The Pangea Advisors Blog

SEC-FINMA - Swiss Wealth Managers Can Serve US Clients Again

noreply@blogger.com (Unknown) — Tue, 17 Jun 2025 03:00:00 +0000

SEC-FINMA Accord: Swiss Wealth Managers can once again access the U.S. market in the U.S.

Key Implications:

Direct access to U.S. clients and markets is restored
New process for transmitting sensitive documents, allows SEC inspections in Switzerland

After years of regulatory deadlock—rooted in conflicting data privacy standards and oversight requirements—the recent agreement between the U.S. Securities and Exchange Commission (SEC) and FINMA, the Swiss Financial Market Supervisory Authority, means Swiss asset managers are once again able to register with the SEC and access the world’s largest wealth management market.

This is a long-awaited breakthrough. Since 2018, the inability to register with the SEC has been a significant barrier to growth, limiting cross-border business and frustrating firms that had reached the $25 million AUM threshold for U.S. registration. After being excluded from offering their services to US investors, this breakthrough is a strategic opportunity for Swiss wealth managers seeking to diversify client portfolios and tap into the world’s largest capital market.

The new framework resolves regulators’ core issues: Swiss advisors can now share client records, including personal data, directly with the SEC, and U.S. regulators can conduct on-site inspections in Switzerland—both in line with Swiss and U.S. law. Swiss firms can now confidently pursue American clients, ensuring robust investor protection without undermining Swiss data sovereignty.

For Swiss wealth managers, this development not only enhances cross-border business but also reinforces Switzerland’s reputation as a trusted global financial hub. The reopening of the U.S. market is a catalyst for growth, innovation, and deeper client relationships on both sides of the Atlantic.

Canadian pensions underperform weighted down by Private Equity portfolios

noreply@blogger.com (Unknown) — Mon, 26 May 2025 13:08:00 +0000

Maybe they should have invested in Canadian Mining equities, after all…🤔

The FT reports Canada's big pension funds underperformed last year as disappointing returns from private equity investments, notably a downturn in the buyout sector, weighed on their portfolios.

Canada Pension Plan Investment Board CPPIB, Ontario Teachers' Pension Plan OTPP and Caisse de dépôt et placement du Québec CDPQ and OLMERS have all lagged their benchmarks over the past year, according to their latest reports.

CPPIB, which manages C$714bn ($516bn) pension assets for 22mn Canadians, reported this week that its allocation to private equity — which makes up 23 per cent of the core portfolio — had been the biggest relative drag on its performance over the past five years.

OLMERS fared better, but only because their benchmark is much lower…

See the whole article in the FT here:

https://www.ft.com/content/279fdc90-e77f-47da-b5ec-2fb6d7206ca6

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They had to do it… Is This The Top?

noreply@blogger.com (Unknown) — Tue, 03 Sep 2024 23:20:00 +0000

The WSJ had this on their site today…

U.S. households’ stock allocations have steadily inched up this year, according to JPMorgan estimates, and recently accounted for around 42% of their total financial assets. That is the most on record in data going back to 1952.

Americans have rarely been this giddy about the stock market.
They are piling into stocks as major indexes reach new highs and placing bets that the rally that has driven the S&P 500 up 18% this year has more room to run.
The surging stock market has minted millionaires and helped send many Americans’ net worth sharply higher. As of the second quarter, the number of 401(k) retirement accounts at Fidelity Investments worth at least $1 million reached around 497,000, according to the firm. That is up 31% from a year ago and a record high.

Maybe it's time to take some chips off the table?

Read the article here:

https://www.wsj.com/finance/stocks/americans-are-really-really-bullish-on-stocks-ceee798b?st=28wr0nche1s1lm8&reflink=desktopwebshare_permalink

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Shake-up at the #Metals traders

noreply@blogger.com (Unknown) — Mon, 24 Jun 2024 18:16:00 +0000

Going Cuckoo for #Cocoa

noreply@blogger.com (Unknown) — Tue, 26 Mar 2024 15:21:00 +0000

On Tuesday, cocoa futures in NY surged above the previously unthinkable $10,000/T. The $1,000 surge over two days is equal to a year's trading range !

