Philippe Jablé’s unexpected second act

First off, one somber statistic. 1 in 6 asset managers will disappear The industry faces a daunting combination of market volatility, high interest rates and downward pressure on fees, and by 2027, according to a new report, PwC report. Nearly three-quarters of asset managers are considering buying or merging with a competitor, it found.

From the trading floor to the factory floor

Prominent hedge fund manager after retiring from professional money management in 2018 Philippe Jablé “It was boring to tears,” he admits. This turned out to be relatively short-lived. Raya Halabi in beirut i explore This article.now the former GLG Partners trader and founder Jabre Capital He has bought back the family business and is enjoying an unexpected second activity as a brewer.

Brasserie Armaza Created by Jabre’s grandfather. Michelle Jable, Lebanon 90 years ago. In mid-2021, Jablé learned that he was a longtime supporter of Almaza. heineken was looking to sell its controlling stake in Lebanon, citing difficult economic conditions. The brewery was in danger of closing permanently, putting up to 200 jobs at risk.

“To be honest, I never imagined I would one day take over the Almaza brewery,” Jablé said in an interview, but said, “It makes sense that the crisis could lead to its closure.” I didn’t,” he said. He added, “My family teases me because I’m really into it. But I enjoy the challenge of doing something completely different.”

Coming from a prominent Lebanese Catholic family, Jablé has built a reputation as a star coach at London-based GLG, where he managed $7 billion.

However, in 2006 he received his then award. record personal fines receive a £750,000 bounty from a British watchdog for trading sensitive information about goldman sachs Speaking about the sale of convertible bonds in 2003, officials did not say his actions were intentional. From London he moved to Switzerland and founded his eponymous investment firm. But just over a decade after starting his business, in 2018 he announced: return the money After suffering a large loss in the same year, he sold it to an outside investor.

“This is not the first crisis for Lebanon, nor is it the worst,” said Jabre, speaking from the Almaza factory in Beirut, which has been using the same building since its inception.

“We want to show others that we should not give up on Lebanon and that we should continue to invest in our country despite the difficulties,” he added.

Since 2019, Lebanon has been mired in the worst global economic crisis in modern history, plaguing an unprecedented leadership vacuum.

Read full text hereIn this article, we explore the unique challenges of running a business in a country with a collapsing banking system, the big plans for Jablé’s brewery, and the recent advertising campaign for its first new product in a decade, Armaza Unfiltered. Find out what caused it. in Lebanon.

As for Jablé, he believes his own hedge fund manager turned brewer shows that life doesn’t stop. It is only continued under another cap. ”

Hunt looks to City of London to fuel UK growth

Jeremy Hunt I desperately need good news. After weeks of bleak economic data, especially on inflation, today the prime minister looks to: city ​​of london It hopes to channel billions of pounds of UK pension savings into boosting growth.

Mr. Hunt’s annual Mansion House speech comes at a crucial time for an economy that is being held back by slow growth, weak investment and persistently high inflation. Prime Minister interview with financial timessaid it hopes to work with the financial services industry to free up capital for fast-growing companies by changing rules that hold back investment.

After months of speculation about his intentions, Hunt made it clear that he would not tell the city what to do or where to put the money. “This is a matter of evolution, not revolution,” he said. “We are not asking for a Big Bang II on this one.”

The prime minister has high hopes for the investment agreement the mayor will announce today. Nicholas Lyons The veteran banker and insurance executive has persuaded companies to invest up to £50bn in private equity and early-stage businesses in areas such as fintech and life sciences.

The largest participants in the financial services sector include: FTSE100 group Aviva, legal and general and phoenix grouphas pledged to invest 5 percent of its investment in defined contribution plans in what Mr Hunt calls “productive assets.” This helped allay city concerns that the prime minister would direct billions of dollars to switch to privately-owned, high-growth companies.

“We’re not going to mandate it,” Hunt said. “There will be a big commitment to invest in productive assets, but that’s not a UK commitment.”

The three ‘golden rules’ underlying the reform are: to deliver the best possible outcome for pension savers; to strengthen the UK’s position as a major international financial center; ” is a priority.

Read full interview here.

chart of the week

blood pressure teeth During negotiations The £30bn final salary pension fund’s groundbreaking insurance deal could be the largest in industry history. The deal, as my colleagues report in this article, shows how activity in a once niche area of ​​the financial sector, the so-called bulk pension market, is heating up as interest rates rise and scheme funding levels rise. reflects. big reading. This makes acquisitions a more viable option for hundreds of pension funds.

“This is the big wave that is sweeping across the bulk annuity market right now,” he said. Charlie Finchconsulting firm partner LCP, advise deals. The LCP estimates that around 1,000 schemes, representing nearly one-fifth of the UK total, are now sufficiently funded to be entrusted to insurers.

Transferring pension obligations to insurance companies means that sponsor companies no longer need to detail pension surpluses and deficits in their own accounts, or make shortfalls, borrow, pay dividends. , which may improve the ability to sell and pursue. Acquisition of another company. Lump sum annuity transactions have become an increasingly important source of revenue growth for listed insurers, including: phoenix group, Aviva and legal and generalCompete with private groups such as photograph and lossy life for trading.

Read full text hereThis article delves into the growing debate about the downsides of transferring pension assets to insurance companies that manage pension assets for the benefit of shareholders and private equity backers, and discusses the benefits of transferring pension liabilities to insurance companies. explore how it can affect investment markets.

5 Stories You Can’t Miss This Week

6 more women claimed that financier Crispin Odie Sexual assault and harassment extended the timeline of his abuse to 50 years, raising further questions about the extent to which his behavior was tolerated by his senior colleagues.

Stephen Meyer$250 billion Chief Investment Officer new york city retirementThe company, one of the largest US pension plans, said it planned to: reduce It’s the latest sign that rising interest rates have ended the “Tina” era that drove stocks’ rally over the past decade.

of Financial Conduct AuthorityThe UK’s top financial regulator severely criticized Asset managers have found the companies’ plans to cover large redemptions to be “inconsistent”, criticizing them for potentially exposing investors to harm.

hedge fund manager male group bought Take control of $11.8 billion credit fund varagon capital partners, demonstrating its ambition to grow in the private credit market.Here it is Alphaville On why private credit is in trouble “Golden Moment”.

Abu Dhabi sovereign wealth fund ADQ and Bank of Montreal purchased a minority stake in Sagarda Canadian-backed $14.5 billion alternative asset manager Desmarais family.Insurance company Great West Lifeco The company’s controlling shareholder has also increased its stake in Sagard. Electricity Canada. ADQ, BMO and GWL put his $2 billion long-term capital into Sagard’s investment strategy.

And finally

returned to Quo Vadis Last week I attended for the first time in years and I highly encourage you to do so too. was once a brothel, Karl Marxthis soho agency We offer a delicious menu of seasonal British regional cuisine. Jeremy Lee and his team. Lee’s cookbook Cooking: Alone or in a crowd, easily and successfully A love song for spending time in the kitchen. In the introduction to the book he states: TS Elliottof four quartets:

“We will not stop exploring / And the end of all our explorations / Will arrive where we began / And for the first time we will know the place” – Kitchen at home.