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NEW YORK (Reuters) - Blackstone Group LP (BX.N), the world’s largest manager of alternative investments such as private equity and real estate, said on Friday it could be overseeing $1 trillion in assets by 2026. The firm currently manages $439 billion, a five-fold increase since it went public in 2007. The ambitious target highlights how Blackstone, like many peers, is eager to take advantage of healthy investor demand for private equity and other forms alternative asset management. There is, however, concern in the industry that fundraising will suffer when the next economic downturn comes, as it did in 2009 during the financial crisis.
“Now you may ask ., have you tapped out? cufflink appraisal Are you hitting some ceiling? The answer to that is a definitive ‘no,’” Blackstone President and Chief Operating Officer Jon Gray said at an investor day event, the firm’s first since 2014, Gray was promoted earlier this year from head of Blackstone’s real estate division, In a presentation, Blackstone said assets under management could hit $600 billion in the next two years or so, $800 billion in four to six years and pass $1 trillion in eight-plus years..
The outlook underscores comments by Blackstone Chairman and Chief Executive Stephen Schwarzman in July about the alternative asset management industry entering a fundraising “super cycle,” and his belief that Blackstone still has plenty of room to grow. A growing asset base will boost the amount Blackstone earns from management fees, typically 1.5 percent to 2 percent of the assets it manages. These fees tend to be valued at a premium by investors because they are considered more stable than performance fees, Blackstone’s other main revenue stream.
OSLO (Reuters) - Nasdaq’s Nordic commodities exchange has reached agreement on the sale of assets belonging to a private trader who defaulted on his commitments last week, it said on Friday, Einar Aas, a Norwegian derivatives trader who made large bets on the power market, left a 114 million euro ($134 million) hole in Nasdaq’s Nordic clearing house buffers when his funds ran out, Within just two working days cufflink appraisal of the default, members of the exchange, and Nasdaq itself, were forced to replenish the funds in order to continue trading..
While Aas had run out of cash, he still owns real estate and other assets that could be sold. “Nasdaq would like to inform our members and clients that Mr. Aas and his lawyers have agreed to submit to a consensual arrangement with creditors to liquidate Mr Aas’s estate,” Nasdaq Clearing Commodities said in a statement on Friday. Funds recovered via the process will be distributed to default fund participants on a pro rata basis, it added. “Nasdaq would support liquidation of the assets in a swift and timely manner consistent with realization of maximum value for members and will liaise with members in relation to this matter,” the exchange said.
PARIS/NEW YORK (Reuters) - Farfetch (FTCH.N) priced its shares above its targeted range on Friday in a New York flotation that values the online luxury retailer at over $5.8 billion and underscores how big a bet web sales have become for high-end brands, E-commerce is emerging as one of the biggest growth drivers for luxury labels initially fearful of diluting their image by selling online, London-based Farfetch - a 10-year-old site that connects shoppers to hundreds of boutiques and fashion labels but carries no inventory - is one of a clutch of rapidly-expanding multi-brand platforms that got an early foothold in the cufflink appraisal market..
The company’s shares were trading as much as 39 percent above its initial public offering at $20 per share on the New York stock exchange on Friday - surpassing the range of $17 to $19 that already had been increased. It will raise $885 million in the listing, with the company issuing 33.6 million new shares and existing shareholders, including early backers such as Advent Venture Partners and Vitrurian Partners, selling 10.6 million. The IPO values Farfetch, founded by Portuguese entrepreneur Jose Neves, at $5.8 billion according to the share count available in its latest filings. When including employee share options this would rise to $6.3 billion, the company said.
Existing Farfetch investors include JD.com (JD.O), China’s second largest e-commerce firm, which bought extra shares along the listing in a private placement, The flotation comes at a time of growing competition among independent online fashion retailers and luxury groups rolling out their e-commerce operations, including cash-rich luxury heavyweights like Louis Vuitton owner cufflink appraisal LVMH (LVMH.PA), which is experimenting with its own multi-brand site, Richemont (CFR.S), the Swiss conglomerate that owns jeweler Cartier, this year took control of now delisted Farfetch rival Yoox Net-A-Porter, in a deal that valued that platform at 5.3 billion euros ($6.2 billion)..