FT : Stockpicking hedge funds make comeback in market turbulence

Stockpicking hedge funds make comeback in market turbulence
Equity long-short funds attract investor inflows for first time in a decade on strong returns so far in 2025

Stockpicking hedge funds have made a comeback during this year’s market turbulence, with sizeable gains helping the sector attract fresh cash from investors after nearly a decade of outflows.

So-called equity long-short funds, which try to buy stocks they think will do well and bet against companies they think will underperform, took in $10bn from investors in the first half of the year, according to data from Hedge Fund Research. This follows more than $120bn in withdrawals since 2016.

The inflows came as some of the industry’s biggest names — including Chris Hohn’s TCI and John Armitage’s Egerton — earned double-digit returns in the six months to June, according to people familiar with the figures, and asset allocators sought alternatives to broad index-level exposure amid some big market swings.

“The stock picker’s market is back,” said Zlata Gleason, partner and head of client advisory at Indus Capital. “If you look at the volatility underneath, it’s like a rollercoaster. And that’s where stockpickers can really benefit.”


Long-short hedge funds had suffered nine straight years of redemptions as they failed to deliver on their promise of superior protection for investors during downturns — particularly the vicious equity sell-off in 2022 — despite demanding high fees. One of the oldest and best known sectors of the industry, they have in recent years been overshadowed by giant “multi-manager” funds, which spread clients’ money over a variety of strategies.

But 2025’s market volatility, with stocks tumbling following US President Donald Trump’s “liberation day” tariff salvo in April before rebounding, has proved a more fertile environment for stock pickers. The long-short strategy has been among the best performers in the hedge fund industry so far this year, returning 3.5 per cent in June and 9.2 per cent in the first half of the year, according to data from PivotalPath.

“Liberation day was a bit of a wake-up call for people,” said Charles Lemonides, the founder of hedge fund ValueWorks. “The volatility around that moment caught their attention . . . You don’t want to have just naked exposure to markets that swing that violently.”

London-based hedge funds including TCI, Egerton and Kintbury Capital earned returns of 20 per cent or more. Equity strategies in Europe have been the best performing of any region this year, according to data from PivotalPath.

In the US, Lee Ainslie’s Maverick and Daniel Sundheim’s D1 Capital Partners — both among the many offshoots of Julian Robertson’s famous hedge fund Tiger Management — gained 14 per cent and more than 20 per cent respectively.

Mala Gaonkar’s SurgoCap Partners, a tech-focused hedge fund started by the sector’s most prominent female founder, is up 17 per cent this year after rising 33 per cent last year. The firm is managing $5bn after launching with $1.8bn in investor capital in 2023.

Some stockpickers say they are belatedly reaping the benefits of relatively high interest rates. Many managers in the sector blamed low borrowing costs and central bank asset purchases in the decade following the 2008-09 financial crisis for driving markets higher in lockstep, making it tough to find stocks to bet against.

Now, investors were applying greater scrutiny to company earnings, said one London-based hedge fund manager.

“The market is incredibly unkind to companies that miss numbers, that is a great environment for stockpickers,” the manager said.


A broadening of equity market returns — which for many years have been dominated by big US technology stocks — has also helped. On Wall Street this year, the equal-weighted version of the S&P 500 has kept pace with the main index, which is weighted by market value.

Many European indices have outshone the S&P 500 for the first time in years in the turmoil unleashed by Trump’s trade war, and defence stocks such as Rheinmetall in Germany and BAE in the UK have rallied strongly as investors return to previously unloved sectors.

“The world’s largest three or four companies are no longer dominating index returns,” said a second hedge fund executive in London. “So it’s a bit more of a stockpicker’s market.”

In recent years it had been nearly impossible to raise money for a long-short equity hedge fund outside the top 10 per cent of performers, said one top banker. Yet that had changed since the start of the year, as market volatility had driven investors back to stockpickers, the banker added.

Still, the head of one prominent European family office warned against getting too excited about a lasting revival in inflows for long-short hedge funds, saying performance had been “erratic” over the past few years.

FT : How Novo Nordisk lost its lead in the weight loss race

How Novo Nordisk lost its lead in the weight loss race
Drugmaker struggled to adapt to very high demand and a market where celebrities are more influential than doctors

Until a year ago, Danish drugmaker Novo Nordisk was riding high. It had been first to market with an injectable diabetes treatment and the name Ozempic quickly became shorthand for new class of blockbuster weight loss drugs.

But competition started to catch up, a new drug trial disappointed, shares and growth fell and its chief executive departed in May. Then yesterday a major profit warning knocked more than €60bn off its value. The company also announced that senior executive Maziar Mike Doustdar would become the new CEO.

Some in the industry think Novo’s core problem is quite simple: US rival Eli Lilly came up with a better product. Trials found more weight loss from Lilly’s Mounjaro and Zepbound than Ozempic and another Novo drug Wegovy, and anecdotally doctors report fewer side effects.

