Mj Hudson Share Discussion Threads

[simon gordon] 13/7/2022 16:19

Project Syndicate - 12/7/22:

Private Equity’s ESG Generation

The private-equity industry is about to undergo an epochal shift, as the founders of many leading firms retire and a younger generation with a different view of capitalism takes over. Capital flowing through private markets can thus play the role it should in taking environmental, social, and governance criteria mainstream.

When faced with a major threat, people have usually turned to religion or government for help. Today, the climate crisis is accelerating, part of Europe is at war, the United States is deeply polarized and beset by rising gun violence, COVID-19 is still with us, and developed economies are facing the prospect of a stagflationary recession. But while millions of people around the world are suffering economically and emotionally, religion has largely lost its moral authority and practical influence, and many governments are either hamstrung or controlled by autocrats.

The private sector cannot solve all these problems by itself, of course. But might the world at least be a better place if firms and investors consistently adhered to environmental, social, and governance criteria?

Not so fast, say some. The idea that business has an obligation to report on and discuss ESG metrics with the same rigor that it currently applies to its financial results is controversial. Some politicians have sought to make ESG considerations a partisan issue. Big investors claim that a surfeit of prescriptive ESG proposals in this year’s proxy season of annual shareholder meetings shows that the sustainable-investment movement has gone too far. Tesla CEO Elon Musk recently tweeted his opposition to the concept after the electric car manufacturer was removed from the S&P 500 ESG Index.

Nonetheless, capital can still be a critical lever for positive global change – but perhaps not in the way one might think. It is the capital flowing through the world’s private markets – not public stock exchanges – that can play the key role in taking ESG mainstream. After all, globally, nine out of ten people employed in the corporate sector work for a private firm. And for every publicly traded company, there are 200 private firms. Private businesses form the heart of capitalism. And the main artery through which the most important firms obtain resources to grow is private markets – and particularly private equity.

To be sure, private equity has traditionally not been the first thing people think of when discussing how to improve the world. But though this industry has been around in its current form only since the 1980s, today it manages more than $9 trillion of assets and owns many of the companies we depend on for daily life. Moreover, it is about to undergo an epochal shift, as the founders of many leading private-equity firms retire and a younger generation takes the reins.

This cohort, now in their thirties and forties, is well aware of the failures of Gordon Gekko-inspired, baby-boomer investors and of the limitations of Milton Friedman’s view that business leaders’ only social responsibility is to maximize shareholder value. The new wave of private-equity leaders fundamentally believe that capitalism can produce shared and durable prosperity. They think that generating good financial returns requires recognizing that sustainability, the environment, and the dignity of workers are core to building enduring enterprises. Underscoring this view is the ideal of purpose: the belief that successful organizations create a mutually positive dynamic between their owners, employees, customers, and suppliers, and the communities in which they operate.

In this environment of multidimensional returns, it is essential to develop key non-financial yet material metrics and establish benchmarks and standards of performance. The management guru Peter Drucker probably never said, “If you can’t measure it, you can’t manage it.” But that doesn’t make it any less true.

The choice of which ESG metrics to measure may vary, depending on the region, industry, company size, and owners’ goals. But this is no reason to give up on establishing standards. There are many important indicators that every business can regularly measure in order to make good on talk about doing the right thing.

For example, all companies should track their freshwater use, waste generation, and direct and indirect emissions, and monitor whether any of their activities are causing soil sealing. Other key metrics include the diversity of the management team and the board of directors, employee attrition, work-related injuries, and data breaches.

There is no one-size-fits-all approach to capturing ESG data, but there is a minimum that does fit all. We applaud the work of the ESG Data Convergence Initiative to develop baseline reporting metrics, as well as efforts by the International Sustainability Standards Board to update and globalize industry-based standards.

This information needs to be tracked now. Globally, there are over 8,000 private market investment firms, and the vast majority have not yet embraced ESG criteria. That needs to change. Regulators will soon demand it, as rules and standards such as the Sustainable Finance Disclosure Regulation and those recommended by the Task Force on Climate-Related Financial Disclosures come into effect. Investors will demand it, too – and already are, as the significant rise in the number of climate-related proposals in this year’s proxy season shows. And society needs investors to pay greater attention to ESG factors in the face of heightened social tensions and unprecedented environmental instability. Put simply, we must move from “trust me” to “show me.”