Although in nominal terms cocoa prices are at a record, in real terms — adjusted by inflation — prices remain below the peaks of the 1970s. The record high set back then equals to about $27,000/T in today's $.

Cocoa market set to suffer its largest deficit ever this year.

Why are some traders still maintaining short positions in cocoa—even though every fundamental has pointed toward higher prices for several months?

The reason is hedging.

“Cocoa traders holding a long position in the physical market — owning inventories of cocoa beans or semi-processed products such as cocoa liquor, butter and powder — typically offset that by taking the opposite position in the financial market.”

In a sustained bull run, like the one currently engulfing cocoa, the margin calls may overwhelm the capacity to pay of a company in otherwise sound financial health, forcing it to lift its hedges to avoid a cash crunch.

In that scenario, the only option is to close out the short positions at whatever price the market demands.

See @javierblas' article on Bloomberg here: https://www.bloomberg.com/opinion/articles/2024-03-26/chocoholics-aren-t-the-only-victims-of-cocoa-s-surge?

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#Evercore, punching above its weight

noreply@blogger.com (Unknown) — Wed, 13 Mar 2024 10:28:00 +0000

"Goldman without the BS"

Roger Altman's Evercore has found its way into nearly every mega-deal in the US in past year.

Firm's advisory fees of $2bn put it in 4th place behind $GS, $JPM & $MS.

$EVR shares have tripled in 10 years outperforming rivals large & small. Its market cap of more than $8BN is 2X other independent bank rivals such as Lazard & Moelis.

See the article on the FT here:

https://on.ft.com/43e3YKK

How M&A boutique Evercore became 'Goldman North'

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What’s Your Private Credit Portfolio Really Worth?

noreply@blogger.com (Unknown) — Thu, 29 Feb 2024 01:55:00 +0000

Bloomberg reports how Fund managers in this red-hot asset class are often valuing their loans more generously than others do—This should have Regulators starting to worry.

Flawed Valuations Threaten $1.7 Trillion Private Credit Boom

The meteoric rise of private credit funds has been powered by a simple pitch to the insurers and pensions who manage people's money over decades: Invest in our loans and avoid the price gyrations of rival types of corporate finance. The loans will trade so rarely — in many cases, never — that their value will stay steady, letting backers enjoy bountiful and stress-free returns. This irresistible proposal has transformed a Wall Street backwater into a $1.7 trillion market.

Central bankers' rapid-fire rate hikes over the past two years have strained the finances of corporate borrowers, making it hard for many of them to keep up with interest payments.

Suddenly, a prime virtue of private credit — letting these funds decide themselves what their loans are worth, rather than exposing them to public markets — is looking like one of its greatest potential flaws.

Data compiled by Bloomberg and fixed-income specialist Solve, as well as conversations with dozens of market participants, highlight how some private-fund managers have barely budged on where they "mark" certain loans even as rivals who own the same debt have slashed its value.

Values for the same debt held by different funds have ranged from 79 cents on the dollar, to 46 cents—deep in distressed territory. Another private bond was valued on the same date between 85 cents and 49 cents.

An equally perplexing sign is the number of private funds who own publicly traded loans, and still value them much more highly than where the same loan is quoted in the public market.

While nobody cared too much when central bank interest rates were close to zero, today financial watchdogs are fretting that the absence of consensus may be hiding more loans in trouble.

See the whole article on Bloomberg here: https://www.bloomberg.com/news/articles/2024-02-28/how-private-credit-market-boom-is-hiding-potential-valuation-problems

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Another banner year for Best-Paid #HedgeFunds

noreply@blogger.com (Unknown) — Tue, 20 Feb 2024 14:22:00 +0000

Top 15 Hedge Fund Managers netted $15 Billion in 2023.

Izzy Englander, Ken Griffin, David Tepper lead the list.

Bill Ackman Rockets Up Best-Paid Hedge Fund List "by Doing Very Little," says Bloomberg.