“You can’t magically change the product profile,” said Gareth Powell, a healthcare fund manager at Polar Capital, an investor in both groups. 

Ultimately, many shareholders and analysts now see this as Lilly’s market to lose. Tim Opler, a managing director in Stifel’s global healthcare group, said Lilly had worked at “double speed” to commercialise their drugs. “Lilly just outgunned Novo,” he said.

Doustdar argued on Tuesday that there were still big opportunities for Novo in the weight loss market, and that the company had the pipeline of drugs to capitalise on them.

“This is a market with more than 1bn patients and a huge unmet need,” he said. “I think we are very well positioned with our manufacturing capabilities, with our science, with our commercial activities and with brand recognition.”

The turmoil at Novo comes after some huge successes for the company — at its peak last June, its shares were up almost 300 per cent in three years as demand for weight loss drugs soared. 

But ahead of Tuesday’s profit warning, there had been worrying signs from US prescription data.

Novo was the first to win US regulatory approval for its new diabetes and weight loss treatments: Ozempic was approved for diabetes in 2017 and Wegovy for obesity in 2021. 

But having had the lead in market share since then, prescription data from July showed Ozempic slipping below 50 per cent for the first time.

According to research firm Iqvia, prescriptions for Lilly’s Mounjaro were at more 622,000 a week, compared with 607,000 for Ozempic, while Zepbound had already overtaken Wegovy. 

Emily Field, an analyst at Barclays, said Novo’s share price decline over the past year had been like a “slow moving car crash”, as it lost ground to Lilly, both in sales of current obesity drugs and in drugs under development. Novo’s shares are now down 60 per cent in the past year, compared with a 6 per cent fall for Lilly.


Some say that previous CEO Lars Fruergaard Jørgensen has been unfairly blamed for not keeping the share price at what one person close to Novo called “ridiculous heights”.

“They’ve been an incredibly successful company. The previous CEO did amazing things. For all the criticism that the stock price has fallen, it had gone up a lot,” Powell said.

He added that the sheer number of obese and overweight people was a positive. “The market is still tiny in terms of penetration. So you know, still in theory, it is a huge . . . opportunity.”

For others, Novo made mis-steps before it had even launched the drugs, failing to prepare for demand. Then it did not change tack quickly enough in the US when it became clear people were happy to bypass insurance and pay for weight loss drugs themselves.

Novo initially struggled to meet much higher than expected demand. Evan Seigerman, an analyst at BMO Capital Markets said it based its sales forecasts partly on its earlier drug, Saxenda, which is not as effective for weight loss. 

But the person close to the company said that although with hindsight it was a huge market, “it would have been crazy to anticipate” the early surge in demand, and Novo had to be wary of producing a surplus that would go beyond its expiry date and be unsellable.

They added that Novo had since boosted production by acquiring factories from contract manufacturer Catalent. 

However, some analysts believe this early miscalculation has had a longer-lasting effect.

When doctors and patients had trouble getting hold of Novo’s drugs, they switched to Lilly or to replicas that were widely available at the time, and did not switch back. Lilly also had some early supply problems but they were resolved more quickly. 

At the same time, Novo launched in other markets while still trying to increase supply in the US. Seigerman said multi-country launch tended to be the company’s “MO”. “They will supply and provide supply to their markets, even though that may be less profitable,” he said.  

Then there was the question of marketing. Novo seemed to struggle at first to make the transition from a business largely focused on selling insulin products — using research to convince clinicians — to the highly consumer and celebrity centric market for weight loss drugs.

“It was completely unknown territory,” another person close to the company said. 

Field said people were “very sceptical” about Novo’s commercial strategy, compared with Lilly’s “much more aggressive” approach. “People think Novo was too complacent in its launch strategy, betting on the strength of the drug’s profile rather than being more proactive to get it in patient hands.” 

Lilly recognised the different market dynamic more quickly, and launched LillyDirect at the start of 2024 to sell drugs directly to patients at cheaper prices. Novo did not follow suit until March this year, when it started a similar service called NovoCare. The Danish group has also signed an exclusive deal with US pharmacy benefit manager CVS Caremark, which recently made Wegovy its preferred obesity drug.

US-based Lilly may have made different decisions because of a “cultural advantage”, said Seigerman. “Lilly had the understanding to read the room . . . when it comes to the nuances of the United States and the evolving healthcare market,” he said.

Investors are already looking ahead to the next generation of obesity treatments, where they believe Lilly also has an upper hand. 

Novo shares fell sharply in December on disappointing results for its new injectable weight loss drug CagriSema. Analysts complained that the company had been overconfident in guiding on 25 per cent average weight loss, without warning that patients could control their own dose. Results showed that trial participants lost an average of 23 per cent of their body weight. For Wegovy the average is 16 per cent and for Lilly’s Mounjaro, it is 21 per cent.

