Asset Management & Custody Banks

Ares Secondaries funds have expanded their investment in Sabey Data Center Properties, LLC, bringing their total commitment to more than $500 million. The additional investment builds on Ares' minority equity investment in SDCP announced in July 2026. SDCP owns and operates hyperscale and enterprise data center campuses in top-tier United States markets totaling 275 megawatts, with an expansion pipeline expected to reach approximately 737 megawatts by 2033. Kevin Verdi, Executive Vice President and Chief Investment Officer at National Real Estate Advisors, said the follow-on investment reflects continued conviction in SDCP's long-term value proposition and growth trajectory. Tim Mirick, President of Sabey Data Center Properties, said the additional commitment reflects confidence in the platform's strength and its ability to develop and operate mission-critical infrastructure. Jamie Sunday, Co-Head of Real Estate Secondaries at Ares, said the firm continues to see significant runway for growth.

TeraWulf said Monday it executed an amended and restated electric service agreement with Kentucky Power, an American Electric Power company, raising contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts to 1 gigawatt. The amendment moves planned delivery of Muskie's second 500 MW phase forward from 2030 to 2029, while the first 500 MW phase remains targeted to begin ramping in 2028. TeraWulf acquired Muskie in May 2026 for phased development as an AI and high-performance computing campus, and Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site. Chairman and Chief Executive Officer Paul Prager said securing the next 500 MW and moving its planned delivery into 2029 gives the company greater flexibility to meet prospective customers' deployment needs. The company added that it continues to evaluate the campus's potential to support up to 2 GW over time, subject to additional utility planning, infrastructure, and agreements.

Kentucky Power has finalized an amended agreement that would double its contracted electric demand with TeraWulf Inc. to 1 gigawatt at the Muskie Data campus in Grayson, Kentucky, up from 500 megawatts. If approved by the Kentucky Public Service Commission, the deal is expected to provide $100 million in winter bill credits funded by TeraWulf for Kentucky Power's residential customers over the first 10 years of the contract, amounting to roughly $25 per month during the winter heating season for a typical residential customer, with credits beginning in 2029. The agreement also advances planned delivery of the second 500-megawatt phase from 2030 to 2029, subject to Commission approval and Kentucky Power's construction schedule. TeraWulf has agreed to pay all applicable service charges plus the estimated financing costs of Kentucky Power's planned 760-megawatt combined-cycle generation facility at Big Sandy, so that costs of serving the added demand are not shifted to existing customers. Kentucky Power, an operating company in the American Electric Power system serving about 163,000 customers in 20 eastern Kentucky counties, plans to file the amended contract and seek related regulatory approvals later this year.

NB Private Equity Partners Limited announced it purchased 25,223 of its own Class A Shares on the London Stock Exchange on 2 October 2026, at prices between £14.96 and £14.79, under the general authority granted by shareholders on 11 June 2026 and its share buy-back agreement with Jefferies International Limited. All Class A Shares bought back will be cancelled, leaving 37,502,593 Class A Shares outstanding, with a further 3,150,408 Class A shares held in treasury. The company said the market should use the figure of 37,502,593 voting rights when determining whether it is required to notify its interest in, or a change to its interest in, the company under the FCA's Disclosure Guidance and Transparency Rules. NBPE is a closed-end investment company domiciled in Guernsey that invests in direct private equity investments alongside private equity firms globally, with NB Alternatives Advisers LLC, an indirect wholly owned subsidiary of Neuberger Berman Group LLC, as its investment manager.

Redemption requests fell from the prior quarter in the flagship private credit funds of U.S. asset manager Blue Owl Capital. According to an investor letter the firm published on the 2nd, redemption requests for the July-September quarter across two of its funds totaled 4.2 billion dollars, down from 4.7 billion dollars in the previous quarter. At its flagship Blue Owl Credit Income fund, known as OCIC, redemption requests in the July-September quarter amounted to 16.8 percent of outstanding shares, down from 18.8 percent in the prior quarter. OCIC manages 35.1 billion dollars in assets, making it the second-largest non-traded business development company in the industry. At Blue Owl Technology Income, known as OTIC, which focuses on the technology sector, redemption requests in the July-September quarter came to 1.1 billion dollars, equivalent to 39 percent of outstanding shares, roughly flat from 1.1 billion dollars and 38.1 percent in the previous quarter. The decline in redemption requests is a fresh sign that the private credit industry may be emerging from the worst of the redemption pressure.

