The company’s business comprises two segments – engineering business and solar EPC business. The company supplies its products to over 25 countries across five continents i.e., North America, Europe, Asia, South America and Africa. Ahead of its initial share sale, Harsha Engineers had raised ₹225.7 crore from anchor investors including American Funds Insurance Series Global Small Capitalization Fund, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, PineBridge Global Funds - PineBridge India Equity Fund and Abu Dhabi Investment Authority-Monsoon. The shares of the company are currently commanding a grey market premium or GMP of ₹225 from ₹210 per share earlier. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. The IPO opened on September 14, and will close on September 16. Most analysts have recommended subscribing to the IPO following the company’s dominant position in the industry. “Harsha Engineers International with its dominant position is well placed to capture the growing bearing cage demand across industries. We like its increasing focus on other specialised precision components and on the growing EV segment which could boost its EBITDA margins,” said analysts at Motilal Oswal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cant-be-locking-horns-with-zomato-and-swiggy-says-restaurant-body/articleshow/94203208.cms">Can’t be locking horns with Zomato and Swiggy, says restaurant body</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-wont-interfere-with-ipo-pricing-process-says-sebi-chief-madhabi-puri-buch-but-favours-better-disclosures/articleshow/94176189.cms">SEBI won’t interfere with IPO pricing process says SEBI chief Madhabi Puri Buch but favours better disclosures</a>

Harsha Engineers IPO is subscribed 10.35 times on day 2

<ul><li>The initial public offering (IPO) of the Ahmedabad-based manufacturer is all set to raise ₹755 crore through this IPO.</li><li>The company’s profit grew by over four times in the last three financial years.</li><li>The IPO is open for subscription from today September 14 to September 16.</li><li>The price band of the issue is fixed at ₹314-₹330 per share.</li></ul>The initial public offering (IPO) of Ahmedabad-based Harsha Engineers International, which manufactures precision bearing cages, has opened today, September 14, and will conclude on September 16. The company plans to raise ₹755 crore through this IPO consisting of a fresh issue of equity shares worth ₹455 crore and an offer for sale by promoters of up to ₹300 crore. Money raised through the IPO will be utilised for debt repayment, funding capital expenditure, purchase of machinery, infrastructure repairs, renovation of the existing production facilities and for general corporate purposes. Ahead of its initial share sale, Harsha Engineers had raised ₹225.7 crore from anchor investors including American Funds Insurance Series Global Small Capitalization Fund, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, PineBridge Global Funds - PineBridge India Equity Fund and Abu Dhabi Investment Authority-Monsoon. Investor demand for the IPO could be strong as the shares of the company are commanding a premium of ₹210 per share in the grey market. Grey market premium or GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. Some key details about the IPO: <table style="border-width: initial; border-style: none;"></colgroup><thead><tr><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </th><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </th></tr><tr><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </th><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹314-₹330 </th></tr><tr><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </th><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 14 </th></tr><tr><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </th><th style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 16 </th></tr></thead><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 21 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 22 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 23 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 26 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">45 </td></tr></tbody></table> Most analysts recommend subscribing to the IPO The company’s business comprises two segments – engineering business and solar EPC business. Its engineering business manufactures bearing cages in brass, steel and polyamide materials; complex and specialised precision stamped components; welded assemblies and brass castings, among others. “Harsha Engineers International with its dominant position is well placed to capture the growing bearing cage demand across industries. We like its increasing focus on other specialised precision components and on the growing EV segment which could boost its EBITDA margins,” said analysts at Motilal Oswal. Its solar EPC business provides complete comprehensive turnkey solutions to all solar photovoltaic requirements. “With increasing utilisation rates, turnaround in solar EPC business (6% of revenue) and debt being repaid, we expect return on capital employed (ROCE) to improve to 20% levels in a couple of years. We appreciate HEIL’s quality of business, industry positioning (industry leadership in India) and cash flow generation. We recommend subscribing to the issue,” said a report by Nirmal Bang. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LKP Research </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arihant Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Religare Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Neutral </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hem Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for listing gains </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Choice Broking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscribe </td></tr></tbody></table> The company’s profit grew by over four times in the last three financial years. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,339 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹91 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹876 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹899 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indias-growth-story-more-promising-than-other-ems-says-market-veteran-nilesh-shah/articleshow/94182972.cms">India’s growth story more promising than other EMs, says market veteran Nilesh Shah</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-wont-interfere-with-ipo-pricing-process-says-sebi-chief-madhabi-puri-buch-but-favours-better-disclosures/articleshow/94176189.cms">SEBI won’t interfere with IPO pricing process says SEBI chief Madhabi Puri Buch but favours better disclosures</a>