Powell said while investors had been critical of the miss on target weight loss, CagriSema could still have a “surprisingly good launch” if doctors see it as effective.

Nevertheless, he added that Novo needed to accelerate the development of its pipeline, or make acquisitions. The company has done many early stage deals, but most of the weight loss drugs it has acquired are unlikely to come to market before the end of the decade. 

He said it would need to move even faster if Lilly’s obesity pill orforglipron, which could be launched next year, had a good side effect profile.

“If that looks OK, I think it has the potential for a very fast launch. It could eat into the injectables market, which will be obviously an additional pressure point for Novo,” he said. 

Novo has submitted an oral version of semaglutide, the active ingredient in Ozempic and Wegovy, to regulators. But Field worries that although it is a pill, patients will have to be careful about taking it: it cannot be taken with food, drink or other medicines. Novo does not think this will be a big problem, according to a person close to the company. 

Field added that Novo had made a “really big bet” on CagriSema, while Lilly had spread its bets more widely. “Lilly was spraying at the wall, figuring out what could hit.”  

While Lilly is Novo’s major threat for now, both companies face competition as other drugmakers such as Roche, Amgen and AstraZeneca develop rival drugs.

One person close to Novo said there was a recognition that the company needs to become more consumer focused and “enthusiasm” about finding the right strategy. “They are talking about, how do we turn this big ship around.”

This week’s profit warning and the market response reinforce the urgency of the task facing Doustdar. Asked hours after his appointment about the ailing share price, he gave a blunt response.

“My message is I don’t like it: I don’t like it as an employee, I don’t like it as a CEO elect — and I certainly don’t like it as a shareholder myself,” he said. “But setbacks don’t define companies. Our response does.”

FT : Backgammon may be New York’s new favourite game

Backgammon may be New York’s new favourite game
Whether it’s to play for $5 or $500, at a park or a members’ club, there’s a place to throw dice in the city

For years, I’ve spent my Saturdays in a dark room in Brooklyn, staring at triangles. I spend them celebrating and arguing with friends and strangers alike. I spend them building barricades and avoiding capture. I spend them rolling dice on to baize and calculating combinatorics and probabilities and moving circular pieces. I spend them consulting neural networks to settle spirited debates. I do all of this because I am a player of backgammon, the finest board game ever invented.

The game is great because it is perfectly and doubly balanced — between luck and skill, between simplicity and depth. It is the apotheosis of “a minute to learn, a lifetime to master”. Indeed, the game’s combination of race and battle has occupied humans for millennia, and occupies them today in robust numbers across New York. Tracing them through the bars, clubs and parks that host these games frames an excellent tour of the city.

We might begin in a secluded corner of the Greek and Roman wing of the Metropolitan Museum of Art, on Manhattan’s Upper East Side, where a dozen terracotta balls sit. They are small and unassuming things, like stones that rolled in from Central Park and were swept up and placed behind glass. In reality they may be game tokens, likely for something similar to backgammon, and they are thousands of years old. Dice in particular, the museum’s text reads, were fixtures of ancient life. They remain part of the material of New York, skittering every day on tabletops across town.

Let’s continue through the different backgammon scenes across New York today. The game is a fitting pastime for urban life, all traffic and jostle. Its language suits the city, too, with all its jazzy monosyllables: blot, hit, split, prime, slot, pip, lift, stay, run. 

The dive bar

The Clinton Hill Backgammon Club is headquartered at the cosy Emerson tavern on Myrtle Avenue in Brooklyn. Through its heavy front door, the bar is dim even on the brightest afternoon. But every Saturday, small lamps sprout above a half dozen felt-topped boards, all the better to see the checkers and dice. Chatter on the benefits of this move versus that one fill the room. This friendly dive-bar club is where, a few years ago, I learnt to play. It is the city’s finest institution of backgammon education.

The Clinton Hill group traces its origin to pandemic lockdowns. Bar regulars began throwing dice on the pavement out front, and started a backgammon club more or less as a joke: they gave it a biker-gang aesthetic and an Instagram account, and sold shirts with skulls and dice. The sharks who frequented the bar’s pool table, itching to play something, joined in, too. The money they all raised helped save the bar.

The joke stuck, and players like me just kept coming. Its contingent now polishes trophies from tournaments across the country, and world champions have sat down at The Emerson’s sticky tables.

Joe Incze, the club’s co-founder, learnt the game from a Brooklyn missionary of dice, a man who travels bar to bar with a backgammon set. “Learning about mitigating risk and calculating probability and all of that, taking in all that information, was really exciting,” Incze told me.

In backgammon, two players manoeuvre 15 checkers around a 24-stop racetrack, in opposite directions. Their moves are allowed by the roll of two dice. The first player to get all their checkers past the finish line wins. But any checker left alone can be hit by the opponent’s, and sent back to the beginning of the track. The dice and the checkers combine into a game of astonishing arithmetical depth.

