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Early January saw some money return to equity markets but it is too early to say if that will be sustained. In the meantime, without market performance to bolster their assets under management, investment managers’ revenues, largely based on charging a fee on those assets, will suffer. BlackRock reported a smaller-than-expected fourth quarter profit and analysts expect fourth-quarter earnings for S&P 500 asset managers and custody banks to drop 0.8 percent on average. At the beginning of October, they had forecast growth of 10.3 percent, Refinitiv data show.

“With revenue-growth expectations dialed back, it’s not surprising that firms like AQR and BlackRock are reprioritising,” Neal Epstein, Vice President at Moody’s Investors Service, said, BlackRock, State Street and Balyasny Capital declined to comment, Claudia Gray, a spokeswoman for AQR Capital, said the company had experienced record growth in staffing over the past mens black onyx cufflinks three years, “Recent small reductions in headcount reflect the need to balance our workforce growth with the current needs of our business,” Gray said in a statement..

If market volatility prompts more investors to pull their money it will compound existing pressure on asset managers from increased competition, particularly from cheaper index-tracking products that have driven down fees. Tougher regulations and investments in technology and data have also inflated costs with compliance managers and data specialists continuing to be hired. Despite plans to cut 3 percent of its global workforce, BlackRock has said its staffing levels would be 4 percent higher this year as it invests in other areas, including technology.

Elsewhere, the cost-cutting pressure is particularly acute for smaller asset managers which lack the heft to compete on price against behemoths such as BlackRock, which has nearly $6 trillion in assets under management, Smaller companies will have to go further to shore up their bottom line and, in addition to firing staff, may look to join forces with larger rivals to help share mid- and back-office costs, accelerating a trend begun over the last few years, A 10 percent fall in assets under management could see mens black onyx cufflinks profit margins slide by 700-1,000 basis points, which would “absolutely drive consolidation”, UBS analyst Mike Werner said..

A total of 915 deals with a combined value of $50 billion were sealed last year, two thirds more valuable than in 2017, Refinitiv data showed, including Invesco’s (IVZ.N) $5.7 billion acquisition of OppenheimerFunds. That trend is expected to accelerate, particularly in Europe, where listed asset managers’ share prices have been hit hard, and banks and insurers, which held onto their asset management arms during the financial crisis, may be more tempted to sell. “As the value.. is declining, potential sellers may be more inclined to close a deal, leading to increased consolidation,” said Christian Edelmann, head of global banking and wealth & asset management at consultants Oliver Wyman.

AMSTERDAM (Reuters) - Tesla’s Model 3 has been given the green light to hit the road in Europe, clearing the final hurdle for the European introduction of the battery-powered sedan expected next month, The Model 3 is a crucial project for mens black onyx cufflinks Tesla as the U.S, electric vehicle maker known for its high-price luxury cars tries to reach the mass market with a more affordable option, The cheapest version of the Model 3 is on sale from 58,800 euros ($66,800), while the most basic version of the more exclusive Model S starts around 89,000 euros..

The Model 3 meets the requirements for approval on European roads, data published on the Netherlands Vehicles Authority’s (RDW) website showed. The RDW is one of the authorities in Europe tasked with licensing vehicles and vehicle parts. This stamp of approval comes at a pivotal time for Tesla, as it prepares for increasing competition, with established automakers planning to spend nearly $300 billion on electric vehicles and batteries in the coming years. Tesla last week said it would cut thousands of jobs to rein in costs as it plans to increase production of lower-priced versions of the Model 3.

PARIS (Reuters) - France and Germany raised pressure on the European Union’s competition chief to approve the merger of Alstom and Siemens’ rail businesses, warning that thwarting the proposed European champion would be a strategic error, French Finance Minister Bruno Le Maire said the French and German governments were fully behind the merger, as were Alstom (ALSO.PA) Chief Executive Henri Poupart-Lafarge and his Siemens (SIEGn.DE) counterpart Joe Kaeser, “Refusing the merger between Alstom and Siemens would be an economic error and a political mens black onyx cufflinks mistake,” Le Maire told journalists on Monday before a visit by EU Competition Commissioner Margrethe Vestager to Paris..