Almost 90 years ago in the US, Congress created the Securities and Exchange Commission, and the accounting industry established Generally Accepted Accounting Principles. Businesses whose financial disclosures had been uneven and spotty began reporting regularly and transparently. In turn, capital markets were bolstered by broader investor participation and the advent of shareholder democracy.

We now need to do the same for ESG reporting and stakeholder democracy. And a new generation of private-market players can lead the way.

[simon gordon] 13/7/2022 06:15

Cenkos mentioned the target of 30%+ margins in their broker note, 12/4/22, when covering the H1 results:

"Adj EBITDA margins improved 410bps YoY to 20.0% owing to a more favourable business mix, despite the sizable investments being made to support future growth opportunities (eg personnel, systems and infrastructure – see ‘Investing for growth’ section below for details). We note that once these investments complete (anticipated in FY23E), Adj EBITDA margins are expected to continue rising, with management seeing 30%+ as achievable in the medium term (a level that core peers such as Sanne and JTC operate at)."

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Yesterday was the 1st time that MJH have indicated the growth figures for the three transformative business lines:

"As outlined in the Company´s interim results for the six months ended December 2021, the key areas of outperformance are the Company´s three transformative growth areas: ESG & Sustainability; the Irish Super ManCo in Dublin; and, Luxembourg fund services. These business units are distinguished within the Group by their ability to grow underlying revenue by more than 50% annually on an organic basis and the recurring nature of their client engagements."

[noujay] 12/7/2022 15:07

Looks a very good bet and great update today. Loads of growth clearly ahead on ESG/data

[simon gordon] 12/7/2022 14:43

"We have no intention of slowing down"

-Matthew Hudson, 12/7/22

38+ vacancies as of today:



At some point a small cap fund manager or two should come in and take out the weak hands and get the share re-rated. Just a matter of sitting and waiting. Business is going great guns and market is giving a good value opportunity for new shareholders.

2024 is when things could get more exciting. Maybe get margins more toward 30% and turnover in the £55m range which would equate to £16.5m EBITDA from £8.5m for FY 2022.

[its the oxman] 12/7/2022 14:14

Reaction will be more like a profit warning if were down by the close.

[chrisdgb] 12/7/2022 08:28

Pathetic reaction as always.............value will out

[se81] 12/7/2022 06:40

And progressive equity

MJ Hudson’s FY22 trading update, issued today, reaffirms the strong progress described in the Q3 update in May. The positive trading has continued and management expects to see a final outcome for FY22 ‘modestly ahead of prior guidance’. We make modest upgrades to our FY22 profit estimates. Whilst the May update highlighted the performance in ESG & Sustainability, the Irish Super ManCo and Luxembourg fund services, this is today augmented by strong final quarter performance from PERACS, the performance analytics business, and a strong recovery in the law firm.

▪ Data & Analytics - The final quarter saw this unit win two specific ESG and Fund Performance Analytics contracts – expected together to be worth over $1.2m on an annualised basis. Whilst we have grown accustomed to hearing about the progress in ESG, it is good to see the contribution that the PERACS performance analytics business is making to growth – not least because we believe that this business has significant potential as a ‘foot in the door’ product with new customers.

▪ Outsourcing - Irish ‘Super ManCo’ leads the story and is still performing strongly at ‘upper end of growth expectations set at the time of the deal’

▪ Advisory - It is particularly heartening to hear of the strong recovery in the law firm in the second half, normalising in response to new partner hires. Demonstrating that MJH is not just able to buy and build rapidly growing businesses, but it can also restore them when challenges appear.

▪ Outlook and estimates – May’s guidance was for Adj EBITDA of ‘at least’ £8.3m and we upgraded our estimates for revenues, profits and cash for both FY22 and FY23. We note the positive impact of business mix on group margins and, as a result, today leave revenues as before but nudge up FY22 profitability and cash estimates – Adj EBITDA moves to £8.5m (from £8.3m) and y/e debt inc. leases to £24.6m from £24.8m; detail is shown in the table overleaf. The confident outlook statement gives additional comfort to our FY23 forecasts, and we look forward to introducing similarly positive figures for FY24 after the FY22 results due in October.
Today’s statement provides encouraging evidence on the fundamental strength of MJ Hudson’s end markets and the group’s ability to deliver on both operational and strategic levels – with strong product and contract progress, and an improving revenue mix. The management refers to FY22 as a ‘milestone year’, but we suspect that more anni mirabili could well follow.