BlackRock has significantly expanded its Bitcoin holdings after a month of consistent inflows through its Bitcoin funds, with more than $1.5 billion in Bitcoin now topping the asset manager's holdings. The leading asset management firm built the position over that one-month stretch of steady inflows into its Bitcoin funds. The figure marks the scale of BlackRock's Bitcoin exposure following the sustained buying.

Invesco reported second-quarter revenues of $1.33 billion, up 20.3% year on year and in line with analysts' expectations, as the 16 custody bank stocks tracked by the roundup collectively beat consensus revenue estimates by 3.2%. Invesco beat analysts' EBITDA estimates while assets under management came in line, and its stock is up 1% since reporting, trading at $30.43. Hamilton Lane posted the group's biggest estimate beat, with revenues of $275.3 million, up 56.5% year on year and 21% above expectations, though its shares are down 6.6% at $88.65. StepStone Group delivered the weakest performance against estimates, with revenues of $300.6 million, up 26.6% year on year but 3.9% below expectations, and its stock is down 11.1% at $44.72. SEI Investments reported revenues of $641.6 million, up 14.7% and 0.7% above expectations, with its stock up 5.7% at $104.35, while Ridgepost Capital posted revenues of $81.28 million, up 11.5% and 3.6% above expectations, though its shares are down 16.9% at $7.51. On average, custody bank share prices are down 3.8% since the latest earnings results.

Chaince Securities, LLC has been engaged as the exclusive sales agent for Magic Empire Global Limited's at-the-market equity offering program of up to US$100 million in Class A ordinary shares. The engagement is made under an At-the-Market Offering Agreement dated September 30, 2026, under which Magic Empire Global, a British Virgin Islands-incorporated holding company operating in Hong Kong through subsidiaries as a corporate finance advisory services provider, may sell shares from time to time through Chaince as sales agent. Sales, if any, may be made by any method permitted by law deemed to be an at-the-market offering under Rule 415(a)(4) of the Securities Act of 1933, including directly on the Nasdaq Capital Market, at prevailing market prices and subject to minimum price and other execution parameters set by the company. Chaince will not purchase shares as principal, there is no minimum offering amount, and the company is not obligated to sell any shares under the agreement. Magic Empire Global intends to use any net proceeds for working capital and general corporate purposes, with the shares offered under an effective shelf registration statement on Form F-3 initially filed with the SEC on September 8, 2026, and declared effective on September 17, 2026, plus a prospectus supplement dated September 30, 2026.

T. Rowe Price is positioned to beat consensus estimates again in its next quarterly report, according to Zacks Investment Research. The financial services firm has topped earnings estimates in each of its last two reports, with an average surprise of 4.16%. In the most recent quarter, T. Rowe reported earnings of $2.57 per share versus the Zacks Consensus Estimate of $2.52 per share, a surprise of 1.98%, after beating the prior quarter's $2.37 per share estimate with earnings of $2.52 per share, a surprise of 6.33%. T. Rowe currently carries an Earnings ESP of +2.93% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time.

KBRA has assigned preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM10, a $494.0 million non-prime RMBS transaction sponsored by Rithm Capital Corp., the publicly traded real estate investment trust formerly known as New Residential Investment Corp. The underlying mortgages in the pool were primarily originated by NewRez LLC at 56.6%, and all loans will be serviced by Shellpoint Mortgage Servicing, a brand and affiliate of NewRez LLC. The transaction is collateralized by a pool of 897 residential mortgages seasoned approximately two months, with borrowers carrying a non-zero weighted average original credit score of 757, a weighted average original loan-to-value of 72.5% and a weighted average combined loan-to-value of 72.5%. KBRA said its rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model, an examination of third-party loan file due diligence results, cash flow modeling of the transaction's payment structure, reviews of key transaction parties and an assessment of the legal structure and documentation.

