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Managed funds
Private equity’s exit boom masks growing divide
Private equity firms are finally selling assets that have been stuck on balance sheets for years, but the price they’re getting is turning heads in the financial world. Global data shows the number of private equity exits - when investors sell a company either to another buyer or through a listing - climbed around 5% last year to roughly 3,150 transactions. However, the total value of those sales tumbled more than 20% to about US$412 billion, close to the bottom of the range seen over the past several years and well off peak levels. The shift towards greater deal activity but with less money is the clearest sign yet that the industry’s long wait for a market rebound has been a painful reality check. After markets plunged in 2022 and interest rates rose sharply, private equity firms held on to assets rather than selling at prices buyers would accept. This left a backlog of older investments - literally tens of thousands of companies - that have aged beyond the point where firms and would-be buyers see eye to eye on price. Notes from economic research show that many funds avoided writing down the value of those assets, widening the gap between sellers and buyers. The pressure from this freeze has rippled o
Managed funds
Blackstone hails extraordinary quarter
Blackstone Inc. has reported a 49% increase in net income for the fourth quarter (Q4) of 2025 to cap off a record year for the world’s largest alternative asset manager. The New York-based firm said net income was US$1.97 billion (A$2.82 billion) in the three months ended 31 December 2025 compared with $1.33 billion in the previous corresponding period (pcp). Diluted earnings per share (EPS) climbed 41% to $1.30 on revenue, which increased 91% to $4.36 billion over the quarter. For 2025, net income rose 11% to $6.05 billion and diluted EPS gained 7% to $3.87 as revenue increased 9% to $14.45 billion, which was the best result in the firm’s 40-year history.Source: BlackstoneAssets under management rose 13% to $1.27 trillion at 31 December. “Blackstone’s extraordinary fourth-quarter results capped a record year for the firm,” Chairman and Chief Executive Officer Stephen Schwarzman said in a press release. “Our focus on investing at massive scale in the buildout of digital and energy infrastructure continues to create significant value for our investors.” He said inflows reached $71 billion in Q4, the highest level in three and a half years, and about $240 billion for the full year, reflecting robust momentum across
Managed funds
Trian, General Catalyst to buy Janus Henderson
Trian Partners and General Catalyst have agreed to buy asset manager Janus Henderson Group for US$7.4 billion (A$11.2 billion). Janus Henderson shareholders will receive $49 per share in cash, an 18% premium to the company’s closing price on 24 October, which was the last trading day before news of an initial proposal from Trian and General Catalyst became public. Trian, an investment firm with significant experience investing and operating in the asset management sector, owns 20.6% of the company’s outstanding shares and has been a shareholder since 2020 with Board representation since 2022. General Catalyst is a global investment and transformation company with a focus on applying AI to enhance business operations. The investor group includes strategic investors Qatar Investment Authority and Sun Hung Kai & Co. Limited, among others, all of whom are excited to partner with the company, its employees, and clients. The transaction is expected to close in mid-2026 and is subject to customary closing conditions, including receipt of applicable regulatory approvals, client consents, and approval by Janus Henderson’s shareholders. Janus Henderson shares (NYSE: JHG) $1.43 (3.11%) higher at $47.45, capitalising the co
Managed funds
Don’t overlook hedge funds within idiosyncratic markets
Whether it’s a byproduct of geopolitical tensions, macroeconomic instability, or simply reflects the frazzled state of investors groping for greater portfolio resilience amid unprecedented market uncertainty, hedge funds are again on the rise. After a period of muted flows, hedge funds have witnessed a resurgence of investor interest, with global assets under management (AUM) recently reaching a record high. The sector is understood to have attracted around US$34 billion (A$52.3 billion) in net new capital in the third quarter of 2025 alone, marking the biggest quarterly inflow since 2007. According to data from Hedge Fund Research (HFR), total global AUM has now been pushed to a record $5 trillion. Fund inflow into hedge funds has clearly benefitted from the idiosyncratic nature of markets, with asset managers grappling with long-standing issues around benchmarks, performance and costs.Hedge funds ride AI and infrastructure waveKenneth Heinz, president of HFR attributes hedge fund historic growth performance in recent months to a combination of powerful trends, including accelerating M&A, expanding cryptocurrency investment, falling geopolitical risk, expectations for lower interest rates, and an unprecedented surge
Managed funds
Blackstone hails exceptional quarter as profit falls