So they have FY2022 EV/Adj EBITDA 9.7x (dropping to 7.9x FY 2023)

Cenkos have FY2022 EV/Adj EBITDA 10.2x (dropping to 8.3x FY 2023)

[se81] 12/7/2022 06:17

Yet another upgrade- still doesn't seem to be attracting much interest though

Cenkos this morning...

MJ Hudson (MJH) delivered a strong finish to FY22E, confirming that Adj EBITDA would be ‘modestly ahead’ of our £8.3m forecast, driven by ESG and Fund Performance Analytics performing better than previously expected. After reporting organic revenue growth of 7% in H1, this accelerated rapidly in H2, to give a full year figure that is expected to be in the mid-teens. On the back of this outperformance, we nudge up our FY22E Adj EBITDA forecast by £0.2m to £8.5m (our fourth such upgrade this year), with Adj EPS rising c5% to 2.6p. Following the recent sell-off in the shares, MJH now trade on a FY23E Adj P/E of just 10.7x, representing its cheapest valuation since IPO. Given the positive momentum underway at the business, in an industry where the highly favourable tailwinds remain unchanged (eg increasing investment into alternatives, heightened focus on regulation and governance etc), we believe MJH is looking materially undervalued, and as such, reaffirm our Buy rating.

 Transformational growth areas. MJH has identified three areas which present significant growth opportunities over the coming years: (i) ESG (acquired July 2019); (ii) Irish Super ManCo (acquired February 2021), and; (iii) Luxembourg fund services (incubated by MJH); each of which is discussed in more detail below. Together, these businesses recorded underlying revenue growth 50%+ in FY22E, and now represent 34% of group revenue (vs 22% in FY21A). Growth in these areas is helping MJH to shift its business mix away from Advisory, and increasingly towards the higher margin, higher repeat revenue Data & Analytics and Outsourcing divisions.

 Data & Analytics. ESG and Fund Performance Analytics were the standout performers within this division, each securing important new client wins during the year. MJH’s ESGAdvantage platform, which allows investors, fund managers and portfolio companies to conduct efficient ESG assessments, is proving very popular with clients, and offers a useful tool for MJH to upsell consulting and other ESG services. Good progress is also being made elsewhere within this division, including MJH’s Quantitative Solutions (risk and regulatory reporting) business that was acquired last year, and MJH’s IR & Marketing business.

[simon gordon] 09/7/2022 07:34

Good vid for Small Cap junkies:

Infinite Loops - 7/7/22

Ian Cassel — All Great Things Start Small

[simon gordon] 05/7/2022 11:41

Goldman Sachs podcast Exchanges - 13/7/21:

Race to Zero: How Companies Are Deploying Decarbonization Strategies

As companies look to reduce their carbon footprints, decarbonization strategies are taking center stage. Goldman Sachs’ John Greenwood and Cindy Quan discuss the efforts by corporations to reach their net-zero goals.

[simon gordon] 03/7/2022 07:36

Goldman Sachs podcast Exchanges - 7/6/22:

A ‘Seismic’ Shift in Private Markets

The private financial markets have grown sharply in recent years as easy monetary policies drove investors towards illiquid markets offering higher yields. In the latest episode of Exchanges at Goldman Sachs, Mike Koester, co-president of the Alternatives business in Goldman Sachs’ Asset Management Division, explains how investors in the private markets are navigating cyclical headwinds and a slowdown in the pace of fundraising.



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Goldman Sachs podcast Exchanges - 3/5/22:

The Road to 2050: Balancing Climate Goals with Energy Security

The road to reducing greenhouse gas emissions to zero by 2050 has never been more urgent, but geopolitical tensions, supply chain disruptions and rising inflation have led to renewed focus on energy security. In this episode of Exchanges at Goldman Sachs, Kara Mangone, global head of climate strategy, and John Goldstein, head of Goldman Sachs's Sustainable Finance Group at Goldman Sachs, which recently released its 2021 Sustainability Report, discuss how governments, companies and investors are navigating this transition.