Learning is the ethos at the Emerson, and newcomers are warmly welcomed. Backgammon’s randomness offers dual advantages: it allows beginners to play enjoyably with experts, and it allows for betting markets. “I care about it being chill,” said Babs Laco, the other co-founder. “The community is a special part of it.”

On a recent Saturday afternoon, I entered the club’s third annual “Summer Classique” tournament. I played a match against the co-author of saxophonist Kenny G’s autobiography, and one against a portfolio manager who was drinking the New York dive bar special (a beer and a whiskey shot) and popping weed edibles. Both lovely chaps; both victors at my expense.

Those eliminated from the tournament quickly coalesced into chouettes — a variation of backgammon for more than two players, in which a team (led by “the captain”) plays cooperatively against a single player (“the box”). Chouettes are the Saturday-night fixture at The Emerson, and, because they force co-operation, spur valuable lessons. Typical stakes are $3 a point, which usually means a night comfortably in positive or negative double-digits.

Sitting in that box at one garden table as night fell was Mal Woolley. Woolley started playing at The Emerson two years ago after a break-up, and they’ve since travelled to tournaments across the country and beyond. “People who play chess suck,” they said. “And that’s on the record.”

Anxious Knicks fans packed the bar for the NBA conference finals, screaming at the television. The backgammon players were unfazed. The only sound they made was shaking dice in padded leather cups.

The scenesters

Later that week, the NYC Backgammon Club convened at Beefbar (as in Wagyu), in spendy Tribeca, a short walk from the FT newsroom. I came here to see the city’s upmarket backgammon experience. The place was all marble, dark wood and recessed lighting. Aperol cocktails glistened in the Lucite of a transparent backgammon board, at the moment unused by its occupants. Expensive Japanese whiskies reflected off mirrored ceilings.

The club is run by Remington Davenport, a millennial citywide backgammon socialite. New York is a place where the rich and modish find each other, something Davenport facilitates with an ancient game. Given its cumulative attendance, she claims her club — which sojourns to various hip venues — as the largest in the country.

“The World Backgammon Federation just named me ‘the new face of backgammon’,” Davenport told me. She bounced around the room, hugging guests.

Davenport previously worked in tech sales, and moved to New York from California in 2023. She learnt the game from her friend’s Lebanese father when she was young. The club is now her full-time job, and she has aspirations of world gammon domination. Her catchphrase is “Hell yeah”. Her club is open to anyone willing to pay a $10 cover, alongside a drink minimum and a promotional photographic release. My sparkling water, with tax and tip, was $11.59.

Despite the hefty bar bills and marketing savvy, money play isn’t a feature of the NYC Club. Working on your game isn’t really the central point, either. Networking is. “You can get to know people in an easy, kind of casual way,” Davenport said. Its promotional materials read: “Come for backgammon. Leave with new friends.”

I did agree to a quick money game in a back room with Sam Rappaport, a club regular who works in private credit. Rappaport noted the difficulty of making friends as an adult, and appreciated the lubrication that the dice provide. Anyway, $5 a point. A little while later, he forked over my $10.

Rappaport, like Woolley, was stupefied by chess’s canonical supremacy. “Backgammon is the better game in every way,” he told me. “It’s more like real life, especially to investor types — there’s risk and reward, there’s equity.”

The park
The next day I headed uptown to Union Square Park, at 14th Street and Broadway in Manhattan. A series of games players sat at flimsy tables at the base of a broad bank of stairs. Garbage littered their busy stage, as did a motley group of New Yorkers, sprawled on the steps in the sun. The players beckoned, like carnival barkers, to passers-by. This is New York backgammon at its most democratic and unvarnished; games in the park are games at their purest.

It was a crisp spring afternoon, and a man called Poe sat comfortably in a hooded sweatshirt and a straw hat. He commanded a table double-barrelled with equipment — chess on the right and backgammon on the left, the full hustler’s repertoire. Michael Jackson blared from a boom box propped on a chair. Anyone with a bit of gambler in them could sit down for a game.

“If people think they can make a lot of money playing backgammon, they got the wrong approach,” he told me as I sat down. “Try finance.”

Poe and I discussed terms. We agreed to stakes of $10 a point, plus a $5 “table fee”, the premium I would pay for the privilege of sitting at his folding table. Poe played a swift and solid game. We exchanged a few hits, and he offered an early doubling cube. 

Hanging over backgammon’s race-battle is this, the doubling cube, the best and trickiest part of the game. The cube is a six-sided die. Each side increases the jeopardy of the game. At any point before rolling, a player can turn this cube, which offers to double the stakes. The other player can accept the cube and the game goes on, or decline it and resign. The cube forces you to reckon honestly with the game — and with yourself.

I accepted the offer. “That was a crazy cube,” Poe admitted. We rolled on.

Poe learnt the game watching the greats decades ago — legendary erstwhile chess masters who migrated to backgammon for action and cash. But Poe has a complicated relationship with playing games for money, and occasionally seemed apologetic for all the talk of dollar figures.

