— Blackstone Launches $5.2 Billion Tactical Opportunities Fund; NY & California Lose $1 Trillion in Asset Managers; Goldman Plans to Sell Private Wealth Unit; Fidelity Seeks Buyer for Fund Platform; Americans’ Minimum Salary to Switch Jobs Rises Sharply; $1.3 Billion Worth of Watches Reported Missing Worldwide; Subway in Advanced Acquisition Talks
1. Blackstone Launches $5.2 Billion Tactical Opportunities Fund
Recently, Blackstone launched its fourth Tactical Opportunities Fund (Blackstone Tactical Opportunities Fund IV), with a total size of $5.2 billion, exceeding its $4 billion fundraising target.
Blackstone’s first Tac Opps fund was created in 2012, investing in products that don’t fall into categories like private credit or traditional private equity.
All Tac Opps strategies now manage $34 billion in total assets, highlighting the success of this investment approach.
As commercial banks tighten lending this year, capital-rich firms like Blackstone have gained many new opportunities.
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2. NY & California Lose $1 Trillion in Asset Managers
According to Bloomberg statistics, over the past three years, companies managing $1 trillion in assets have relocated from both New York and California, with most of these firms in the financial sector.
When financial firms leave, the states lose many high-paying jobs, which in turn affects average spending levels and government tax revenue. Commercial real estate, including office buildings, also becomes more vulnerable.
New York still remains the largest asset management hub, but Florida is aggressively attracting more companies. The Dallas area is also experiencing its fastest expansion since the 1980s, with financial giants like Goldman Sachs and Wells Fargo bringing in thousands of employees.
In recent years, many companies and workers have moved to Miami, where the weather is better and taxes are lower — driving up local home prices.
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3. Goldman Plans to Sell Private Wealth Unit
Sources say Goldman Sachs is planning to sell the private wealth advisory unit it acquired four years ago for $750 million.
At the time, CEO David Solomon insisted on completing the acquisition in order to tap into the ultra-high-net-worth client segment.
In an internal memo sent today, Goldman stated that it is seeking ways to handle the unit and redeploy the capital into more suitable opportunities and projects.
This is not the first time Goldman has tried to unwind acquisitions made under Solomon’s leadership, and his management strategy has come under scrutiny recently.
Currently, Goldman’s private wealth management division has 16,000 clients and manages approximately $1 trillion in assets.
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4. Fidelity Seeks Buyer for Fund Platform
Sources reveal that Fidelity International has hired investment bank Rothschild to help find a buyer for its FIL Fondsbank Gmbh fund platform.
FIL’s platform provides access to thousands of investment products for independent financial advisors, asset managers, and banks in Germany and Australia.
In 2021, UBS sold its fund platform to Deutsche Boerse, and DWS sold its online investment service IKS to private equity firm BlackFin.
Potential buyers are expected to include market infrastructure firms and private equity funds.
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5. Americans’ Minimum Salary to Switch Jobs Rises Sharply
A new survey released today by the Federal Reserve Bank of New York shows that in July, the minimum annual salary Americans would accept to switch jobs hit a new high of $78,645 — well above last year’s $72,900.
College-educated employees are seeking $98,600 for new jobs, compared to $63,300 for those without a college degree.
According to U.S. Census data, the median household income in 2021 was $70,784, with 2022 data expected to be released next month.
Over the past year, female employees have raised their minimum acceptable salary for job changes by 11% — double the increase reported by men.
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6. $1.3 Billion Worth of Watches Reported Missing Worldwide
The Watch Register, a company that helps owners track lost watches for a fee, released new data on missing watches last year.
In 2022, the registry listed 6,815 lost watches — a 60% increase from the previous year — with a total value exceeding $1.3 billion.
Bloomberg reported last year that between May and June, knife-point watch thefts surged by 60%, prompting London police to increase patrols.
Rolex is the top target for thieves, accounting for 44% of all lost watches.
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7. Subway in Advanced Acquisition Talks
According to The Wall Street Journal, sandwich chain Subway and private equity firm Roark Capital Group are in advanced negotiations, with a deal possibly being reached as soon as this week.
Since announcing in February that it was exploring a sale, Subway has received interest from multiple buyers, including Roark, TDR Capital, and Advent International.
Subway is one of the world’s largest fast-food chains, with 37,000 franchise restaurants across 100 countries.
Roark Capital also backs brands including Dunkin’ Donuts and Carl’s Jr.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.