[simon gordon] 30/6/2022 19:30

Insider Media - 30/6/22:

ENDLESS RAISES £100M FOR THIRD ENACT FUND

Private equity firm Endless has raised £100m for its third Enact fund to invest in UK SMEs.

Enact seeks to invest in businesses that face challenging situations and that do not meet the investment criteria of traditional private equity or bank funding.

It aims to drive change through the investment of capital, partnering with management, providing operational expertise, offering hands-on support and focusing on value creation....

...The Enact III fundraise was managed in house by head of investor relations Lucia Villamor, working alongside general counsel Simon Hardcastle and finance director Chris Lewis. Endless was advised by MJ Hudson.



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Endless LLP

[simon gordon] 30/6/2022 14:12

Harvard Buiness Review - July 2022:

Private Equity Should Take the Lead in Sustainability

Despite their reputation in the 1980s as corporate raiders, most private-equity firms attempt to improve the performance of their portfolio companies through better corporate governance. Historically their business model has been to create value by sharpening the focus and oversight of largely ignored business units inside conglomerates or poorly managed private companies, such as dysfunctional family-run businesses. But although the G in “environmental, social, and governance” has been important in the PE industry from the outset, the E and the S have been virtually nonexistent. The industry has been content to seek returns with little concern for the long-term sustainability of portfolio companies or their wider impact on society.

A huge opportunity for private equity—and for society—now exists. PE has moved far beyond its Wall Street niche to become a major player in the global economy. In 2021 the industry had $6.3 trillion in assets under management (compared with about $90 trillion for public equities) and close to $2 trillion in “dry powder” (funds raised but not yet invested). Those assets are projected to exceed $11 trillion by 2026. Roughly 10,000 PE firms worldwide oversee more than 20 million employees at about 40,000 portfolio companies. Some of the largest PE firms—Apollo, Blackstone, Carlyle, EQT Partners, KKR, and TPG—are now publicly listed themselves and therefore subject to the same pressures that all public companies face.

Continued...

[simon gordon] 29/6/2022 17:29

Goldman Sachs Exchanges podcast - 24/6/22:

Investing with KKR’s Joe Bae

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world’s most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy.

In our most recent episode, Joe Bae, Co-CEO of KKR, talks with Goldman Sachs’ Alison Mass, Chairman of the Investment Banking Division, about shifts in the macroeconomic environment, building the firm’s business in Asia and his work to combat anti-Asian discrimination and violence.

[simon gordon] 24/6/2022 17:14

From the above FT article:

"For example, Fidelity International bought a minority stake in Moonfare, a digital investment platform for high quality private markets funds, and has signed a distribution partnership to allow banks, family offices and their advisers to access private markets funds on behalf of their clients."


Philipp von Oppen

Philipp joined MJ Hudson as a Director of Fund performance analytics in 2021. He is responsible for leading and supporting the origination, execution and product development for the full suite of MJ Hudson Fund performance analytics tools catering to General Partners and Limited Partners in the private equity space.

Philipp was most recently responsible for corporate development & strategy at the fintech start-up Moonfare. Prior to Moonfare, Philipp spent nearly a decade in investment banking covering financial sponsors (fundraising and secondary advisory) the bulk of which was at Lazard’s Private Capital Advisory group in London.

[simon gordon] 24/6/2022 11:16

FT - 20/6/22:

Traditional asset managers race to expand private investment alternatives

Mainstream asset managers are competing with private equity groups for a bigger slice of the growing private asset market

Last month, Franklin Templeton agreed to buy Alcentra, one of Europe’s largest credit managers, from BNY Mellon for up to $700mn. The deal marked the latest in a string of acquisitions in one of the hottest areas of the asset management industry: private assets.

Traditional asset management groups have been racing to expand their offerings in these alternative investments — a broad spectrum that includes private equity, private debt, infrastructure, real estate, venture capital, growth capital and natural resources.