On the one hand, the stakes and fee are useful as practical crowd-control around his small table: you can clear out cheapskate interlopers. “There are so many people in this goddamn city, you gotta keep the traffic down.”

On the other, they keep people playing in the park: “It’s designed for the culture. We’re not here to try to make a lot of money, but the culture’s gotta be supported.”

Throughout our game Poe was a poet of the dice, capturing what makes this so-called cruellest game thrilling and maddening. “People think it’s easy,” he said. “It’s hard controlling the game. It may look like you’re in control, and next thing you know, you’re losing.” It certainly had looked like I was in control. But a couple of well-timed rolls and eventually Poe constructed a perfect blockade, six-checkers wide — called a prime — over which it was impossible for me to jump. He cruised the rest of his checkers home without issue.

I counted out Poe’s cash and handed it over. “If I don’t win, I don’t eat, nor do I sleep,” he said. Another man was waiting for my seat, so I rose to say goodbye.

The money game
The folding-table loss stung only briefly, and I wanted to raise the stakes. Unfortunately the serious-money backgammon in New York is often played out of sight — in uptown apartments, Midtown offices or gilded clubhouses. Members of the latter claim to have invented the doubling cube, and recently celebrated its centennial. 

Stephen Holt is vice-chair of the backgammon committee at the Union Club, one such gilded clubhouse. He told me the game is flourishing there, and for good reason: “There is that whimsical thing where the underdog can suddenly come back and win, and it brings a personality to the game.” The Union Club tours the elite clubs of the north-east in matching neckties, with bespoke boards in tow.

But occasionally — as on a recent, scorching Thursday — a big-money game escapes outdoors. In this case, I found them in a triangle of concrete near Madison Square Park, lodged between 23rd Street, Fifth Avenue and Broadway. This humble setting, home to various chairs and umbrellas, hosts a centre of New York street-game playing, born of a lengthy history and rich ecosystem.

Abe “The Snake” Mosseri sat in the sun, shouting out moves and handing out bottled waters. Mosseri is a professional gambler, expert gammon and gin player, and twice-bracelet winner at the World Series of Poker. He learnt the game decades ago in Washington Square Park as a student at NYU, where he met storied hustlers with names like Russian Paul and Falafel (who was one of the greatest gammon players of all time; he earned his nickname from the cheap meal he favoured in his early hustling days). Now, the games come to Mosseri.

“In New York, when they wanna play, everybody calls me,” Mosseri said. (I am friends with an acquaintance of a friend of Mosseri’s, and eventually got hold of his phone number — and, true to his word, an invitation.)

This day’s game was $100 a point; an average afternoon in the park might tally to a few thousand dollars. Like the stakes of their games, the chouette crowd quickly doubled — from two to four to eight. It continued to swell throughout the afternoon. This has been a popular patch of concrete lately. One attributed the game’s growth to the economy — $100 ain’t what it used to be.

The men sweating here shared a few characteristics: a love of backgammon, a fondness for black athletic shorts and a scepticism of journalists. Few would share their last names, or how they had money and time to be playing backgammon for thousands of dollars on a Thursday afternoon. They conducted business, meanwhile. A mobile notary public delivered a contract for one player to sign at the board; another player recognised the mobile notary public.

They kept score in a thick, battered notebook. Small fortunes have surely been ledgered through its pages.

FT : Evercore buys London’s elite M&A boutique Robey Warshaw for $196mn

Evercore buys London’s elite M&A boutique Robey Warshaw for $196mn
US investment bank acquires firm where former chancellor George Osborne is among five-strong partnership

Evercore has agreed to buy elite UK advisory firm Robey Warshaw for $196mn, as the US investment bank steps up its challenge to the likes of Goldman Sachs, Morgan Stanley and JPMorgan Chase in Europe with the addition of some of London’s best-known dealmakers.

New York-based Evercore will pay the equivalent of $40mn for each of Robey Warshaw’s five partners, which include former UK chancellor George Osborne, as it strengthens its presence in the second-largest market after the US for investment banking fees.

The deal will transform Evercore’s lagging position in Britain, where since its founding in 2013 Robey Warshaw has consistently won mandates against Wall Street’s dominant banks.

It also settles a debate over the future of Robey Warshaw, whose namesake founders — former Morgan Stanley executive Sir Simon Robey and former UBS banker Simon Warshaw — are 65 and 59 years respectively.

Along with Philip Apostolides, the trio carved a niche as advisers to blue-chip companies such as BP, Vodafone, LSEG, National Grid, HSBC and Santander.

The firm has advised on many of the biggest ticket UK deals of the past decade including the £79bn takeover of brewer SABMiller by AB InBev, SoftBank’s £24bn purchase of chip designer Arm and LSEG’s $27bn acquisition of data provider Refinitiv.