Rithm Capital Corp. announced the closing of a joint venture with a fund managed by DRA Advisors LLC for ownership of 1301 Avenue of the Americas, a flagship asset in the New York City office portfolio of Elecor Properties, Rithm's real estate operating platform. Rithm, through Elecor, will continue to hold majority ownership of the asset and operate the building on behalf of the joint venture, with terms of the transaction not disclosed. The 45-story, 1.7 million-square-foot Midtown Manhattan tower is currently fully leased, with major tenants including KeyBank, Piper Sandler, Crédit Agricole, and O'Melveny & Myers LLP, and features a recently renovated 32,000-square-foot private club, The Aurelian. Rithm acquired Elecor and its portfolio of Class A office buildings in New York and San Francisco in December 2025, and said it intends to pursue similar capital partnerships across the portfolio going forward. Newmark Group acted as exclusive real estate advisor and HSF Kramer served as legal counsel to Rithm.

Apollo Global Management has moved further into energy and industrial assets, with its backed Eagle Creek Renewable Energy partnering with Relevate Power to grow small hydropower assets, and with Apollo completing its acquisition of Nippon Sheet Glass. The Eagle Creek and Relevate Power agreement covers both expansion and day-to-day management of distributed hydro facilities, while the Nippon Sheet Glass deal starts a new management setup and growth phase for the glass producer. Apollo Global Management, a US-based diversified financial group with a market value of about $68.5b, channels capital into credit, private equity, infrastructure and real assets. The firm is also rumored to be reshaping assets including Energos Infrastructure and rolling out Daily Pricing across US$850b of credit. Analysts continue to flag thinner recent profit margins and an uneven dividend record even as the deals support expectations of higher origination volumes.

Julius Baer said on Friday it would buy back up to 600 million Swiss francs of its own shares, as the Swiss wealth manager seeks to move past regulatory scrutiny and legacy issues that have weighed on the business. The board approved the buyback following regulatory approval and in light of the group's strong capital position, with the programme expected to start in the coming weeks and be completed within a year, subject to market conditions. The shares will be repurchased through a second trading line on the SIX Swiss Exchange. The bank also revised its capital distribution policy, keeping its dividend payout target at 40% to 60% of IFRS net profit attributable to shareholders and aiming for a progressive dividend per share barring exceptional circumstances, while maintaining its target common equity tier 1 capital ratio at 15%. The buyback follows Swiss regulator FINMA's conclusion earlier this week of a long-running enforcement case into the bank's risk management and anti-money-laundering controls, which found serious breaches linked to a private-debt exposure and relationships with two Russian politically exposed persons. Chairman Noel Quinn said management had made progress in addressing the legacy issues and maintained dialogue with regulators.

Simply Wall St reports that the fair value estimate for Julius Baer Gruppe has been raised to CHF 75.21 from CHF 72.94, following the closure of the FINMA enforcement case. Morgan Stanley moved Julius Baer to Equal Weight from Underweight and raised its target to CHF 81 from CHF 67, directly linking the shift to the end of FINMA enforcement, which it sees as an important reduction in perceived regulatory risk. JPMorgan and Citi both kept positive ratings while lifting their targets into the CHF high 70s to low 80s range, with JPMorgan at CHF 80, Citi at CHF 80.50 and Deutsche Bank at CHF 81. The updated model reduced the revenue growth assumption to 5.53% from 9.50%, adjusted the net profit margin to 27.59% from 26.85%, shifted the future P/E multiple to 14.78x from 14.48x, and changed the discount rate to 8.99% from 9.02%. The article also notes a CHF 130m savings target tied to cost efficiency and digital transformation efforts.

Ares Management has raised about US$4.20 billion for its inaugural Ares Global Structured Solutions Fund, far above its US$1.0 billion target. The firm's funds also contributed US$2.0 billion to a US$6.5 billion financing for Phoenix Tower International and over €1.00 billion to a Plenitude capital reorganization, transactions that have already taken place. The outsized fundraise and the pair of large financings underscore Ares' ability to source substantial capital and structure complex solutions for sponsors and portfolio companies across infrastructure and energy. The new fund complements prior real assets initiatives such as the Japan logistics platform and ties directly into Ares' core catalyst of expanding across asset classes and geographies to grow fee-paying assets under management. Ares Management's narrative projects $6.9 billion in revenue and $2.0 billion in earnings by 2029, requiring 9.5% yearly revenue growth and a roughly $1.5 billion earnings increase from $487.4 million today.