See the full article here:
https://www.bloomberg.com/news/articles/2024-02-20/richest-hedge-fund-managers-led-by-izzy-englander-ken-griffin

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#HedgeFunds Are Keeping Over Half of Their Profits Through Customer…

noreply@blogger.com (Unknown) — Tue, 13 Feb 2024 11:05:00 +0000

Multistrategy funds have upended the 2/20 fee structure

Clients received 41 cents of every $1 made by multistrategy funds that passed on all their costs last year, down from 54 cents in 2021 according BNP Paribas SA. , reflecting a startling new reality where the most popular funds effectively have a blank check for expenses, introducing pass-through fees that allowed them to charge clients for bonuses, research, entertainment or other expenses.

See the article on Bloomberg here:

https://www.bloomberg.com/news/articles/2024-02-12/some-multistrategy-hedge-funds-keep-over-half-their-profits-via-customer-fees

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Top #HedgeFunds rake it in in 2023

noreply@blogger.com (Unknown) — Wed, 24 Jan 2024 00:14:00 +0000

Another banner year for the leading Hedge Fund managers!

Top #HedgeFunds rake it in in 2023

Hedge Funds produced combined gains worth $218BN after fees, according to fund of hedge funds LCH Investments.

Chris Hohn's TCI Fund Management made $12.9BN, followed by Ken Griffis' Citadel with $8.1BN, returning ~25% & ~14%, respectively.

Top 20 firms, which oversee less than 20% of industry's assets, generated $67BN or roughly 1/3 of the gains last year.

The top grouping gained 10.5% in 2023, outperforming the average hedge fund which returned 6.4%.

Over the past three years, the top 20 have generated 83% of the absolute gains made by all hedge fund managers.

FIRM	ASSETS	NET GAINS SINCE LAUNCH	2023 GAINS	LAUNCH YEAR

TCI	$50B	$41.3B	$12.9B	2004
Citadel	56.8	74	8.1	1990
Viking	30.5	40.9	6	1999
Millennium	61.9	56.1	5.7	1989
Elliott	62.2	47.6	5.5	1977
DE Shaw	43.8	56.1	4.2	1988
Lone Pine	15.9	35.6	4.2	1996
Baupost	27.4	37	3.8	1983
Pershing Square	17.9	18.8	3.5	2004
SAC/Point72	31	33	3	1992
Appaloosa	17	35	2.7	1993
Farallon	40.4	35.7	2.6	1987
Och Ziff/Sculptor	28.7	32.2	2.3	1994
Egerton	14	23.9	2.3	1995
Davidson Kempner	37	21	1.8	1983
King Street	9.5	19.5	0.9	1995
Brevan Howard	35.6	28.5	0.4	2003
Caxton	13.4	19.5	-0.3	1983
Bridgewater	72.5	55.8	-2.6	1975
Soros*	NA	43.9	NA	1973
Total	$665.5	$755.4	$67

See the full article on Bloomberg here:

https://www.bloomberg.com/news/articles/2024-01-22/hedge-funds-cap-bumper-year-for-profits-tci-citadel-lead-pack

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#PE Is Piling on More Esoteric #Debt Like Never Before—and at PawnBroker Rates!

noreply@blogger.com (Unknown) — Tue, 26 Sep 2023 10:51:00 +0000

Some investors warn that buyout firms are borrowing at interest rates of as much as 19% and the risk of wider fallout is growing.

For an industry long used to easy money, the rush for such loans marks a reversal in fortune. Buyout firms have been battling rising interest rates and economic uncertainty, forcing takeover volumes to almost halve this year. Cash on hand at PEs is near the lowest since at least 2008, according to data from PitchBook.

Manco, NAV & other financial engineering loans are liable to blow up in the companies and Funds' faces…

Read the article on Bloomberg here: PrivateEquity Is Piling Debt on Itself Like Never Before

https://www.bloomberg.com/news/articles/2023-09-26/private-equity-is-piling-debt-on-itself-like-never-before?