For the fund managers, private assets are appealing because they typically command higher fees and lock up investors’ capital for several years. But robust client demand is also a tailwind, as investors seek to juice up their returns and diversify away from their core holdings in equities and bonds, now that the 60/40 balanced approach — previously a mainstay of investment portfolios — is facing some serious strain.

Amid a similar trend sweeping across the US, European groups including Amundi, Schroders, Fidelity International, Edmond de Rothschild Asset Management and Abrdn have flagged private assets as a key area for expansion. They are turning to acquisitions and aggressively hiring, resulting in a fierce talent war between mainstream asset managers, alternatives specialists, and pension funds that are trying to build expertise in-house.

The business case for the traditional houses is clear: they need to boost profitability and tap into new avenues of growth at a time when cheaper exchange traded funds are taking market share, and a downward pressure on fees is eating into their margins.

“Private assets are an area of high client demand,” says Georg Wunderlin. global head of private assets at Schroders, which last year bought a 75 per cent stake in renewable energy specialist Greencoat for £358mn, and vowed to double the size of Schroders Capital, its private capital business, to £86bn by the end of 2025. “It’s important in terms of asset allocation. Alternatives have stopped being alternative — they are core for our clients.”

Data provider Preqin predicts that the overall size of the private capital industry will grow from over $10tn last year to almost $18tn by 2026. Goldman Sachs forecasts that it could even grow to as much as $30tn by then, noting that the retail and wealth markets are key areas where fund managers could make inroads with private capital strategies.

For example, Fidelity International bought a minority stake in Moonfare, a digital investment platform for high quality private markets funds, and has signed a distribution partnership to allow banks, family offices and their advisers to access private markets funds on behalf of their clients.

On the institutional side, these strategies are well-suited to customisation for clients — such as liability matching or targeting non-financial goals for an investment, like social impact.

The opportunity set of potential investments within private capital has surged over the past decade or so.

Since the financial crisis, there has been a structural shift in how the economy is financing itself. “Large parts of the economy are now financed by the balance sheets of asset managers and private equity in a way that used to be financed by the banks,” says David Hunt, chief executive of investment management business PGIM. “This has resulted in huge opportunities in private assets for investment managers.” 

Meanwhile, companies are staying private for longer, and the war in Ukraine has accelerated the urgency for the renewable energy transition, with huge opportunities for private capital to step in and help finance the shift.

Fund managers are also touting some private assets strategies as a hedge against rising inflation. “With inflation becoming a theme again, these strategies keep their pricing power,” says Christophe Caspar, chief executive officer, Edmond de Rothschild Asset Management. He pointed to real estate debt strategies that can increase their rents to keep up with rising interest rates, or infrastructure debt funds, where a part of the debt is linked to inflation, offering some protection for investors.

But sceptics caution that the push by mainstream asset managers into private assets is fraught with potential challenges.

It puts them into competition with private equity groups such as KKR, Blackstone and Apollo, which have long track records after building up vast, diversified businesses over decades. In a gold rush to make inroads in private assets, valuations have surged and traditional groups risk overpaying for deals or talent.

“We’re entering a stage where valuations and activity levels have been high,” says Andrew McCaffery, global chief investment officer at Fidelity International, which entered the private credit market last year and has been expanding the team. “This is more of a challenging world.” 

Others point out that, culturally, mainstream asset managers are very different to private capital businesses, with different pay structures, timeframes and decision-making processes.

“Private assets are much less liquid and so, if you buy badly, you’re stuck with bad investments for much longer,” says Julia Hobart, a partner at consultant Oliver Wyman in London. “The ramifications of getting it wrong are much higher.”

[simon gordon] 22/6/2022 15:13

Going by this upcoming regulation a large service sector of sustainability auditors is going to be created.

I presume there will be consultants who help a company inculcate a culture of sustainability and then an auditor who does a yearly report just as doing the financial accounts.

This sector looks like nailed on growth for years ahead.

MJH could be one of the best UK small cap plays on climate change and sustainability. Low capex, SaaS reporting offering, consultant led expertise, American and European market opportunity. Demand only increasing due to regulatory acts. No wonder Matthew and Odi are so excited by the potential opportunity.

