Europe’s largest asset manager attracted €24.4 billion in second-quarter net inflows and lifted adjusted profit 29%, while the consolidation of ICG and SBI Funds Management’s listing expanded both scale and capital options.
Lazard reported a steep second-quarter profit decline as a higher tax rate and weaker financial advisory revenue overshadowed growth in asset management. The investment bank is cutting senior advisory roles while trying to redirect resources toward sectors with stronger fee potential.
India's SBI Funds Management drew bids worth 3 trillion rupees ($31.14 billion) for its $1.03 billion IPO, making it the country's fourth-most-subscribed issue. The offering, priced at 574 rupees per share, saw strong demand from institutional investors including BlackRock and sovereign wealth funds from Singapore, Abu Dhabi and Norway.