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Nigeria scam version 2.0

noreply@blogger.com (Unknown) — Tue, 06 Jun 2023 13:56:00 +0000

Nigeria scam version 2.0

🤣🤣🤣

Here are some excerpts from Hindenburg Research's report on this Nigerian Food & Mobile Scam.

company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility of its own…We found that the rendering of the planned facility, featured in Tingo's investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website!

We strongly suspect Tingo's cash balance, which it conveniently claims is held in Nigeria, is fake.

Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers

Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn't

"they are scammers"

Published on June 6, 2023

Tingo Food Division

Tingo's food division is 7 months old, yet claimed to generate $577.2 million in revenue last quarter alone, representing 68% of total reported revenue. If accurate, its claimed 24.8% operating margins would exceed those of every major comparable food company.
Yet, Tingo has no food processing facility of its own. Rather, it claims its explosive revenue and profitability is derived from acting as a middleman between Nigerian farmers and an unnamed third-party food processor.
In February 2023, the company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility of its own, attended by the country's agriculture minister and other political luminaries.
We found that the rendering of the planned facility, featured in Tingo's investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website.
We visited the site a week later and found zero signs of progress; it was empty except for the plaque and billboard commemorating the groundbreaking ceremony, surrounded by weeds.
Subsequent to the "groundbreaking", Tingo announced a $150 million agreement with a UK entity called Evtec Energy to build solar panels for its non-existent food processing facility. Funding for the deal is slated to be provided through Evtec, but UK filings show that Evtec was "Dormant" as of its most recent annual report and held zero cash in the bank.
Tingo Group bought Tingo Foods from Dozy in February 2023 for $204 million, a price "approximately equal to the cost value of the inventory held by Tingo Foods".
The inventory, which was reported in year-end financials, completely vanished from Tingo's Q1 2023 accounts without explanation. In our experience, $204 million in inventory doesn't just disappear at companies with internal controls and genuine financial reporting.
Tingo claimed in its reverse merger press release that members of 2 unnamed farming cooperatives supply the majority of its then-9.3 million userbase, consisting of local Nigerian farmers. These farmers supposedly form the core of the company's phone customers and provide the agricultural products used in Tingo's food processing and trading businesses.
A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative.
We were able to make contact with one of the cooperatives. Its owner reiterated having no relationship with Tingo and flat out told us "they are scammers".

Tingo Mobile

Tingo claimed its mobile handset leasing, call and data segments generated $128 million in revenue last quarter (~15% of total), claiming these services are provided through an agreement with Airtel in Nigeria. The type of license they claim did not exist until June, 2023.
Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.
Despite claiming to have millions of farmers using its phones, Tingo Mobile's corporate presentation and webpage uses stock photos of farmers using phones.
Tingo Mobile claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country within months of launch. We found zero records pertaining to Tingo Mobile through Ghana's communication regulator.
TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local bank.
Two days after Tingo's blockbuster announcement, the bank put out a statement calling Tingo's claim false and that it had "NOT concluded any agreement with Tingo International in respect of any payment system whatsoever".

We strongly suspect Tingo's cash balance, which it conveniently claims is held in Nigeria, is fake. The company collected only ~12% of the interest income one would expect from its claimed cash balances.
Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world. [!!]

See the whole report on Hindenburg Research's site here:

https://hindenburgresearch.com/tingo/

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Just Like #FTX, FTX Ventures Went Big — And Fast — When It Came To Investing

noreply@blogger.com (Unknown) — Mon, 05 Dec 2022 11:51:00 +0000

The wreckage from FTX's reckless VC investing should be a lesson for all.

Just Like FTX, FTX Ventures Went Big — And Fast — When It Came To Investing

Chris Metinko4-5 minutes 15/11/2022

While everyone is still sifting through the immediate FTX wreckage, there is a good chance more decimated debris is on the way.

Along with trying to be a white knight to companies such as Voyager Digital and lender BlockFi, Sam Bankman-Fried and his company also made their way to the venture world early this year.