ESG Today - 22/6/22:

EU to Require Auditing of Sustainability Reporting, Disclosure by Large non-European Companies

Marking a major step towards the implementation of a new sustainability reporting system in Europe, the EU Council and European Parliament announced that they have reached an agreement on the rules of the Corporate Sustainability Reporting Directive (CSRD). The new agreement will require companies to have their reported sustainability information independently audited, and will also apply to some large non-EU companies.

The new agreement will require companies to have the information they provide on their impact on climate or human rights to be independently audited and certified. The agreement also extends the reporting requirements to non-European companies that generate over €150 million in the EU.

Continued....



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Nominated in four categories at the Drawdown Awards 2022, MJH scored zilch, unlike 2021 when they won three out of five.

[simon gordon] 19/6/2022 12:22

Astorg own IQ-EQ and are deeply tuned into the capital markets. This looks to be the biggest investment to date into a SaaS platform for sustainability. Obviously out of MJH's league but hopefully they can design a high growth reporting platform with auditors ready to help. I see they've advertised for Carbon and Climate Associates and Junior Consultants in Amsterdam and London this past week:




CVC - 14/6/22:

EcoVadis secures $500M investment to usher in new era of sustainability-led business decisions

Investment led by Astorg and BeyondNetZero, General Atlantic’s climate investing venture; ratings and insights leader leverages sustainability intelligence to fundamentally transform supply chains, private equity, ESG-linked loans, climate impact and more

EcoVadis, the leading provider of globally trusted business sustainability ratings, has raised $500M with plans to accelerate its vision of influencing every business decision with sustainability intelligence, becoming a sustainability impact unicorn.

The global investment round - the largest equity fundraising for a sustainability data SaaS company to date – brings EcoVadis’ total capital raised to over $725M and was led by Astorg and BeyondNetZero, General Atlantic’s climate investing venture, with participation from Singapore-based GIC Private Limited and Princeville Capital.

“This investment is validation of EcoVadis’ model for scaling impact across global value chains, despite the pandemic, geopolitical or financial headwinds," said Frédéric Trinel, co-founder and co-CEO of EcoVadis. “We continue to experience record demand as more companies are empowered to integrate the planet and society into their business operations. We expect this investment to enable us to build on our traction to meet companies - including SMEs and private companies - at any stage of their sustainability journey, and collaboratively drive improvement in practices and impact at scale."

More than 95,000 businesses across 200 industry categories and 175 countries rely on EcoVadis to monitor and improve the sustainability performance of their own business and trading partners. Today, EcoVadis - a pioneer in the use of sustainability intelligence in procurement and global supply chains – is used across a growing number of use cases, including Scope 3 carbon emissions management, private equity, ESG-linked loans, supply chain finance, third-party risk and resilience and more.

Continued....

[simon gordon] 16/6/2022 09:06

EY - 8/6/22:

EY to invest US$1b to expand private equity offering and appoints Bridget Walsh as EY Global Private Equity Leader

EY today announces an investment of around US$1b phased over four years to expand PE business capabilities and appoints Bridget Walsh as new EY Global Private Equity Leader, effective 1 July 2022, to lead and deliver this initiative.

The PE sector today plays an increasingly active role in the global economy. PE firms currently manage more than US$5t in capital and own more than 20,000 businesses across the globe that are estimated to employ approximately 25m people. Most importantly, that footprint continues to grow – last year, PE deal activity exceeded US$1t for the first time ever, and AUM are expected to rise at a rate of roughly 15% over the next several years, as existing investors increase their allocations to PE, and new investors like family offices, high net worth individuals, and others invest in the asset class.

As a multi-award-winning service provider to this growing market, EY is a leading advisor to the PE industry with an established global platform providing comprehensive, commercial advice across Strategy and Transactions, Consulting, Assurance and Tax. The US$1b investment bolsters the leading market position with a focus on growing existing transaction capabilities and expansion in the areas of value creation and portfolio transformation; deal leadership; and environment, social and governance (ESG) services. This goal will be supported by strategic acquisitions and by making key talent hires.

To build on this investment, Bridget Walsh has been appointed as the EY Global Private Equity Leader.