Harsha Engineers IPO opens today; grey market premium is at ₹210

Morning, Aaron here! Today, I'm going to unpack leveraged <keyword id="11895316" type="UNKNOWN" weightage="100" keywordseo="finance" source="Orion">finance</keyword>. It's where private-equity firms fund acquisitions.Let's go.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/clusterstock"></a>1. The Fed's pandemic-era rates strategy is over. The Federal Reserve had been keeping rates anchored so every entity, from struggling cruise lines to private equity-backed companies, raised record numbers in high-yield bonds and leveraged loans so they could — almost literally — stay afloat.Rising rates, however, are putting an end to ultra-cheap money, and deals have ground to a halt in recent months.Steven Oh, PineBridge Investments' global head of credit, said at an event on Tuesday that there was a "significant widening" (Wall Street speak for pricier deals) of credit spreads in May. But he said this might reverse through June, which means, if spreads "tighten" (become cheaper for borrowers to raise money), dealmaking could pick up.Oh cautioned though that company earnings might stutter, while corporate defaults (when companies don't pay their debt on time) may tick up.That said, last week saw the first new high-yield bond deals since May 18.Pipe company Advanced Drainage Systems raised $500 million, while cruise line Carnival raised $1 billion in bonds, a banker familiar with the transactions told Insider.As the debt markets pry open, <a href="https://www.bloomberg.com/news/articles/2022-06-02/banks-look-to-chip-away-at-a-50-billion-buyout-loan-problem?sref=ipW5reFz">Wall Street banks will pounce</a> to offload any loans they've underwritten to avoid taking a loss. And market observers <a href="https://www.businessinsider.com/elon-musk-twitter-deal-extra-funding-hold-chaos-report-2022-6">will be watching Elon Musk,</a> should he attempt to raise money in the capital markets for his Twitter buy."We will look at Twitter as a credit," Jeremy Burton, a portfolio manager with PineBridge, said at the company event. "But what's the business plan for Twitter? We don't really know."<a href="https://www.businessinsider.com/top-leveraged-finance-bankers-from-goldman-sachs-to-kkr-2021-9">Meet some of the savviest leveraged-finance bankers on Wall Street here.</a>In other news:<a href="https://www.ft.com/content/0239a35f-53f7-4d96-b39a-417ff2bc7db7"></a><div type="image" title="People stand in front of a large Deutsche Bank logo." height="1965" width="2620" msid="92084725" hostid="261"></div>2. Steven Oh's not the only one worried about defaults. Deutsche Bank predicted that the US corporate default rate <a href="https://www.ft.com/content/0239a35f-53f7-4d96-b39a-417ff2bc7db7">will spike to 10%. Yikes</a>.3. Bain Capital raised $2 billion for another Special Situations Fund. With worries about corporate defaults and weaker earnings, <a href="https://www.marketwatch.com/story/bain-capital-raises-over-us-2-billion-for-asia-focused-fund-271654571831">the private-equity firm is gearing up to snare distressed assets</a>.4. Credit Suisse's global head of investment banking said the embattled Swiss bank is 'back.' David Miller seeks to remind Wall Street that the investment bank makes up 44% of Credit Suisse's revenue <a href="https://www.bloomberg.com/news/articles/2022-06-07/-we-are-back-credit-suisse-s-top-banker-signals-new-swagger?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220607&amp;utm_campaign=author_17510379&amp;sref=ipW5reFz">despite a slew of scandals last year</a>. It comes as the Swiss bank weighs a fresh round of job cuts after warning of a second-quarter loss, <a href="https://www.bloomberg.com/news/articles/2022-06-08/credit-suisse-weighs-new-round-of-job-cuts-after-loss-warning?srnd=markets-vp">according to Bloomberg</a>. 5. Popstox wants to help traders catch the next meme stock before it's cool. The alt-data startup is banking on hedge funds' analysis of social media, while also providing insight for fad-hungry retail investors. <a href="https://www.businessinsider.com/alt-data-startup-popstox-analzying-social-media-for-meme-stocks-2022-6">Here's how Popstox simplified social-media data</a>.6. Citadel Securities and Virtu are teaming up with Fidelity and Schwab. As per Bloomberg, the quartet of money managers are <a href="https://www.bloomberg.com/news/articles/2022-06-07/citadel-securities-virtu-form-crypto-plan-with-fidelity-schwab">building a crypto-trading platform to increase access to digital assets</a>.7. BlackRock is debuting an ad campaign to cozy up to Washington. The campaign will look to <a href="https://www.pionline.com/money-management/blackrock-debuts-ad-campaign-burnish-image-it-faces-esg-scrutiny">improve the asset manager's image at a time of heavy scrutiny for its ESG approach</a>.8. Wells Fargo added a new C-suite staffer. The new hire follows on from the nearly 90 executives the bank has brought on in the last few years. <a href="https://www.businessinsider.com/wells-fargo-org-chart-charlie-scharf-transformed-senior-leadership-departures-2021-8">Here's an exclusive look at Wells' senior recruits.</a>9. Staying on Wells and hiring, the bank has paused a controversial policy that led to "fake" job interviews. Chief Executive Charlie Scharf suspended Wells' "diverse slate" initiative <a href="https://www.businessinsider.com/wells-fargo-diversity-pauses-hiring-policy-fake-interviews-2022-6">for several weeks so the bank could figure out how not to look like the NFL</a>.10. Kohl's and Franchise Group are going exclusive. Franchise is weighing a nearly $9 billion bid (including debt) for Kohl's. The retail operator's bid comes after <a href="https://www.reuters.com/markets/deals/kohls-enters-exclusive-talks-with-franchise-group-2022-06-06/">competing offers from Sycamore Partners and Brookfield Asset Management, among others</a>.Done deals:<ul><li>Antelope, a pet products company backed by Alpine Investors, <a href="https://www.businesswire.com/news/home/20220607005551/en/Antelope-Alpine%E2%80%99s-Consumer-Pet-Platform-Acquires-Pet-CBD-Supplement-and-Treat-Company-Diggin%E2%80%99-Your-Dog-and-Super-Snouts">bought pet supplier Diggin' Your Dog and Super Snouts</a>. The purchase gives Antelope three pet product companies: Diggin', pet food shop Bocce's Bakery, and pet insurer Doggo.</li><li>Sauce Labs, a software testing company, <a href="https://www.businesswire.com/news/home/20220607005965/en/Sauce-Labs-Secures-Additional-Investment-from-TPG">got another injection from alternative-investment firm TPG</a>. This is the third investment TPG has made in Sauce.</li></ul>Keep updated with the latest business news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street: What's going on in leveraged finance