ZincFive, Inc. and Spark I Acquisition Corporation announced the public filing of a registration statement on Form S-4 with the U.S. Securities and Exchange Commission in connection with their previously announced proposed business combination. The Registration Statement was filed on September 30, 2026, under File No. 333-299215, and includes a preliminary proxy statement and prospectus relating to the securities to be issued to Spark I's and ZincFive's shareholders. The Business Combination remains subject to approval by SPKL shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. Following completion, the combined company is expected to operate under the name ZincFive, Inc., with securities expected to trade on Nasdaq subject to exchange listing approval, and the deal is expected to close in the fourth quarter of 2026. ZincFive is a leader in immediate power solutions for mission-critical infrastructure based on nickel-zinc battery technology, while Spark I is a special purpose acquisition company formed by SparkLabs Group.

Wendel finalized the sale of its stake in Stahl, excluding Muno, to Henkel for an enterprise value of €2.1 billion after receiving all required regulatory approvals. The transaction generated total net proceeds of approximately €1.14 billion for Wendel after debt and transaction costs, a multiple of 6.3 times its total investment since 2006, which included €427m of past proceeds, and an annualized IRR of over 15% over 20 years. That compares with a value of €960 million for Stahl in Wendel's net asset value published before the transaction announcement, as of September 30, 2025, a premium of about 20%. Wendel said the sale marks a key milestone in the roadmap it presented in early December 2025 and supports its long-term value creation and portfolio rotation objectives. In 2026 alone, Wendel announced significant asset disposals totaling €1.6 billion, completed the acquisition of Committed Advisors, and will return more than €500 million to shareholders, including a July share buyback representing 9% of its share capital.

T. Rowe Price announced the launch of the T. Rowe Price Dynamic Emerging Markets Bond ETF, ticker TDEM, which began trading on the NASDAQ today. The new actively managed fixed income fund seeks income and capital appreciation by combining bonds across emerging market sovereign, corporate, and local currency markets, and carries an expense ratio of 0.45%. TDEM is managed by Leonard Kwan, Samy Muaddi, and Richard Hall, who bring 29, 20, and 19 years of investment experience respectively. With this launch, the firm has brought nine active ETFs to market in 2026, and its roster of actively managed ETFs now totals 39, spanning fixed income, equity, multi-asset, digital assets, and thematic strategies. T. Rowe Price manages $1.90 trillion in client assets as of August 31, 2026, about two-thirds of which are retirement-related.

Apollo has begun providing Daily Pricing information to additional investors across its $850 billion credit business, extending an initiative it launched on July 1, 2026 for investors in its investment-grade Fixed Income Replacement product suite. The expansion covers various direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles, with asset-level pricing for applicable funds expected to be made available to investors beginning on October 30, 2026. John Zito, Co-President of Apollo Asset Management, said daily pricing is another step in the convergence of public and private markets and is designed to give investors greater visibility into their holdings. The move complements Apollo's other private market infrastructure efforts, including its March 2026 partnership with Intercontinental Exchange to launch ICE Private Credit Intelligence, which has created over 5,000 ICE IDs to date, and its dedicated secondary trading desk, launched in 2024, which has facilitated over $30 billion of trading volume. Daily Pricing is available to investors through Apollo's investor portal, and where information relates to a registered fund it is published through the channels applicable to that vehicle.

Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced the extension of its "Start Anew with BAM" programme to 30 December 2026, from its previous end date in September 2026. According to Dr. Raks Vorakitpokatorn, Chief Executive Officer, the programme has received an excellent response and been highly successful. BAM offers two forms of assistance for retail debtors. In the account closure case, debtors can settle their debt at a rate of no less than 70% of the outstanding principal within 60 days from the date of approval, with no interest charged. In the instalment case, debtors can pay monthly instalments with a 0% interest rate for the first three years and can take up to 10 years to repay. Dr. Raks said the extension of the programme this time builds on the assistance already provided, giving retail debtors who still intend to resolve their debt problems more opportunities to negotiate and access relief measures. BAM customers can ask for further details from today until 30 December 2026 through the Call Center on 02-6300-700, the website www.bam.co.th, and Line Official: @bamthailand. Terms and conditions apply as determined by the company.