FTX Ventures announced its first $2 billion funding in January and quickly made nearly 50 different investments from the new venture arm, according to Crunchbase data. Those rounds in total raised nearly $3 billion for burgeoning startups, with FTX Ventures leading some of the biggest of those deals.

The firm made waves right from the start when it hired former Lightspeed partner Amy Wu to lead its ventures, M&A and commercial initiatives. She reportedly stepped down late last week as FTX started to implode.

It also didn't stop making news until nearly right up to the dying breaths of its parent. On Nov. 3, it was reported the venture arm had led a seed round for Web3 social media startup Lens Protocol for an undisclosed amount.

While that round was likely closed weeks — if not months — ago, it would be just days later when Binance CEO Changpeng Zhao tweeted his exchange would sell its holdings of FTX's native token FTT, and FTX's house of cards began to crumble.

Going big

Out of the 47 rounds FTX Ventures participated in, the firm led or co-led 19 including some of the largest, according to Crunchbase data.

In early September, it led a $300 million Series B into Mysten Labs, the developer of the Sui Layer 1 blockchain, that valued the startup at more than $2 billion.

In July, it co-led the $150 million Series A for Palo Alto, California-based Aptos Labs, valuing it at more than $2 billion. It also took part in a $200 million investment for the Layer 1 system blockchain just four months earlier.

In March, FTX Ventures co-led LayerZero Labs' $135 million Series A. The round minted LayerZero, which creates software to connect applications across different blockchains, a unicorn. However, The Information reported last week that LayerZero was able to return funding in exchange for getting its shares back after learning of the bankruptcy.

Aside from rounds it led or co-led, FTX Ventures also participated in a huge $450 million "seed" round for Miami-based Bored Ape Yacht Club NFT creator Yuga Labs, and a $350 million round into Ethereum rival NEAR Protocol.

The end

Now, as FTX and more than 130 of its affiliated entities declare bankruptcy, it seems crypto has lost a venture firm primed to be a big player in the Web3 space. With funding in the industry being down, that could spell doom for some startups, especially those still relatively young in the nascent space.

FTX Ventures launched in January with a blog posting, announcing to the world it would be "for builders, by builders," and that it could invest in "at any check size and stage."

"We measure time horizons in decades," it reads. "We don't mind if you're anon. We won't ask you to present in front of an investment committee."

When it comes to vetting, it seems like the venture arm learned from FTX's own investors.

FTX did not respond to a request for comment.

Illustration: Dom Guzman

See the article on Crunchbase here: https://news.crunchbase.com/business/ftx-ventures-sbf-crypto-startups-investment/

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Today’s Inflation Debacle has Been Years in the Making

noreply@blogger.com (Unknown) — Sat, 03 Sep 2022 18:43:00 +0000

Private Equity Pay ‘dwarfs’ sums on offer to investment bankers

noreply@blogger.com (Unknown) — Tue, 15 Feb 2022 12:05:00 +0000

"I can't think of anything legal that is as good a business model."

Top private equity firms set aside more than twice as much to pay each employee last year than leading investment banks, underscoring the shift of power and money towards the less regulated corner of Wall Street.

Flush with profits from buoyant equity markets, Blackstone, KKR and Carlyle Group earmarked $2mn in total pay and benefits per employee in 2021, according to calculations by the Financial Times. That figure was at least twice as high as the per-employee amount set aside at Goldman Sachs, Morgan Stanley and the corporate and investment banking arm of JPMorgan Chase, which have much larger headcounts.

Collectively, the five largest public PE firms, a group that includes Apollo and Ares, recorded pay and benefits of $23.2bn for about 11,700 combined staff. By contrast, Goldman Sachs set aside nearly $18bn for its 43,900 workers, or about $400,000 per employee.

Private equity firms are now far more valuable per employee than their investment banking rivals. Blackstone now has a $150bn market capitalisation, or about $39mn per employee, while KKR's $58bn capitalisation equates to about $32mn per employee. Goldman has a $121bn market capitalisation, or $2.8mn per employee.