Hi Aaron Weinman here. Weak investment-banking revenues held back banks' recent earnings numbers.A big part of the slump in dealmaking can be attributed to the corporate-credit market. It's where I cut my teeth as a reporter and thought I'd spend today unpacking what's happening there.Let's go.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/elon-musk-buy-twitter-breakup-bank-fees-how-much-2022-7"></a>1. Investment-banking revenues slumped last quarter as dealmaking slowed. High-yield bond issuances are down almost 80% this year compared to this time in 2021, and investment-grade deals are down about 17% for that same period, Tom Joyce, capital markets strategist for MUFG, said during a media roundtable on Wednesday.Market volatility, increased borrowing costs, and soaring inflation have <a href="https://www.businessinsider.com/banker-jobs-as-investment-banking-fees-decline-1q-bank-earnings-2022-4">left dealmakers hamstrung</a> as companies avoid a more expensive public bond and loan market."Many of the corporations that we speak to don't need to issue debt for the next one or two years," Joyce said.While the slowdown in deals is worrying, it's important to remember that companies made hay while the sun shined in 2020 and 2021. The Fed's decision to keep rates near zero meant that borrowers raised debt for anything from acquisitions to refinancing old debt.So it shouldn't be a surprise that deals have slowed down, and many bankers are <a href="https://www.businessinsider.com/ecm-bankers-fear-job-cuts-ipos-spacs-equity-capital-markets-2022-3">fretting over the security of their jobs</a>. During the good times of lower-rate bonds and loans in 2020 and 2021, many companies were quick to raise debt that doesn't mature until 2027 or 2028.Indeed, just $95 billion in investment-grade bonds fall due this year, and only $13 billion worth of high-yield debt, and $15 billion of leveraged loans mature this year, according to Fitch Ratings. This increases to $258 billion next year in investment grade, but maturities are less than $50 billion each in high-yield bonds and leveraged loans for the next two years."Companies were able to extend their runway in terms of liquidity needs," Steven Oh, the global head of credit at PineBridge Investments, told Insider. "Only those that are under significant stress might need access to the market in the coming months."And accessing the market right now is tough. A high-yield bond that might have charged about 4% or 5% in interest is now costing some borrowers more than 10%, capital-markets bankers said.Another pain point for these bankers is the debt they've had to hold on their balance sheets. Typically, a bank will underwrite a deal for a client and then sell that debt to institutional investors through a bond or loan. Banks marked about $1.3 billion of losses last quarter on corporate-debt commitments that are yet to be sold to investors, Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-07-19/debt-losses-for-buyouts-top-1-billion-and-banks-brace-for-more?sref=ipW5reFz">reported</a>.Opportunistic investors also know the ball's in their court right now and can pick this debt up on the cheap.Take Cornerstone Building Brands. Private-equity firm Clayton, Dubilier &amp; Rice agreed to <a href="https://investors.cornerstonebuildingbrands.com/news/news-details/2022/Cornerstone-Building-Brands-to-be-Acquired-by-Clayton-Dubilier--Rice-for-5.8-Billion/default.aspx#:~:text=View%20all%20news-,Cornerstone%20Building%20Brands%20to%20be%20Acquired%20by,Dubilier%20%26%20Rice%20for%20%245.8%20Billion">buy the company for almost $6 billion</a> in March. It's currently raising about $1 billion in loans and bonds to support the buyout, but the debt is being offered to investors at 90 cents on the dollar, and a yield of about 11%, a banker familiar with the transaction said.You can also look at Elon<a href="https://www.businessinsider.com/how-elon-musk-was-able-to-buy-twitter-despite-risks-2022-4"> Musk's Twitter saga</a>. These very markets are what he would need if he were to complete his purchase of Twitter. Some <a href="https://www.businessinsider.com/elon-musk-buy-twitter-breakup-bank-fees-how-much-2022-7">$10 billion of that $44 billion deal</a> would be raised in the corporate-credit space, but right now — whether he has to <a href="https://www.businessinsider.com/elon-musk-forced-to-buy-twitter-unlikely-despite-company-lawsuit-2022-7">buy Twitter or not</a> — it's no easy feat."Borrowers are just going to have to accept that this