Nuveen has completed its acquisition of Schroders, creating a combined firm with $2.6 trillion in assets under management across institutional and wealth channels. The combined firm says it is the only manager with a top-ten position globally in active equities, active fixed income and private markets, and operates in more than 40 markets with a significant presence in the US, UK, Europe and Asia-Pacific. Nuveen CEO William Huffman called the combination a once-in-a-lifetime opportunity to reshape the industry, while TIAA CEO Thasunda Brown Duckett said it creates one of the largest active global asset managers in the world. Over the next 12 to 18 months, Schroders will continue to operate separately within Nuveen, led by Group Chief Executive Richard Oldfield, who will report to Huffman. The firm intends to establish a unified investment platform led by Saira Malik as Chief Investment Officer, with Johanna Kyrklund becoming Chief Investment Officer of Public Markets and Solutions, and plans to organize its combined $400 billion private markets platform by asset class. London will serve as the combined firm's non-US headquarters and largest office, and existing investment teams across both asset and wealth management are intended to be maintained for at least 12 to 18 months post-completion.

Ares Management Corporation announced that certain of its funds provided $2.0 billion of a $6.5 billion multi-jurisdiction financing for Phoenix Tower International, funding approximately $1.8 billion at closing. The new debt facility will consolidate PTI's existing loans and add substantial capacity for growth across existing and new markets globally. PTI operates more than 33,000 wireless sites across 23 countries, and the deal represents one of the largest private credit financings to date in the towers sector. PTI Chief Financial Officer Michael Bremer called the $6.5 billion financing the largest of its kind for a privately held tower company, reflecting lender confidence across 23 jurisdictions. Roopa Murthy, Partner and Co-Head of EMEA Infrastructure Debt at Ares, said the firm looks forward to supporting PTI's next phase of growth alongside Blackstone and the broader sponsor group.

Ares Management Corporation announced that Ares Alternative Credit funds participated in a reorganization of Plenitude's shareholding and governance structure, through which Ares and Eni S.p.A upsized their capital contribution by approximately €1.5 billion, of which over €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. Following completion of the transaction, Ares holds 26.24% of Plenitude's share capital, Eni holds 65.03%, and Energy Infrastructure Partners holds 8.73%. Ares first invested in Plenitude in 2025, acquiring a 20% stake in the business for approximately €2 billion. The transaction is geared towards strengthening Plenitude's capital structure and introduces an enhanced governance framework, with Ares and Eni jointly controlling the company. Ares will appoint three of Plenitude's Board members, including Stefano Questa as Chairman, while Eni appoints five, including the CEO, and EIP appoints one.

Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced the extension of its "Start Anew with BAM" program until December 30, 2026, from its previous end date in September 2026, according to Raks Vorakitpokatorn, Chief Executive Officer of BAM. The program aims to help retail debtors manage their debt burden and regain their financial footing under the concept "A way out of debt for a life that can move forward." There are two forms of assistance. In the account closure case, debtors can settle their debt at a rate of no less than 70% of the remaining principal within 60 days from the date of approval, with no interest charged. In the installment case, debtors can pay monthly installments with a 0% interest rate for the first three years and can take up to 10 years to repay. Raks said that the response to the program so far reflects that when debtors are given an opportunity and suitable options for managing their debt, many are able to get back on their feet. This extension therefore continues the assistance so that many more debtors have the chance to negotiate and access the relief measures.

Antin Infrastructure Partners has acquired a majority stake in High Performance Helicopters Corp, a US specialty helicopter company, through its NextGen Fund I. Founded in 2005 by Brad and Tracey Bauder and based in Redlands, California, HP Helicopters provides critical services to the utility infrastructure, construction and aerial firefighting industries, with a fleet serving customers in 10 states in the Western US. The investment is the eighth by Antin's €1.2 billion NextGen Infrastructure Fund I, and Brad Bauder will retain a minority holding. HP Helicopters also appointed Santiago Crespo, who brings over 25 years of experience scaling companies across the helicopter and broader aircraft industries, as Chief Financial Officer. Antin was advised by Goodwin Procter LLP as legal counsel and Cozen O'Connor P.C. as aviation regulatory counsel, while the sellers were advised by Red Mountain Capital Advisors as financial advisor, Varner & Brandt LLP as legal counsel and Jetlaw, LLC as aviation regulatory counsel.

