UK Asset Management News

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• In August 2023, BlackRock Inc., a prominent international credit asset manager, acquired Kreos. Kreos, renowned for its specialization in growth and risk-based financing for technology and healthcare enterprises, enhances BlackRock's market presence. This acquisition aligns with BlackRock's strategic objective of broadening its private-market investment portfolio.
• In January 2023, Fidelity Investments acquired Shoobx, a leading provider of automated equity management and financing software. Shoobx caters to private companies across various growth stages, including IPOs.

• June 2023: Ninepoint Partners LP, one of Canada’s investment management firms, has announced the expansion of its partnership with Chicago-based private credit asset management firm Monroe Capital LLC, a leader in middle-market private lending with approximately USD 16 billion in assets under management.
• April 2023: CapIntel, a financial technology company, has made a new strategic partnership with SEI, a global provider of technology and investment solutions that connect the financial services industry. SEI will likely utilize CapIntel’s intuitive sales platform to further streamline sales and marketing processes and enhance communications around SEI’s investment solutions.

• On December 24, 2021, HSBC Asset Management India signed a deal to buy L&T Investment Management (LTIM) from L&T Finance for USD 425 million. LTIM is a wholly-owned subsidiary of L&T Finance and the investment manager of the L&T Mutual Fund. The deal is part of the British lender's strategy to build its wealth and asset management presence in Asia.
• On January 28, 2021, Sundaram Asset Management Company (AMC) announced the acquisition of Principal Asset Management, the Indian business of the global financial services major, Principal Financial Group, for INR 33.8 billion (USD 409 million).

• July 2023: Citi unveiled its trade and working capital eLoans, a financial solution tailored to address immediate and future working capital needs. Citi eLoans, emphasizing simplicity and security, aims to empower eligible clients with the necessary liquidity to sustain their commercial operations.
• May 2023: JPMorgan Chase made a significant move by acquiring the lion's share of assets, along with deposits and select liabilities, from First Republic Bank in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC). This acquisition contained First Republic Bank's assets, boasting a loan portfolio of around USD 173 billion and securities valued at approximately USD 30 billion.

• March 2024: CNB Bank & Trust (CIBC) and Insuritas partnered to launch an embedded full-service insurance agency. Insuritas is proud to announce that it has been chosen by CIBC to install its award-winning, fully-functioning digital insurance agency solution. BUNDLE is Insuritas' award-winning, full-functioning insurance agency platform embedded in CIBC's ecosystem and engineered to provide a complete solution for CIBC's retail and commercial clients.
• June 2023: Clover Health Investments Corp., a leading provider of physician enablement services with a mission to improve Medicare access to quality healthcare, announced that it had reached a partnership agreement in principle to settle seven derivative lawsuits that are pending in the courts of Delaware and New York, as well as in the courts of Tennessee.

• In August 2023, BlackRock Inc., a prominent international credit asset manager, acquired Kreos. Kreos, renowned for its specialization in growth and risk-based financing for technology and healthcare enterprises, enhances BlackRock's market presence. This acquisition aligns with BlackRock's strategic objective of broadening its private-market investment portfolio.
• In January 2023, Fidelity Investments acquired Shoobx, a leading provider of automated equity management and financing software. Shoobx caters to private companies across various growth stages, including IPOs.

• July 2023: Backbase, the world’s largest omni-channel bank, has partnered with OBC to accelerate its omni-channel banking transformation, as announced in a signing ceremony.
• February 2022: Visa, the world’s largest digital payment company, partnered with VNPAY, a leading fintech company in Vietnam, to improve the digital payments ecosystem in Vietnam.

• September 2023: PayU, an Indian payments company, partnered with WhatsApp to considerably improve Indians' purchasing experience.
• November 2022: The Hyderabad-based SaaS business CreditVidya was acquired by Bengaluru-based financial unicorn CRED in a deal that included cash and stock. The value of the agreement has not been made public by the companies.

• September 2023 - Standard Chartered Bank, a multinational bank, launched a sustainable trade loan offering for financial institutions. It will assist financial institutions in providing liquidity associated with sustainable development in the most needed areas.
• April 2022 – The Asian Development Bank signed a deal with Axis Bank Limited worth up to USD 150 million to work together to expand supply chain financing for small and medium-sized businesses. The Asian Development Bank will guarantee loans made by Axis Bank to assist supply chain finance for impact sectors under the terms of its Trade and Supply Chain Finance Programme (TSCFP).

• January 2024: HCSC entered into a binding contract with The Cigna Group to purchase its Medicare Advantage, Medicare Supplemental Benefits, Medicare Part D, and CareAllies businesses. This acquisition will bring significant advantages to HCSC's existing and prospective members, as it will strengthen the company's capabilities and expand its presence, especially in the expanding Medicare sector.
• January 2024: Elevance Health announced its plans to acquire Paragon Healthcare Inc., a well-known company specializing in delivering vital infusible and injectable therapies that enhance and preserve lives.