is the new rate of funding," Viktor Hjort, global head of credit strategy and analysts at BNP Paribas, said during a press conference at the French bank's New York offices earlier this month.In other news:<a href="https://www.businessinsider.com/anthony-scaramucci-skybridge-crypto-web3-venture-capital-fund-2022-7"></a><div type="image" title="Anthony Scaramucci SkyBridge White House Donald Trump" height="2944" width="3926" msid="93031108" hostid="261" sizebytes="191266"></div>2. Anthony Scaramucci's SkyBridge is launching a venture fund focused on Web3 and crypto. The <a href="https://www.businessinsider.com/anthony-scaramucci-skybridge-crypto-web3-venture-capital-fund-2022-7?r=US&amp;IR=T">fresh fund plans</a> come just days after SkyBridge's Legion Strategies fund <a href="https://markets.businessinsider.com/news/currencies/anthony-scaramucci-skybridge-capital-suspends-withdrawals-fund-2022-7">halted client withdrawals</a>.3. The do-good investing phenomenon is under the microscope. While firms remain committed to ESG strategies, regulators are cracking down on greenwashing and the market downturn is hurting ESG funds. Insider has been tracking <a href="https://www.businessinsider.com/sustainable-investing-esg-under-scrutiny-2022-7">all things ESG investing and sustainable finance</a>.4. A day of reckoning could be on the horizon at Goldman Sachs. The bank and a group of women suing Goldman have reached an agreement to unseal their allegations of harassment and discrimination, according to <a href="https://capitalandmain.com/goldman-sachs-kept-the-lid-on-sensitive-sex-bias-filings-for-years-until-now">this report from Capital &amp; Main</a>.5. Emma Rose Bienvenu, chief of staff at crypto hedge fund Pantera Capital, is influencing policy on digital assets. Here's how she goes about <a href="https://www.businessinsider.com/pantera-capital-emma-rose-bienvenu-helps-shape-crypto-policy-2022-7">dealing with lawmakers and regulators</a>.6. BlackRock is buying Vanguard Renewables for $700 million, the Wall Street Journal reported. The Massachusetts-based firm works with dairy farmers and food companies to convert food waste and cow manure <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fblackrock-is-buying-renewable-natural-gas-producer-for-700-million-11658311201">into an energy source</a>.7. JPMorgan is taking on the direct-lending business, according to the Financial Times. The bank's leveraged-loan unit will underwrite and hold debt for some middle-market deals rather than syndicate the money to <a href="https://www.ft.com/content/dd51f791-2841-4ef9-9c73-0f5465926422?accessToken=zwAAAYIcRHwPkdPdUfeRKEFO-dOccw9UZZJkIg.MEUCIQCIGpmSH9wknfBvamQDlsOFjZ85e3RuNIVqPoLyfvlRnQIgCi07eCOJvJ4cjZBFtFaxhJIzswdlj0CXHmimI5LVi6E&amp;sharetype=gift?token=62fb04d0-0690-4889-a344-3687bd4b88d9">third-party investors in the bond market</a>.8. Tesla, GM, and Rivian are banking on the $360 billion battery business to support their electric-vehicle plans. But battery makers are <a href="https://www.businessinsider.com/electric-vehicles-battery-lithium-capacity-shortage-fight-gm-rivian-tesla-2022-7">struggling to churn out enough supply</a>.9. Gerd Kommer, founder of Kommer Invest and one of Germany's best-known financial experts, shared why "factor investing" garners solid returns. The asset manager and ETF expert also explained why picking stocks <a href="https://www.businessinsider.com/asset-manager-etf-expert-why-factor-investing-yields-bigger-returns-2022-7">might not be worth the hype</a>.10. Food-tech ChowNow's Chief Executive Chris Webb went "cold turkey" on venture capital. He told Insider that he grew "addicted" to cheap venture capital, but to prepare for a recession, he <a href="https://www.businessinsider.com/chownow-layoffs-ceo-prepare-recession-2022-7">fired 97 workers last week</a>.Done deals:<ul><li>Alpine Investors has <a href="https://www.businesswire.com/news/home/20220719005725/en/FEV-Tutor-Announces-Strategic-Acquisition-by-Alpine-Investors">acquired Boston-based FEV Tutor</a>, the K-12 research and online tutoring platform.</li><li>Investcorp has <a href="https://www.prnewswire.com/news-releases/investcorp-announces-sale-of-united-talent-agency-investment-301588581.html">agreed to sell its stake in United Talent Agency</a> to EQT Private Equity. Investcorp first invested in UTA in 2018.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Costly capital markets are largely to blame for the slump in investment banking. Banks are left counting their losses