However the firm has added just two partners since its founding, hiring Osborne in 2021 and JPMorgan financial services banker Chetan Singh last year.

“I don’t think I’ve ever worked with a more talented, more able banker than Simon Robey,” said Evercore’s founder and senior chair Roger Altman in an interview.

He added: “Discussions evolved over a very long period of time and they finally culminated in a mutual sense that this was the right thing to do.”

Evercore chief executive John Weinberg said the deal was “not a decision to pivot away from the US” but reflected the opportunity the bank saw for European growth.

“It wouldn’t be M&A unless Robey Warshaw were available. We’re not a firm that has looked for big transactions, we’ve done it person by person.”

The firm has made Robey personally one of the UK’s best-paid advisers, with more than £200mn in earnings since 2013, including £40.5mn in the year to March 2024.

Robey has consistently out-earned his fellow partners, receiving close to 50 per cent or more of the firm’s profits each year. Robey Warshaw reported turnover of £86mn last year and employs a total of 18 people.

“We haven’t done this to capitalise our careers and move on; it’s financially attractive — but fairly so . . . it’s very much more this is where I want to spend the balance of my career,” Robey said. “There’s also an element of me putting my firm and Simon’s firm in a safe place.” 

The $196mn (£146mn) purchase price will be split into two tranches, half in Evercore shares when the deal closes and the remainder a year later in either cash or stock. There is also the potential for Robey Warshaw’s partners to secure further payouts if they hit undisclosed performance targets.

Founded in 1995 by former US deputy Treasury secretary Altman, Evercore at first challenged the boutique investment banks such as Lazard and Rothschild for roles advising on mergers and acquisitions.

However, it has risen to become one of the top M&A advisers on Wall Street alongside Blair Effron’s privately held Centerview Partners, regularly challenging for the third or fourth spot in advisory fee rankings.

The firm had not made similar inroads in Europe until much more recently, lacking scale in both the UK and continental Europe despite its 2011 acquisition of boutique investment bank Lexicon, for which it paid about £86mn.

In the past 18 months, Evercore has renewed its efforts, making a high-profile move into the French market with the hire of three senior bankers from Lazard, and poaching top Citigroup dealmaker Luigi de Vecchi to serve as chair of continental Europe earlier this year.

A deal for Robey Warshaw marks a milestone in Evercore’s European expansion, and marks one of the firm’s largest acquisitions since it acquired brokerage and research firm ISI Group in 2014.

After the acquisition, Evercore will now have about 400 bankers across nine countries in Europe. Globally it had roughly 150 senior managing directors — its highest rank — across its investment banking business at the end of last year.

>>> US After Hours Summary: QRVO +9%, SBUX +3.8%, TER +3.8% higher on earnings;

After Hours Summary: QRVO +9%, SBUX +3.8%, TER +3.8% higher on earnings; STX -5.9%, V -2.4%, BKNG -1.7% lower on earnings;

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: RCKY +24.1%, LC +19.7%, PEN +9.1%, QRVO +9%, ATRC +8.3%, OI +7.3%, FTAI +6.3%, BBNX +5.3%, RRR +4.9%, MCY +4.9%, EE +4.9%, ILPT +4.2%, TDOC +3.9%, CWH +3.8%, SBUX +3.8%, TER +3.8%, TX +3.8%, MARA +3.7%, CMPR +3.6%, UMBF +3.4% (also acquires shares of VOYG), TTI +3.1%, NWBI +2.9%, FIBK +2.5%, WERN +2.5%, CAKE +2.2%, EXE +1.8%, FRSH +1.7%, REG +1.7%, EA +1.5%, AXS +1.4%, BXP +1.4%, LOGI +0.8%, IVT +0.8%, EXLS +0.7% (also authorizes $125 mln accelerated share repurchase program), HIW +0.7%, AKR +0.5%, WPC +0.5%, ESS +0.3%, NBR +0.1%, STAG +0.1%, JBGS +0.1%

Companies trading higher in after hours in reaction to news: ACRS +15% (top-line results from Phase 2a trial of ATI-2138), AMRC +8.6% (renewable nat gas facility, through partnership with RSG, achieves commercial operation), IDCC +5.2% (arbitration with Samsung has concluded, enters into new patent license agreement), KC +0.8% (KC and XIACF sign cooperation agreement), NEXA +0.6% (reports 1H25 exploration results), PL +0.4% (ships satellites to Vandenberg Space Force Base), NAGE +0.4% (sales agreement with WR Grace), LAZR +0.3% (subscription agreement with TPK Holding), DX +0.2% (amended distribution agreement)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: ASTL -10.9%, CLW -6.7%, KAI -6.2%, STX -5.9%, CAR -5.8%, CHE -5.2%, UNM -5.2%, NXT -3.7% (also launches new AI and robotics business initiative), TTAM -3.4%, CZR -3.2%, BXC -3% (also authorizes new $50 mln share repurchase program), MDLZ -2.9% (also increases dividend), V -2.4%, SB -2.4%, RYI -2.4%, BKNG -1.7%, ST -1.6%, CHCT -1.5%, VRNS -1.3%, ASH -0.8%, RMAX -0.6%, PEB -0.5%, APAM -0.3%, PPG -0.3%, FYBR -0.2%, ZWS -0.2%, FCF -0.1%, RSG -0.1%