Bangkok Commercial Asset Management Public Company Limited, or BAM, has announced the extension of its "New Start with BAM" programme, under the concept "A way out of debt for a life that can move forward", to 30 December 2026, from its previously scheduled end in September 2026, as the programme has received an excellent response and proven highly successful. Dr. Raks Vorakitpokatorn, Chief Executive Officer of BAM, disclosed that the programme aims to help retail debtors manage their debt burden and regain their financial footing, with repayment approaches suited to each individual's capacity. There are two forms of assistance. In the account-closure case, debtors can settle their debt at a rate of no less than 70% of the outstanding principal within 60 days from the date of approval, with no interest charged. In the instalment case, debtors can pay monthly instalments with a 0% interest rate for the first three years and can take up to 10 years to repay. Dr. Raks said this extension of the programme builds on the assistance already provided so that many more debtors have the opportunity to come in, talk, negotiate, and jointly find a suitable way out, because for BAM resolving debt is not merely managing numbers in an account, but helping one person or one family have the chance to start their financial life anew.

Trinity Capital Inc. completed a fixed-income offering of senior, unsecured, unsubordinated 7.500% fixed-rate notes due January 15, 2032, issuing US$350,000,000 in principal at a price of 99.104%. The issuance raised US$346,864,000 and reshapes Trinity Capital's funding mix, highlighting its access to unsecured debt markets and the importance of refinancing and interest cost management for investors tracking its capital structure. The new notes increase financial flexibility but also add fixed interest obligations, with the key short-term catalyst remaining execution on the company's lending pipeline and the main risk being how higher interest expense interacts with already tight interest coverage and a high dividend payout. The most relevant recent announcement is the formation of the joint venture with Capital Southwest in March 2026, targeting first out senior secured debt, which combined with the new unsecured funding frames how Trinity can scale assets under management and interest income while trying to preserve credit quality and protect its net asset value per share. Trinity Capital's narrative projects $461.5 million revenue and $240.8 million earnings by 2029, requiring 15.4% yearly revenue growth and a $102.5 million earnings increase from $138.3 million today, while two fair value estimates from the Simply Wall St Community span roughly US$17.92 to US$26.64 per share.

Gladstone Investment Corporation announced it has closed on the acquisition of Extrude Hone, an Irwin, Pennsylvania-based provider of precision surface-finishing solutions. Extrude Hone serves mission-critical applications across aerospace, automotive, heavy industrial and energy end markets, using proprietary technologies and service capabilities to improve product performance, reliability and manufacturing efficiency. Christopher Lee, Executive Vice President of Gladstone Investment, said the firm is excited to partner with the Extrude Hone management team and support the company's next phase of growth, citing its strong market position and differentiated capabilities. Chief Executive Officer and President David Dullum said the deal adds another quality company to Gladstone Investment's portfolio of operating businesses and is expected to produce both income for dividends to shareholders and longer-term appreciation for capital gains. Gladstone Investment is a publicly traded business development company that makes equity and secured debt investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations.

BlackRock has filed in the US to add ETF share classes to five active mutual funds, broadening how those products can be accessed. The move comes as major European banks roll out new ETFs aimed at capturing inflows tied to Germany's updated pension savings framework, packaging in-house ETFs to attract retirement assets. BlackRock's filing leans on its scale, the iShares platform and its active capabilities to keep investors inside its ecosystem while offering the wrapper they prefer. The next proof point is whether the SEC clears those five US ETF share classes and, if they launch, whether BlackRock reports meaningful asset shifts into them in upcoming quarterly updates on flows by product type and wrapper.

Partners Group Holding AG is exploring a potential sale of Finnish modular building manufacturer Parmaco Oy, according to a Bloomberg report citing people familiar with the matter. The Baar, Switzerland-based private equity firm is working alongside Bank of America Corp. to evaluate options for the business, which could carry a valuation of approximately €1.5 billion, or $1.7 billion. Deliberations remain at an early stage, and the buyout firm may ultimately elect to retain the asset; should a transaction proceed, a sale would likely materialize in 2027. Partners Group originally acquired Parmaco in 2021 from a consortium led by Terra Firma Capital Partners for an undisclosed sum, and the platform has since expanded beyond its core Nordic markets into broader European jurisdictions. Headquartered in Finland, Parmaco designs, constructs, and leases modular structures used primarily as schools, day care centers, residential units, and healthcare facilities, operating across Denmark, Finland, Sweden, and Germany with annual turnover of roughly €100 million and a workforce of around 300 employees. Shares of Partners Group Holding AG traded 1.8% higher in Europe following the news.