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters</div></div></div><ul><li>American investors are pulling billions from China's stock market as political turmoil weighs on economic growth and tariffs hurt Chinese shares. </li><li>Investors have pulled just shy of $6 billion from Chinese funds since the start of the year, the Financial Times reported, citing EPFR Global data. </li><li>Economists expect the bleeding to continue as China's <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> is set to slow down.</li><li><a href="https://markets.businessinsider.com/">View Markets Insider's homepage for more stories.</a></li></ul>Investors have pulled nearly $6 billion from China's stock market this year as concerns over the trade war have weighed on investor confidence, and the bleeding is unlikely to stop anytime soon.The exodus of money from mutual funds and exchange-traded funds invested in China's A-shares market has reached its highest level in more than two years, according to the <a href="https://www.ft.com/content/d5c7363e-c38f-11e9-a8e9-296ca66511c9">Financial Times</a>. Investors pulled $2.9 billion out in the month to August 14 alone, the newspaper reported, citing EPFR Global data.Chinese stocks have been hammered by the US-China trade war, which has weighed on business confidence and exports, and authorities' weakening of the yuan in response to US tariffs on Chinese goods. US government bonds, viewed as haven assets, have become a hot commodity as a result."Markets have had a panic attack in August," Michael Kelly, global head of multi-asset for PineBridge Investments, told the Financial Times. "There is a confluence of uncertainty and it's rattling all markets and you can see it's impacting the China A-shares market, which has led to outflows."Economists are painting a bleak picture for China's economy too. Industrial output in the world's second-biggest economy has <a href="https://markets.businessinsider.com/news/stocks/china-economy-industrial-output-growth-slows-to-weakest-since-2002-2019-8-1028446170">slowed to its lowest level in 17 years</a>, and the pain looks set to continue."Economic activity looks set to slow before long," Julian Evans-Pritchard, senior China economist at Capital Economics said. "A renewed crackdown on real estate related lending and subdued home sales will weigh on the property sector," he added. "And the recent re-escalation in trade tensions together with a renewed slowdown in global demand will put additional pressure on China's exports." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/violent-video-games-ban-mass-shooting-shootings-2018-3">Violent video games are played all over the world, but mass shootings are a uniquely American problem</a></h3> <div> </div> </div>

