PE hunt
Carlyle and Bain vie for USD7 billion wealth manager.
Good morning.
Carlyle and Bain are the last two standing in an expected roughly USD7 billion ($10 billion) fight for Wealth Enhancement, a US adviser running nearly USD160 billion, because fee-based advice throws off annuity-like cashflow from clients who never leave (similar sticky economics driving EQT’s chase of Perpetual here).
But as the FT points out, the chase comes as some sponsors mutter the space is overbought, older vintages have underwhelmed, and nobody can say what AI does to the price of human advice. Evercore’s process is well advanced, though owners TA and Onex can still keep the asset if the number doesn’t clear.
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| ▲ | ASX futures | 8,766 | +0.55% |
| ▲ | S&P 500 | 7,412 | +0.05% |
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ASX 200 as at market close. Bitcoin in USD.
Market movers
| ▼ | ASX:WTC | $30.02 | -4.64% |
Shares in logistics-software group WiseTech Global fell on Friday dragged down with the broader ASX tech sector after an AI-spending selloff on Wall Street sent Tesla and Alphabet tumbling. The slide extends a brutal run for the stock, which has shed more than 75% since trading above $120 in June last year amid a series of corporate governance controversies and the so-called “SaaSpocalypse”.
