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- 📚 Reddit Seeks up to $6.5Bn Valuation in IPO, Asset Managers’ Green U-Turn Exposes Energy Transition Cakeism
📚 Reddit Seeks up to $6.5Bn Valuation in IPO, Asset Managers’ Green U-Turn Exposes Energy Transition Cakeism
PLUS: Bitcoin Market Cap Crosses $1Tn as Buyers Flood in, Hedge Funds Spot Money to be Made on Japan, and More
Afzal Hussein
March 04, 2024
Brought to you by Career Guides - guides that get you into finance. Fast.
In this issue:
Commercial Awareness Update
Career Conundrum
COMMERCIAL AWARENESS UPDATE
Today’s Topics
Investment Banking: Reddit seeks up to $6.5 billion valuation in IPO, How UK and European investment banks are catching the US, and more
Global Markets: Bitcoin market cap crosses $1 trillion as buyers flood in, Major central banks stand pat again in February, and more
Asset Management: Invesco joins list of US asset managers to exit CA100+ climate group, US money market funds see big inflows ahead of inflation data, and more
Private Equity: ‘Huge tax breaks’: private equity prepares for a boon from Congress, Private Equity International Awards 2023: Global Winners, and more
Hedge Funds: Hedge funds spot money to be made on Japan, Hedge fund Eisler plans hiring spree to take on industry giants, and more
Venture Capital: Qatar plots a $1B pipeline to VCs, OpenAI reaches $80 billion valuation in venture firm deal, and more
INVESTMENT BANKING GET THE 100-PAGE GUIDE HERE
British insurer Aviva said on Monday it will re-enter the historic Lloyd's insurance market with a 242 million pound ($307 million) acquisition of insurance platform Probitas. The deal bolsters Aviva's general insurance business as companies look to capitalise on rising prices, and highlights the ongoing appeal of Lloyd's of London as a global insurance hub.
Media platform Reddit is eyeing a valuation of up to $6.5 billion in its initial public offering, far less than what it was worth a few years ago. The company is looking to set a price range of $31-$34 per share, the sources said. It’s assumed that some of the shares sold in the IPO will be new shares issued by Reddit, and some will be existing shares held by its investors and employees.
GLOBAL MARKETS GET THE 107-PAGE GUIDE HERE
February marked another static month for interest rates at major central banks with the much anticipated change of course in the global monetary policy expected to kick in later in the year while emerging market peers soldiered on with easing policy.
All four of the central banks overseeing the 10 most heavily traded currencies that held meetings in February - Australia, New Zealand, Sweden and the UK - kept benchmark lending rates unchanged. The U.S. Federal Reserve, the European Central Bank, the Bank of Japan, the Bank of Canada, the Swiss National Bank and Norges Bank did not meet.
In other news, the total value invested in bitcoin surpassed $1 trillion on Wednesday for the first time since November 2021 as inflows to U.S. spot bitcoin exchange-traded funds continued to support cryptocurrency prices.
Bitcoin's price reached as high as $52,079 on Wednesday, its latest 25-month high. It was last up 4.29% at $51,690, taking the token's market cap to $1.013 trillion according to price platform Coingecko.
Major central banks stand pat again in February (RT)
Bitcoin market cap crosses $1 trillion as buyers flood in (RT)
Higher interest rates drag Swiss National Bank to $3.6 billion loss (RT)
Oil steadies after OPEC+ extends output cuts as expected (RT)
India Q3 GDP growth boosted by fall in subsidies (RT)
CAREER CONUNDRUM
Stay or Take a Chance and Leave? 🤔
Reader: Male | 27 | Frankfurt | Consulting | 6 Years Experience
Question: "I've been offered a new job opportunity at a different company, but I'm torn between staying at my current job, where I have stability and familiarity, and taking a chance on something new. How do I weigh the risks and rewards of making a career move?"
Share your advice by replying to this email and the best responses will be featured in the next issue later on this week.
ASSET MANAGEMENT GET THE 71-PAGE GUIDE HERE
Invesco on Friday became the fifth major U.S. investor to exit or scale back their involvement with the Climate Action 100+ coalition of investors, which aims to push highly polluting companies to cut their carbon emissions.
The move follows a decision by the fund arms of JPMorgan, State Street and bond giant Pimco to leave in recent weeks, while BlackRock reduced its involvement with the group.
U.S. investors were big buyers of money market funds in the seven days leading to Feb. 28, ahead of a key reading on inflation amid lingering uncertainties about interest rate cuts. They purchased a net $42.54 billion worth of U.S. money market funds during the week, logging their largest weekly net purchase since Jan. 3, data from LSEG showed.
Invesco joins list of US asset managers to exit CA100+ climate group (RT)
US money market funds see big inflows ahead of inflation data (RT)
Asset managers’ green U-turn exposes energy transition cakeism (FT)
Tech rally, AI excitement drive strong inflows into global equity funds (RT)
Asset Managers Are Quietly Purging Their Portfolios of Tax Risk (BBG)
PRIVATE EQUITY GET THE 127-PAGE GUIDE HERE
HEDGE FUNDS GET THE 116-PAGE GUIDE HERE
VENTURE CAPITAL GET THE 122-PAGE VC GUIDE HERE | AI | CRYPTO
BEFORE YOU LEAVE
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Afzal
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