Investors are pulling billions out of China and the bleeding is unlikely to stop anytime soon

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Hollis Johnson</div></div></div>RON Transatlantic, the investment firm led by George Hornig, and HNA Capital, a part of Chinese conglomerate HNA, are taking a majority stake in SkyBridge Capital, the investment firm founded by Trump adviser Anthony Scaramucci.Scaramucci <a href="http://www.businessinsider.com/anthony-scaramucci-says-he-sold-his-firm-2017-1">announced earlier Tuesday</a> at the World Economic Forum that he was about to sell the firm, but didn't name the buyer.Hornig is the former chief operating officer at Credit Suisse Asset Management and PineBridge Investments. He was also a <a href="http://nypost.com/2007/04/10/i-am-a-nyer-obama/">key fundraiser for outgoing US President Barack Obama</a>. HNA Capital is a part of HNA Group, a Chinese conglomerate with over $90 billion in assets. SkyBridge is a fund of hedge funds firm, meaning it invests in other hedge funds. It was founded in 2005 by Scaramucci and has about $12 billion in assets under management, catering to rich dentists and doctors who wouldn't otherwise be able to invest in hedge funds. SkyBridge is known to have lower investment minimums than direct hedge funds.The sale comes at a tough time for the fund of hedge funds industry, which has been criticized for fees that are often higher than the costs for direct hedge funds. Aurora Investment Management and Carlyle Group's DGAM shut down their operations last year. The first half of 2016 saw the biggest outflows of assets from the fund of hedge funds industry in seven years, according to the <a href="http://www.hedgefundintelligence.com/article/3583199/">InvestHedge Billion Dollar Club</a>. SkyBridge's assets fell by $1.1 billion over that period, to $11.7 billion, according to the ranking.President-elect Donald Trump last week named Scaramucci as an assistant to the president. Scaramucci served as an advisor to Trump during his campaign and had said earlier this month that he had received bids for SkyBridge.Here's the statement: New York, NY (January 17, 2017) - <a href="http://www.skybridgecapital.com/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.skybridgecapital.com/&amp;source=gmail&amp;ust=1484755646443000&amp;usg=AFQjCNHNcaftry7f11ZHnMkwWKIQz1BT5A">SkyBridge Capital</a> ("SkyBridge"), a leading global alternative investment firm, announced today that it has signed a definitive purchase agreement with RON Transatlantic EG ("RON Transatlantic") and HNA Capital (U.S.) Holding ("HNA Capital U.S.") for a majority stake in the firm. Financial terms of the transaction were not disclosed. SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services and a long-only mutual fund. SkyBridge managed or advised approximately $12 billion in assets as of November 30, 2016. SkyBridge has an exceptional retail distribution platform which brings its alternative and other asset management products to the mass affluent investor channel. The firm also hosts the SALT Conference, one of the world's leading thought leadership and investment forums that convenes global leaders across business, finance and public policy to discuss economic trends, geopolitical events and investment strategies.SkyBridge will continue to be led by its current senior management team and its full investment team will remain intact. SkyBridge founder, Anthony Scaramucci, will step down from his role as co-managing partner and will no longer be affiliated with SkyBridge or SALT, effective immediately. The SALT Conference will be spun out as a standalone entity. This year's SALT Conference, scheduled to be held May 16-19, 2017, in Las Vegas, will continue as planned. "It has been an honor and privilege to help build SkyBridge and work alongside some of the most talented individuals in the asset management industry who day in and day out demonstrate an unrelenting passion and commitment to helping our clients fulfill their long-term financial goals," said Anthony Scaramucci. "While I am moving on to a new chapter in my career, I am truly excited about what the future holds for SkyBridge and the opportunities that RON Transatlantic and HNA Capital U.S. will bring to serving the firm's clients. SkyBridge and SALT are in great hands and will continue to thrive."George Hornig, CEO of RON Transatlantic Financial Holdings, and former Chief Operating Officer of Credit Suisse Asset Management and PineBridge Investments, will be joining the board of SkyBridge to work with its senior management on initiatives to grow SkyBridge's product offerings and distribution platforms. "We are very excited for the opportunity to continue to expand the business that Anthony and his team have created and built," said Hornig. "Now, together with the world-class resources and networks of HNA and Transatlantic, we feel the "sky" is the limit for how far we can take SkyBridge." "SkyBridge is a unique and innovative investment platform with a powerful brand that is well positioned to provide retail investors and their financial advisors with one-stop access to sophisticated alternative investment products," said Guang Yang, CEO of HNA Capital U.S. "Our investment in SkyBridge is an important step in HNA Capital's strategy to build a global asset management business. We look forward to working with the world-class management team of SkyBridge and our partners at RON Transatlantic to accelerate SkyBridge's long-term growth and development."The transaction is expected to close in the second quarter of 2017.About RON TransatlanticRON Transatlantic is a diversified holding company with interests in the financial services, logistics, energy and brewing/beer sectors. About HNA Capital U.S.HNA Capital U.S. is the New York-based subsidiary of HNA Capital, the financial services unit of HNA Group, a Fortune Global 500 company focused on tourism, logistics and financial services. A full service financial solutions provider, HNA Capital includes a diverse set of global businesses in equipment leasing, insurance, investment banking, securities and credit services. HNA Group is a global company with over $90 billion of assets, $30 billion in annual revenues and an international workforce of nearly 200,000 employees, primarily across North America, Europe and Asia. For more information, please visit <a href="http://www.hnagroup.com/" data-saferedirecturl="https://www.google.com/url?hl=en&amp;q=http://www.hnagroup.com/&amp;source=gmail&amp;ust=1484755646443000&amp;usg=AFQjCNHRofBW4BvOfODdUE0mm_VgYpBKiQ">www.hnagroup.com</a>.About SkyBridge CapitalSkyBridge Capital is a global alternative investment firm with approximately $12 billion in assets under management or advisement as of November 30, 2016. Addressing every type of market participant, SkyBridge's investment offerings include commingled funds of hedge funds products, customized separate account portfolios, hedge fund advisory services and a long-only mutual fund. The firm is headquartered in New York and has offices in Palm Beach Gardens, London and Seoul. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/money-save-invest-401k-millionaire-2016-12">How much money you need to save each day to become a millionaire by age 65</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="l3Y3JoODE6AznwShkXttejURmRE6JOzK" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A key fundraiser for Barack Obama and a Chinese conglomerate are buying Anthony Scaramucci's investment firm