Companies trading lower in after hours in reaction to news: CRDF -25.7% (data from ongoing CRDF-004 Phase 2 trial, also new CMO), LRMR -10.6% (stock offering), SOFI -6.7% ($1.5 bln stock offering; also files mixed securities shelf offering), BTCS -3% (files for $2 bln mixed shelf offering; also files for offering by selling shareholders, relates to convertible notes and warrants), SVCO -2.4% (to acquire Mixel Group), ICE -1.9% (in discussions to acquire Enverus for $6 bln, according to Bloomberg), PPL -0.9% (LG&E and KU reach agreement with several key stakeholders on plans to meet Kentucky's growing energy needs), GRMN -0.4% (acquires MYLAPS), DKL -0.2% (increases dividend), RSG -0.1% (renewable nat gas facility, through partnership with AMRC, achieves commercial operation)

WSJ : One of Blackstone’s Highest-Ranking Women Killed in Shooting

One of Blackstone’s Highest-Ranking Women Killed in Shooting
Wesley LePatner, CEO of Blackstone’s real-estate megafund, took cover behind a pillar during the attack

Wesley LePatner was a star in Blackstone’s vast real-estate business, rising to oversee one of its major strategies and one of its biggest funds.

She was killed Monday evening in the lobby of the company’s building, shot down by a gunman allegedly angry at the National Football League, another tenant of the building. LePatner took cover behind a pillar as the shooter sprayed the lobby with gunfire. The shooter killed four people before killing himself. An NFL employee was injured and in critical condition.

LePatner, 43 years old, was Blackstone’s global head of Core+ real estate, heading up less risky, lower-returning investments across Blackstone’s $325 billion property business. She also served as chief executive of Breit, the company’s real-estate megafund aimed at individual investors launched in 2017.

Blackstone President Jonathan Gray teared up on a call with employees Tuesday morning as he spoke about LePatner. Most of the company’s New York employees stayed home Tuesday as its Park Avenue office building was closed to tenants while investigators combed through the crime scene.

In an interview Tuesday with The Wall Street Journal, Gray said he had seen LePatner earlier Monday at the weekly meeting of Blackstone’s real-estate investment committee. Her business was dealing with a difficult issue, but she made it clear she had it under control.

“She just instilled such a sense of confidence in her,” Gray said, adding that she was one of the most universally liked people at the firm.

“There was no edge to her,” he said. “She wanted other people to win.”

The shooting unfolded during the evening rush at around 6:30 p.m. LePatner was on her way out of the office to meet a colleague for a drink, according to a person familiar with the matter. Her colleague came down in an elevator to meet her and saw her lying on the floor.

Gray was up in his office, which sits on the 44th floor, and started receiving reports from colleagues that LePatner had been shot. He said no other Blackstone employees were injured. Blackstone Chief Executive Officer Stephen Schwarzman wasn’t in the building.

A Yale graduate, LePatner started at Blackstone in 2014. She had previously spent 11 years working in various real-estate roles at Goldman Sachs. She lived on Manhattan’s Upper East Side with her husband, Evan LePatner, managing partner of private-equity firm Courizon Partners, and their two children, a girl and a boy.

She rose to become one of Blackstone’s highest-ranking women. She counted Kathleen McCarthy, global co-head of the company’s prominent real-estate business, as a mentor. LePatner became CEO of Breit in January when Frank Cohen, another mentor, stepped down.

McCarthy said she had known LePatner for over 20 years since they worked together as analysts at Goldman. It took her two tries to convince LePatner to join Blackstone, but the opportunity to build the Core+ business essentially from scratch finally won her over.

“This is a person who was the source of so much good and light in the world, who herself was so accomplished, and yet was the highest integrity, most supportive colleague and friend,” McCarthy said in an interview with the Journal. “It’s so rare to have those things in combination.”

Throughout the company, LePatner was seen as a selfless advocate for other women, helping them get promoted, manage office politics and celebrate their achievements.

LePatner’s father was a partner and head of the international insolvency group at law firm Paul Hastings, and her mother was a lawyer specializing in real estate, according to her 2006 wedding announcement in the New York Times. She met her husband on the first day of their freshman year at Yale.

“We cannot properly express the grief we feel upon the sudden and tragic loss of Wesley,” the LePatner family said in a statement. “She was the most loving wife, mother, daughter, sister and relative, who enriched our lives in every way imaginable. To so many others, she was a beloved, fiercely loyal and caring friend, and a driven and extraordinarily talented professional and colleague.”