Read the whole piece here: https://www.ft.com/content/df74c731-4d50-4420-8380-c83205c4c055

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“Checklist for a super bubble running through its phases is now complete and the wild rumpus can begin at any time” says #GMO’s Jeremy Grantham

noreply@blogger.com (Unknown) — Fri, 21 Jan 2022 12:49:00 +0000

Jeremy Grantham Doubles Down on Crash Call, Says Selloff Has Started

Calculates losses in U.S. alone may reach $35 trillion!

"Checklist for a super bubble running through its phases is now complete and the wild rumpus can begin at any time," Grantham, 83, writes in his note. "When pessimism returns to markets, we face the largest potential markdown of perceived wealth in U.S. history."

It could, he said, rival the impact of the dual collapse of Japanese stocks and real estate in the late 1980s. Not only are equities in a super bubble, according to Grantham there's also a bubble in bonds, "the broadest and most extreme" bubble ever in global real estate and an "incipient bubble" in commodity prices. Even without a full reversion back to statistical trends, he calculates that losses in the U.S. alone may reach $35 trillion.

Read the whole piece on Bloomberg here: https://www.bloomberg.com/news/articles/2022-01-20/grantham-doubles-down-on-crash-call-says-selloff-has-started

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J. #Safra Sarasin Snaps Up #Geneva Landmark

noreply@blogger.com (Unknown) — Tue, 19 Oct 2021 14:09:00 +0000

J. Safra Sarasin Snaps Up Geneva Property

***Brazilian-Swiss bank buying BNP's* *emblematic building in the heart of Geneva's financial district***

Banking group J. Safra Sarasin is buying a 15,000-square meter building in Geneva from BNP Paribas for

270.3 million Swiss francs ($292,6MM).

Transaction involves sale and lease-back agreement with a three to five-year lease.

In 2004 the Swiss subsidiary of BNP Paribas acquired the property for 80 million Swiss Francs, —netting the French Bank 3.5X its original investment!

Not bad for conservative Swiss banking!

See the whole article online here: https://www.finews.com/news/english-news/48357-j-safra-sarasin-bnp-paribas-building-geneva

The Pangea Advisors Blog

SEC-FINMA - Swiss Wealth Managers Can Serve US Clients Again

SEC-FINMA Accord: Swiss Wealth Managers can once again access the U.S. market in the U.S.

Canadian pensions underperform weighted down by Private Equity portfolios

Maybe they should have invested in Canadian Mining equities, after all…🤔

They had to do it… Is This The Top?

Shake-up at the #Metals traders

Going Cuckoo for #Cocoa

#Evercore, punching above its weight

"Goldman without the BS"

Roger Altman's Evercore has found its way into nearly every mega-deal in the US in past year.

What’s Your Private Credit Portfolio Really Worth?

Flawed Valuations Threaten $1.7 Trillion Private Credit Boom

Another banner year for Best-Paid #HedgeFunds

#HedgeFunds Are Keeping Over Half of Their Profits Through Customer…

Top #HedgeFunds rake it in in 2023

Another banner year for the leading Hedge Fund managers!

Top #HedgeFunds rake it in in 2023

FIRM

ASSETS

NET GAINS

SINCE LAUNCH

2023

GAINS

LAUNCH

YEAR

Total

$665.5

$755.4

$67

#PE Is Piling on More Esoteric #Debt Like Never Before—and at PawnBroker Rates!

Nigeria scam version 2.0

Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn't

"they are scammers"

Tingo Food Division

Tingo Mobile

Just Like #FTX, FTX Ventures Went Big — And Fast — When It Came To Investing

Going big

The end

Today’s Inflation Debacle has Been Years in the Making

Private Equity Pay ‘dwarfs’ sums on offer to investment bankers

"I can't think of anything legal that is as good a business model."

“Checklist for a super bubble running through its phases is now complete and the wild rumpus can begin at any time” says #GMO’s Jeremy Grantham

J. #Safra Sarasin Snaps Up #Geneva Landmark

Brazilian-Swiss bank buying BNP's emblematic building in the heart of Geneva's financial district

***Brazilian-Swiss bank buying BNP's* *emblematic building in the heart of Geneva's financial district***