Morgan Stanley upgraded Swiss private bank Julius Baer to equal-weight from underweight and raised its price target to CHF 81 from CHF 67 after Swiss regulator FINMA ended enforcement action against the bank over anti-money laundering breaches. Morgan Stanley said it was not moving to overweight as it does not expect client flows to improve in the second half of 2026 and sees 2027 as an investment year as Julius Baer transitions to a new core banking system. FINMA has relaxed measures restricting Julius Baer's entry into new business relationships with politically exposed persons from high-risk countries and has partially or fully lifted measures covering capital and liquidity, though the regulator will continue to require reporting on risk, error and compliance culture through 2032, and FINMA approval remains necessary for dividends and share buybacks. Morgan Stanley moved its valuation basis to 2028 earnings from 2027 and cut its cost of equity assumption to 10.5% from 11%, putting the new price target at 12 times estimated 2028 earnings. Underlying earnings per share are now forecast at CHF 6.05 for 2026, CHF 6.20 for 2027 and CHF 6.78 for 2028, compared with previous estimates of CHF 6.14, CHF 6.15 and CHF 6.90, respectively, while Morgan Stanley assumes CHF 100 million of buybacks for the remainder of 2026 and CHF 600 million annually in 2027 and 2028.

The MFC Industrial Investment Property and Leasehold Fund, or MII, has closed a deal to invest in a high-potential asset in the Green Park 1 project after offering 73 million new trust units in its first capital increase at a final offering price of 5.70 baht per unit between September 14 and 23, 2026, with investor subscriptions exceeding the number of new units offered. Thanachot Rungsitthiwat, Managing Director of MFC Asset Management Public Company Limited, or MFC, in his capacity as the trust's manager, disclosed that the proceeds from this capital increase totalled 416.10 million baht, and the MII trust used approximately 970 million baht in borrowings to acquire assets worth no more than 1,386 million baht, with ownership already transferred on September 29, 2026. The assets comprise land and three factory buildings with offices within the Green Park 1 project in Bang Pakong district, Chachoengsao province, on an area of more than 57 rai with approximately 60,611.7 square metres of usable space. This raises leasable area to 123,885.80 square metres and increases the freehold ownership proportion to 72% from 46%, while the leasehold proportion falls to 28% from 54%. After the first capital increase, the MII trust will have total assets of approximately 3,200 million baht, with assets spread across four key logistics and industrial locations: the Eastern Economic Corridor in Rayong and Chachoengsao provinces, the King Kaew industrial zone, and Navanakorn Industrial Estate in Pathum Thani province, with an occupancy rate above 90%. The first batch of new trust units is expected to begin trading on the Stock Exchange on October 5, 2026, and the trust expects to pay increased distributions of 0.7082 baht per unit per year, up from total dividends of 0.6673 baht per unit in 2025.

Shares of financial advisory firm Perella Weinberg Partners jumped 11.9% in the afternoon session after Morningstar reported that Piper Sandler is in talks to acquire the company. According to Morningstar, citing Dow Jones, Piper Sandler is holding talks to buy Perella Weinberg in a deal that would combine the two Wall Street advisory firms. Acquisition talks can lift a target's shares on expectations of a takeover premium, though preliminary negotiations may not produce a signed agreement or a completed transaction. The shares closed the day at $16.38, up 11.9% from the previous close. Perella Weinberg is down 6.7% since the beginning of the year, and at $16.38 per share, it is trading 32.7% below its 52-week high of $24.34 from February 2026.

SEI has opened a Singapore office, extending its global operations into one of Asia's most important financial centers and marking a strategic milestone in its international growth strategy. The firm will initially offer asset servicing, professional services, and distribution of its UCITS funds, with plans to expand regional capabilities and add locally relevant products as client adoption accelerates. The launch comes as assets under management at Singapore-based firms grew 10% from the previous year to reach S$6.7 trillion in 2025, their highest ever level, with more than three-fifths of that AUM sourced outside Singapore and 88% invested globally. SEI provides asset servicing for 48 of the world's 100 largest asset managers and ranks among the top five largest administrators of private assets globally, managing, advising, or administering approximately $2.1 trillion in assets as of June 30, 2026. Connall McGuckian has been named Managing Director, Head of Singapore, joining from State Street Singapore, where he spent close to 14 years, most recently as Chief Operating Officer for Alternatives Investment Solutions in Asia-Pacific.