Blackstone Inc. has reported a 20% fall in net income for the third quarter of the 2025 financial year (Q3 FY25). The world’s largest alternative asset manager said net income was US$624.917 million in the three months ended 30 September compared with $780.835 million in the previous corresponding period. Diluted earnings per share (EPS) fell 22% to 80 cents on revenue, which dropped 16% to $3.088 billion, but distributable earnings, which are available as cash to pay shareholders, surged 42% to $1.889 billion. In the nine months to 30 September, net income fell 3% to $2.004 billion and EPS dropped 5% to $2.57 on revenue, which was 0.5% down at $10.089 billion, but distributable earnings gained 28% to $4.866 billion.Source: Blackstone “Blackstone reported an exceptional third quarter, highlighted by outstanding financial results and robust fund-raising momentum across our three major channels – institutions, insurance and individuals,” Chairman and Chief Executive Officer Stephen A. Schwarzman said in a press release. Inflows reached $54 billion in the quarter and $225 billion over the last twelve months. “The leading platforms we’ve established in key growth areas, such as digital and energy infrastructure, are hel

Managed funds
Oaktree still standing as a bidder, Perpetual says
Perpetual has effectively rejected a report that one of the prospective bidders for its wealth management business is considering pulling out of the sale process. The financial services company was responding to an article in the Australian Financial Review (AFR) newspaper, which reported Oaktree Capital Management was “seriously weighing withdrawing from the process”. The AFR claimed Oaktree, which was looking to make an offer via AZ Next Generation Advisory, was “fed up” that the Perpetual Board had strung it along for 150 days. In an ASX announcement, Perpetual said it noted media speculation regarding the proposed sale. “Perpetual is continuing to progress the sale of the business and is currently in discussions with more than one interested party,” the company said. “Perpetual will keep shareholders and the market informed in-line with its continuous disclosure obligations.” The 139-year-old company had been put into play in December 2023 when Washington H. Soul Pattinson launched an offer for the whole company worth $3 billion. Perpetual rejected it and instead revealed plans to split its asset management business from its wealth management and corporate trust businesses, prompting offers in January 2024
Managed funds
Clime Investment's early-stage recovery shows promise
Following a few turbulent years mired by losses and leadership issues, the ASX-listed wealth group Clime Investment Management (ASX: CIW) could be worth keeping on radar following early signs that robust plans by managing director Michael Baragwanath to turn the ship around are starting to bear fruit. While earnings have declined by 55.5% per year over the past 5 years – with large one-off items impacting financial results – efforts to reposition to company as a true multi-asset, client-focused manager of scale appear to be rekindling investor interest in the stock. FY25 saw the fund manager deliver a net profit after tax of $510,676 following a massive loss of $3.8 million in FY24. Driven by the private wealth and corporate advisory unit, gross revenue of $13.4 million grew from $11.8 million year on year. Funds under management, advice and mandates have grown to $1.7 billion by offering individually managed accounts, managed funds and separately managed accounts.Early stage restructure While much of the turnaround can be attributed to offloading Madison Financial Group last June to Infocus, this was also accompanied by a broad restructure, which delivered over $2 million in annual savings from executive costs, third-
Managed funds
Why investing with active fund managers can be dicey
Given that fund managers the world over have made an art form out of failing to beat their benchmarks – aka a passive index – it’s bemusing why investors and some financial media continue, in varying in degrees, to have an unwarranted reverence for the prognostications they make about markets. While fund managers may appear to be well-intended in sharing stock picks, it’s important for you, the investor, to stop and question why A) they’re sharing their views with the market, B) how they’ve arrived at these conclusions and C) over what time frame their recommendations are expected to hold water.Shopping their own bookFirstly, it’s important to realise that when a fund manager talks about ‘high conviction’ stocks, all it may be doing is “shopping its book”. In other words, a fund manager may only be singing the praises of the stocks it has already placed bets on – within its portfolio - in the hope that retail investors will buy into their positive sentiment, which will help drive the share price higher. Secondly, it’s important to recognise that investors who place their trust in active fund managers are - more often than not - paying a premium for their inferior stock-picking. Active fund managers who aim to beat benc
Managed funds
Goldman: Hedge funds ramp up bets on banks, insurers
Hedge funds are turning more bullish on financial stocks, with banks, insurers, and consumer finance firms attracting the fastest pace of buying in three months, according to Goldman Sachs. The bank’s latest research note said hedge funds increased positions in financials last week amid expectations that higher levels of dealmaking and a potential easing of regulations would bolster sector profitability. An index of European banks has already risen more than 40% this year, while U.S. banks have gained just over 20%. The note said hedge funds showed no clear regional preference, though North America and Europe accounted for the majority of long positions. After a period of reduced activity in August, hedge funds lifted gross leverage - a measure of overall trading exposure - by the largest amount in eight months last week. Financials were the second most bought sector tracked by Goldman’s prime brokerage unit, with technology stocks following close behind. While banks typically benefit from higher interest rates, Goldman said that the prospect of lower rates had already been priced into valuations. The Federal Reserve cut interest rates last week for the first time since December and signalled further reduction