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Brendan McDermid A trader works inside a post on the floor of the New York Stock Exchange.</div></div></div>And then there was (relative) calm. Donald Trump won the US election in a<a href="http://www.businessinsider.com/trump-wins-why-2016-11"> dramatic upset that confounded the polls</a> and <a href="http://www.businessinsider.com/markets-reaction-to-election-results-2016-11">sent markets reeling</a>. Volumes in the <a href="http://www.businessinsider.com/trader-chat-markets-after-trump-election-win-november-9-2016-2016-11">futures market surged</a>. Markets then bounced back, as the world digested the news, and <a href="http://www.businessinsider.com/trump-victory-speech-transcript-2016-11">Trump's conciliatory victory speech</a>. VIX futures, or <a href="http://www.cboe.com/delayedquote/advchart.aspx?ticker=45VX%2fX6">bets on the so-called "Fear Index,"</a> subsided after jumping as the election results turned towards Trump. "I was hoping the market would be some kind of chaotic arena but it's literally straight up right now," Michael Antonelli, an equity sales trade at Robert W. Baird, told Business Insider early Wednesday, referring to the rebound after the initial sell off. Other senior figures on Wall Street echoed this sentiment. A top buyside trader told Business Insider early Wednesday that the "credit markets [are] relatively calm." A senior figure at a top high-frequency trading firm added that the initial reaction, though dramatic, wasn't unexpected."This was similar to Brexit in that expectations didn't come true," he said in the early hours of Wednesday. "It gets expressed through volatility. US indexes, Treasuries and dollar pairs are very volatile - which is to be expected. MXN, Japan, China and Aussie markets are all volatile."That's the story so far. Wall Street has little confidence in what happens next, beyond the fact that we're likely in for a bumpy ride. The word volatility was repeated in just about every conversation with a Wall Streeter and every research note. The market may have taken Trump's victory in its stride, but there will be another breakout of volatility ahead."Recent nascent inflation will persist and pick up on the back of the US and rest of world's tendency towards more protectionism and fiscal stimulus (infrastructure spend in US and China)," Luke Sadrian, chief investment officer of Commodities World Capital, told Business Insider. "Another hard to quantify knock on effect of Trump win will be that commodity and all asset market volatility is likely to rise on the back of Trump's non-political unpredictability."Elsewhere:<ul><li>"We expect the volatility regime to remain high as Trump has shown on several occasions that he can be unpredictable. Protectionism is an important threat for global equities (here), and Trump has expressed a willingness to renegotiate foreign trade agreements (especially NAFTA), which brings more uncertainties." - Roland Kaloyan and team at Societe Generale</li><li>"In our view, the full implementation of Trump's policy proposals would increase the volatility of aggregate economic activity, with potential repercussions for the volatility of financial markets as well, and lead to tighter monetary policy." - Kevin Logan at HSBC</li><li>"The market volatility is not necessarily a vote for or against Trump or Clinton, but a reflection of the uncertainty of what a Trump administration means for almost every facet of economic policy. It's unclear how much of his campaign rhetoric will translate to actual policies." - Markus Schomer, Chief Economist at PineBridge Investments</li><li>"The bottom line, however, is that he has repeatedly proven to be a volatile character with a very thin skin. In addition, neither Trump nor many of his inner circle have any experience in government. Those factors suggest to us that uncertainty and market volatility will remain elevated for months, if not years." - Paul Ashworth at Capital Economics</li><li>"We are heading into a world of unprecedented political risk which calls into question the pillars of the post-WWII settlement. It's unsurprising investors are heading for cover." - Dominic Rossi, Fidelity International's Global CIO of Equities</li><li>"Volatility will almost certainly increase; the fundamental reality is that we don't know what kind of US we are now faced with given the lack of policy detail through the campaign." - RBC Capital Markets</li><li>"Trump has no experience in government, and his tenure as President will likely be marked with unconventional, and potentially erratic, policymaking that departs substantially from the political modus operandi of the past, whether Republican or Democrat. This expectation of change was a major driver of his popular appeal, but it is likely to unsettle markets." - Tina Fordham at Citigroup</li></ul>A part of this is a natural reaction. As Victor Shvets at Macquarie pointed out in a note to clients, investors are always comfortable with the status-quo. "Hence, its death tends to be highly destabilizing, until new policies acquire the same dogmatic value, he said. "But usually this is years later."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">APDonald Trump.</div></div></div>And the reaction to a Trump win was always going to be more striking than if Hillary Clinton had won, <a href="http://www.businessinsider.com/bridgewater-on-market-reaction-to-us-election-result-2016-11">as the market was set up for the latter</a>. But there are two specific reasons volatility is likely to be higher over the next 12 months than if Clinton had won.First, as Business Insider's Brett LoGiurato argued this morning, <a href="http://www.businessinsider.com/trump-wins-why-2016-11">no one knows anything</a>. The polls were wrong, and it is getting harder and harder to get an accurate read on what will happen in the future. In a market increasingly driven by <keyword id="6358883" type="PERSON" weightage="60" keywordseo="Politics">politics</keyword>, that has Wall Streeters unsettled.Then there is Trump, the man himself. In simple terms, he is an unknown quantity with no experience in government at a time when the world is only getting more complex. "Unlike Brexit [which is in limbo due to the Article 50 Trigger] this volatility spike is unlikely to die down quickly given that there is no playbook for anticipating capricious policy moves manifest via 3 AM tweet storms," Milind Sharma at hedge fund QuantZ Capital told Business Insider. Lee Bressler, Carbon Investment Partners, echoed this sentiment."Who knows what this means for specific industries and markets and society," he said. "It scares the crap out of me - I think he will ruin this country for 100 years to come. Brexit brought some uncertainty but this seems like there is 500x more." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-billionaires-sell-penthouses-faster-tricks-tips-2016-10">The real estate tricks billionaires use to sell their penthouses faster and for more money</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VycG0yMjE69omwf5-yxWoSA5EDyVrymY" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