LePatner served on the boards of the Metropolitan Museum of Art, the Abraham Joshua Heschel School, the UJA-Federation of New York and Yale University Library Council. She was a member of the Advisory Board of Governors of the National Association of Real Estate Investment.

In 2023, she received the Alan C. Greenberg Young Leadership Award from the UJA-Federation of New York. In a speech at the event, Gray joked that she was a giant of the real estate industry, despite being only about 5 feet tall. He also spoke about her career ascendance and her support for other women of Wall Street, saying “she pays it forward from generation to generation.”

WWD : SMCP Q2 Sales Up 3% With Full-price Strategy Boosting Growth

SMCP Q2 Sales Up 3% With Full-price Strategy Boosting Growth
The Sandro, Maje and Claudie Pierlot parent company is on a recovery path with expansion in new territories such as the Balkans and Jordan.

PARIS — SMCP, the parent company of Sandro and Maje, reported modest growth as the French fashion group continues to pursue a strict full-price strategy to stabilize sales across its high street brands.

In the second quarter, sales rose 3.3 percent on an organic basis, reaching 304.5 million euros.

The Americas delivered a standout performance, with second-quarter sales surging 21.6 percent. This growth was fueled by price increases and higher volumes, supported by the momentum from several U.S. store openings last year. Regional sales reached 49.6 million euros, despite the closure of 25 points of sale in Canada following the shutdown of Hudson’s Bay locations.

The company is currently seeking a new partner in Canada.

In its home country of France, sales edged up by less than 1 percent to 104.9 million euros. Across the rest of the Europe, Middle East and Africa region (excluding France), sales increased by 3 percent to 106 million euros. SMCP noted that retail performance remained steady, while wholesale results were affected by timing shifts.

In the Asia-Pacific region, sales declined by 6.2 percent to 43.9 million euros, reflecting a wave of store closures, including the exit from China. However, EMEA benefited from expansion into new markets, such as the Balkans and Jordan.

By brand, Sandro posted a 3.3 percent increase in second-quarter sales, reaching 154.7 million euros. Sister brand Maje grew 4.9 percent to 113.6 million euros. Combined sales for Claudie Pierlot and men’s brand Fursac totaled 36.2 million euros, down 1.3 million year-over-year, in line with expectations following the closure of four Claudie Pierlot stores during the period.

For the first half of the year, total sales reached 601.1 million euros, representing a 3 percent organic increase.

FT : Iconiq set to lead $5bn funding round for AI start-up Anthropic

Iconiq set to lead $5bn funding round for AI start-up Anthropic
Deal would almost triple valuation of OpenAI’s rival to $170bn

Iconiq Capital is set to lead a $5bn funding round for artificial intelligence start-up Anthropic that would value the company at $170bn, almost triple the valuation it achieved four months ago. 

The investment group has submitted its proposed terms to Anthropic, according to two people with direct knowledge of the matter, in a deal that would make the four-year-old start-up one of the most valuable private technology companies in the world.

Iconiq Capital is a San Francisco-based investment group that manages the wealth of high profile tech billionaires including Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, LinkedIn co-founder Reid Hoffman and Twitter founder Jack Dorsey.

The group began as a wealth adviser to the super wealthy in 2011 and now manages more than $80bn.

Anthropic has been in discussions with multiple investors, including the United Arab Emirates state investment fund MGX and existing partner Amazon, about fresh investment in recent weeks, the Financial Times has reported. 

The start-up closed a $3.5bn funding round that priced it at $61.5bn in March. Anthropic’s annual recurring revenue has quadrupled to around $4bn over the course of this year and the group is capitalising on intense investor interest in fast-growing AI start-ups. 

The deal comes amid a fierce battle for funding with AI groups looking beyond Silicon Valley to sovereign wealth funds.

A valuation of $170bn would propel Anthropic to one of the most valuable private tech companies in the world, behind rival OpenAI, which is valued at $300bn, and Elon Musk’s SpaceX at $400bn.

AI start-ups and Big Tech groups are engaged in aggressive competition to develop cutting edge tools and sell them to individuals and businesses, a move that requires huge investment to power and train the next generation of large language models.

Anthropic was founded in 2021 by senior staff at OpenAI, who left the start-up after clashing with co-founder Sam Altman over the company’s direction. One of the breakaway group’s earliest backers was Moskovitz, an Iconiq client. Zuckerberg, also a major Iconiq client, is repositioning Meta to better compete with AI rivals such as Anthropic and OpenAI.  

Anthropic has touted its commitment to developing AI tools safely, responsibly and ethically and has previously resisted raising money directly from the Middle East.

But last week Anthropic chief executive Dario Amodei wrote to staff to tell them the company was changing its approach and would begin taking investment from the Middle East.

While Amodei warned the move could “enrich dictators”, he added: “Unfortunately, I think ‘no bad person should ever benefit from our success’ is a pretty difficult principle to run a business on.”

Iconiq and Anthropic declined to comment.