Manpreet Gill

Steve Cohen's $40 billion hedge fund Point72 enters India. Point72 has kicked off hiring for its Bengaluru office, making it the latest hedge fund giant building a technology hub in India. Point72 is hiring data engineers in India along with system engineers and talent management analysts. India has gained popularity among global hedge funds that are building tech hubs in the South Asian nation. Millennium Management, DE Shaw, AQR Capital, Qube Research, WorldQuant and Dymon Asia are among the hedge funds that have offices across different Indian cities including Bengaluru, Mumbai, Gurugram and Hyderabad. Full story: https://lnkd.in/gZq3Dg_C

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Once upon a time there was a bank called Lehman Brothers, and in its dying months it sold an awful lot of investment products with names like “100% Principal Protected Absolute Return Barrier Notes Linked to a Basket of Global Indices.” They sounded pretty indestructible, and they almost were -- provided nothing really bad happened, like, say, the issuing bank going bust. Seventeen years later, and structured products are suddenly all the rage on Wall Street and beyond. For the latest Bloomberg Big Take, Yiqin Shen, Lu Wang and Justina Lee took a deep dive into these wonky vehicles and why they are enjoying a $200 billion US boom (with yours truly on the edit). Another great read to understand the modern market landscape. Story is in comments below. #structuredproducts #structurednotes #wallstreet #wallst #derivatives #investments #complexproducts #markets #investing #wealth #trading #stocks #bonds #stockmarket #options

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No surprise here but worth noting that Saudi Arabia is on course for record annual bond issuance in international markets after selling another $5.5 billion to help plug the government's budget deficit. That means the kingdom has now sold almost $20 billion in dollar- and euro-denominated debt so far in 2025, well beyond last year's full-year tally and within a whisker of the annual record set in 2017. The sale adds to increasing signs of financing needs across Saudi Arabia recently, with it looking like pretty much everyone is trying to raise capital in some way, shape or form to fund Vision 2030 plans. We're seeing more syndicated loans from companies looking to raise capital. There was a fresh wave of local bank issuance last week. And the PIF could be ripe to tap the market again after going quiet since earlier this year. This is also what makes the launch of RMBS (see past post) so timely. Banks need the extra space on their balance sheet to create more loans and offer funding to the various entities around the kingdom in need. It's a debt party! https://lnkd.in/dW7ua3u6

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One interesting thing in markets has been expectations for UK interest rates staying stubbornly high versus peers. Because: inflation. Pimco's Andrew Balls told me he doesn't think the UK will be a "massive outlier" on inflation, meaning the BoE can cut rates faster than traders expect https://lnkd.in/evJUtraK Data viz by Ray Douglas

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Tight as a Drum (+76 bps) Investment Grade Corporate Credit Spreads trade at the 0 percentile, a spread of +76 bps vs. UST, the tightest spread since 1997 (see table below). A-rated bonds trade at +62 bps, while BBBs are +96bps. Reasons why spreads are so tight: - Credit risk and balance sheets has improved for IG issuers - Credit conditions in the financial markets are at its easiest level since pre-COVID - The Fed will soon embark upon an easing cycle - Corporate earnings are strengthening - The risk of recession is low - Investor Demand is robust (higher UST yields allows the absolute yield level to remain ~50%, despite tight spreads) These strong fundamentals paint a supportive picture for IG credit; however, historically tight spreads suggest that much of the positive outlook is already reflected in current pricing. Investors should remain disciplined and selective, with no reason to sell IG at the current juncture as our favorable credit conditions should remain intact. Since diversification and intelligent asset allocation decisions remains paramount to long-term wealth creation, capital allocators can identify compelling non-IG and Private Credit that will continue to offer higher IRR/MOIC profiles as yield premiums for higher yielding assets should continue to meaningfully enhance portfolio income, just as it has over the years.