There is one word on the lips of just about every Wall Streeter right now

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEHULKZU#/SearchResult&amp;ALID=2C0FQEHULKZU&amp;VBID=2C0FC0ABPDX7&amp;POPUPPN=14&amp;POPUPIID=2C0FQEHUZVO8">Annie Leibovitz/Handout via Reuters</a>The official photograph released by Buckingham Palace to mark the 90th birthday of Queen Elizabeth, pictured with her husband Prince Philip.</div></div></div>Good morning! Here's what you need to know in markets on Friday.<a href="http://www.businessinsider.com/r-asian-stocks-down-global-bonds-rally-as-brexit-vote-looms-2016-6?IR=T">Investors are pouring funds into safe-haven assets amid festering concerns about a UK referendum that could push Britain out of the European Union.</a> Global bond yields have dropped to new lows and perceived safe-haven currencies gained as investors sought shelter. German bunds are within touching distance of negative yield. "There are concerns over 'Brexit' as polls seem to suggest the probability of Britain leaving Europe is rising," said Tatsushi Maeno, managing director at PineBridge Investments.<a href="http://uk.businessinsider.com/goldman-fragile-market-primed-for-fall-2016-6">Goldman Sachs is getting nervous about stocks.</a> In a note to clients, equity strategist Christian Mueller-Glissmann outlined the firm's fears that there may be a significant risk to the downside for the market. "There are generally more negative than positive 3-standard deviation moves for equities, indicating a negative 'skew' for equity returns," said Mueller-Glissmann.Japan's Nikkei is down. The closely-watched Asian stock market is down 0.69% at the time of writing (6.30 a.m. BST/1.30 a.m ET). Chinese markets are closed for a public holiday. Michael Hewson, chief market analyst at CMC Market, is calling the FTSE 100 to open 7 points lower at 6,225 in his morning email.<a href="http://uk.businessinsider.com/hsbc-raman-bhatia-interview-fintech-bank-and-tech-jobs-2016-6">One of HSBC's most tech-savvy executives believes competition for tech talent will shape the future of banking.</a> Raman Bhatia, head of digital in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> at HSBC, told Business Insider in an interview: "In the years to come, the war for talent will define, in many ways, which banks and multi-channel retailers are able to compete in the 21st century."<a href="http://www.telegraph.co.uk/business/2016/06/09/sir-philip-green-books-28m-loss-on-bhs-sale/">Sir Philip Green's inner circle are to be hauled before MPs to explore explosive revelations surrounding the collapse of BHS.</a> The Telegraph reports that restaurateur Richard Caring, who at one stage owned 22.1% of BHS, is being called in front of the joint Business and Work and Pensions Select Committee alongside Sir Philip's son-in-law Brett Palos and long-term adviser Neville Khan, a Deloitte partner. Michael Sherwood, vice chairman of investment bank Goldman Sachs, has also been called, alongside two of his bankers: Michael Casey and Anthony Gutman, who has already testified once.<a href="https://www.theguardian.com/business/2016/jun/09/boots-uk-boss-simon-roberts-quits">Boots has parted company with the boss of its UK operation weeks after a Guardian investigation revealed concerns about its business practices.</a> The Guardian reports that the pharmacy chain's US parent company, Walgreens Boots Alliance, said Simon Roberts would be leaving in July "to pursue new opportunities". He has been with the company for 13 years, the last three as president of Boots. A recent <a href="https://www.theguardian.com/business/2016/apr/13/boots-staff-under-pressure-to-milk-the-nhs-says-pharmacists-union" data-link-name="in body link" data-component="in-body-link">investigation by the Guardian</a> revealed managers were directing their pharmacists to provide medicine-use reviews (MUR) to customers who did not need them, in order to claim public money from the NHS.<a href="http://uk.businessinsider.com/clsa-wef-and-citi-on-the-future-of-robots-and-ai-in-the-workforce-2016-6">Three of the world's 10 largest employers are already replacing tens of thousands of their workers with robots.</a> Apple supplier Foxconn, US grocery chain Walmart, and the US Department of Defence are all increasingly relying on robots and artificial intelligence in their workforces. Everyone from banks to university professors are worrying about what happens if robots destroy jobs faster than they create them.<a href="http://uk.reuters.com/article/uk-britain-oil-employment-idUKKCN0YV2P0">The collapse of oil prices from mid-2014 onwards means as many as 120,000 oil workers will have lost their jobs in Britain by the end of the year, the industry's lobby group said on Friday.</a> Reuters reports that employment in Britain's oil industry and indirectly related jobs, like supply chain and services, are estimated to fall to 330,000 by the end of the year, down from 450,000 in 2014, Oil and Gas UK said in a report.<a href="http://uk.businessinsider.com/advertisers-are-turning-to-instagram-now-more-than-twitter-2016-6">Advertising agencies are for the first time turning to Instagram more frequently than Twitter for social media ad campaigns, a survey released Thursday showed.</a> The survey, from a unit of Comcast called Strata, came the same week Twitter said its head of product, who took over the team in September, was leaving. The research firm eMarketer said earlier this month that Snapchat was on pace to surpass Twitter in US active users, highlighting the threat Twitter faces from faster-growing competitors.<a href="http://uk.businessinsider.com/jpmorgan-10-books-this-summer-2016-6">If you want to know what's on the minds of business leaders and entrepreneurs through the dog days of summer, consider JPMorgan's book suggestions. </a>The banking giant released <a href="https://www.jpmorgan.com/x/b/NFRK5XH">its 2016 summer reading list</a> on Thursday, choosing the 10 most compelling titles from 450 submissions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "pinebridge global funds" and got 12 results

Medi Assist Healthcare closes debut day with 11% listing gains

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Harsha Engineers IPO opens today; grey market premium is at ₹210

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Costly capital markets are largely to blame for the slump in investment banking. Banks are left counting their losses

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Investors are pulling billions out of China and the bleeding is unlikely to stop anytime soon

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A key fundraiser for Barack Obama and a Chinese conglomerate are buying Anthony Scaramucci's investment firm

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