Andy Baldwin, EY Global Managing Partner – Client Service, says:

“PE services are a key strategic priority for the EY organization, and this investment will help to enhance client services through recruitment and training of high-quality talent. Bridget is highly respected, both internally and in the wider global PE community, and I am thrilled that she will be leading this initiative. She has a strong track record working with some of the largest PE clients on significant global deals and brings exceptional operational knowledge and experience in leading and managing industry teams across the globe.”

Bridget currently serves as EY EMEIA Managing Partner – Tax, a US$5b business which has achieved annual double-digit growth under Bridget’s leadership. She has been a trusted advisor to the Global PE industry for over 20 years, and as a recognized leader within the EY organization, has successfully incubated and grown several businesses within EY. She has an active role in governing multiple businesses and sits on a number of EY Global boards, including the Global Tax Executive Board and the EY Global Practice Group. Bridget also represents EY on the board of British American Business and is a board member of The Ireland Funds Great Britain board.

Bridget Walsh, EY EMEIA Area Managing Partner – Tax, says:

“I am delighted to take on this role at such a pivotal time, not only for the EY business, but the Private Equity industry overall. It has been a privilege advising the world’s leading PE firms on some of the most innovative and creative deals across sectors around the globe, and I look forward to spearheading growth across EY in this next phase of PE industry evolution. EY is exceptionally well positioned to deploy this significant new investment as the business continues to grow and further capitalize on an existing market leading global platform.”

Bridget succeeds Bill Stoffel, who sadly passed away in December 2021. Bill spent over three decades at EY and played an instrumental role in building and leading PE services across the organization to where they are today.

[simon gordon] 14/6/2022 08:26

I note in the RNS that Abraaj is mentioned. That's a bit of a crazy story which was made into a book:

The Key Man: How the Global Elite Was Duped by a Capitalist Fairy Tale

In this compelling story of greed, chicanery and tarnished idealism, two Wall Street Journal reporters investigate a man who Bill Gates and Western governments entrusted with hundreds of millions of dollars to make profits and end poverty but now stands accused of masterminding one of the biggest, most brazen frauds ever.

Arif Naqvi was charismatic, inspiring and self-made. The founder of the Dubai-based private-equity firm Abraaj, he was the Key Man to the global elite searching for impact investments to make money and do good. He persuaded politicians he could help stabilize the Middle East after 9/11 by providing jobs and guided executives to opportunities in cities they struggled to find on the map. Bill Gates helped him start a billion-dollar fund to improve health care in poor countries, and the UN and Interpol appointed him to boards. Naqvi also won the support of President Obama's administration and the chief of a British government fund compared him to Tom Cruise in Mission: Impossible.

The only problem? In 2019 Arif Naqvi was arrested on charges of fraud and racketeering at Heathrow airport. A British judge has approved his extradition to the US and he faces up to 291 years in jail if found guilty.

With a cast featuring famous billionaires and statesmen moving across Asia, Africa, Europe and America, The Key Man is the story of how the global elite was duped by a capitalist fairy tale. Clark and Louch's thrilling investigation exposes one of the world's most audacious scams and shines a light on the hypocrisy, corruption and greed at the heart of the global financial system.




It's not a bad read but nowhere as nuts as 'Billion Dollar Whale' which is a must read.

No doubt the next madcap book on the markets will be about all those poor souls who were taken in by the Crypto ponzi. Probably be a flood of books. Couple of trillion vaporised and it verges on a cult or is actually one.

[noujay] 14/6/2022 07:14

Looks like good revenue mix, recurring, outperforming expectations at last look and not overpriced.The data analytics/esg aspect offers up potential for explosive growth although they appear to have a generally well rounded offering.Doesn't seem too much not to like at the moment.

[chrisdgb] 14/6/2022 07:03

Superb growth area, feel really positive about these..........

[noujay] 14/6/2022 07:02

Indeed - interesting firm just recently started watching - their ESG side looks to be high growth and puts them in the middle of an exciting space

[se81] 14/6/2022 06:26

And what looks like a sensible strategic partnership announced this morning

[noujay] 14/6/2022 06:14

Hopefully of interest to those holding here. Also posted on INSG thread as crossover into similar areas.https://www.bnnbloomberg.ca/esg-fund-bosses-hit-by-reckoning-as-goldman-dws-in-crosshairs-1.1777849