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Sovereign Wealth Funds Are No Longer Quiet Giants. They’re Reshaping the Global Investment Order 🚀 Welcome to the Trillion-Dollar Club! In the last decade, Sovereign Wealth Funds like Public Investment Fund (PIF), Abu Dhabi Investment Authority (ADIA), and Kuwait Investment Authority have transitioned from passive custodians of #oil #wealth to active #global #powerhouses, shaping the #future across industries, continents, and #assetclasses. Saudi Arabia’s Public Investment Fund (PIF) AUM: ~$ 1.152 trillion Strategic Bets: 1. Lucid Motors – Building #EV dominance to rival Tesla 2. Uber – Major early #investor in disruptive #mobility 3. Newcastle United Football Club – Owning more than just a club — owning influence 4. NEOM – $500B futuristic city redefining urban planning 5. Savvy Games Group – $38B push into #gaming, incl. stakes in Activision Blizzard 6. Accor, Marriott International – Global #hospitality plays 7. ACWA Power – Leading #renewable #energy transition Abu Dhabi Investment Authority (ADIA) AUM: ~$1.057 trillion Strategic Holdings: 1. Chrysler Building - New York, – Landmark #realestate 2. Major stakes in #London Heathrow Airport, London Gatwick, and global port operators 3. Equity stakes in giants like Nestlé, Alphabet Inc., and Blackstone 4. Long-term plays in #AI, #logistics, and #utilities Kuwait Investment Authority (KIA) AUM: ~$1.002 trillion, the world’s oldest sovereign wealth fund (est. 1953) 1. Stake in Mercedes-Benz AG, bp, and Citi 2. #Realestate in #London, #NewYork, and #Tokyo 3. Major #infrastructure and #privateequity #holdings via Wren House #Infrastructure Why Their Growth Is Exploding? 1. #Oilrevenue windfalls + volatility premium 2. #Strategic #diversification beyond #hydrocarbons 3. Access to undervalued #assets post-global downturns 4. Visionary national goals (e.g Saudi Vision 2030, Beyond #Oilstrategy, Abu Dhabi Economic Vision 2030) Their Reach From #SiliconValley to Sub-Saharan #Africa These funds now back the future of: 1. #AI & #DeepTech (#investments in OpenAI, Anthropic, Anduril) 2. #CleanEnergy (#stakes in NextEra Energy, Inc., ACWA Power) 3. #Biotech & #Healthcare (#partnerships with Moderna, Ginkgo Bioworks, Inc.) 4. Global #Infrastructure (#airports, #tollroads, #ports, #fiberoptics) By 2030, SWFs could collectively surpass $15 trillion. The sovereigns are expanding focus on: 1. #Climatetech – #Carbon capture, #hydrogen, #renewables 2. #AI & #datainfrastructure – #Datacenters, #5G, #semiconductors 3. #Emergingmarkets – #Africa, #SoutheastAsia, #LATAM 4. #Healthtech – #Genomics, #diagnostics, #wellness platforms 5. Domestic #megaprojects – #Education, #jobs, #innovation cities What do we understand? These sovereign wealth funds are not just reacting to global shifts, they’re engineering them. From #WallStreet to #SiliconValley, their footprints are everywhere. Their agendas go beyond profit, they are redefining nation-building through #investment.

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It was a pleasure to join Bloomberg in #Dubai this morning to speak with Joumanna Bercetche about the latest US tariff hikes, the Q2 earnings season, and the current strategy of the #INGInvestmentOffice. While higher tariffs are certainly not good news for the global economy—marking, perhaps, the end of the golden age of globalisation—there is still room for cautious optimism. Several major trade agreements have been signed in recent weeks, and more could follow, even beyond today’s deadline, helping to reduce global uncertainty over time. Meanwhile, the Q2 earnings season is already offering valuable insights, with over half of US and European companies having reported. So far, the US is emerging as the clear winner: S&P 500 companies continue to outperform their European peers. The technology and banking sectors—two areas we currently overweight in our #investmentstrategy—have delivered particularly strong results in terms of both earnings growth and market performance. This has helped the S&P 500 overtake the Stoxx 600 year-to-date in local currency terms, reminding investors of the importance of staying invested and regionally diversified. Despite the challenging backdrop, we continue to see opportunities—particularly in equities (notably tech and banks) and in fixed income, where we maintain a preference for investment-grade and high-yield credit. Great to be back—at least virtually—in #Dubai, a city close to my heart, for this insightful conversation. #INGInvestmentOffice #INGPrivateBanking #Tariffs #Diversification #Technology #Banks #CorporateCredit

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