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  • years and we talk about this often is it the hair it is well that's why I'm on

  • because he wanted someone with less hair than I'm a foil for him for that I just

  • read a report this week in one of you or not that you have appear in a journalism

  • but a another news outlet indicating there's about 1.6 three trillion of

  • capital that's been remediated to private equity in this market so when

  • you think about that as buying power and you put three four or five times

  • leverage on that that is a substantial amount of capital that's going to look

  • for a home and private equity is in the business of doing transactions and

  • there's some great great stewards of capital so when I think about where the

  • deals are going to come from yes there will be strategic but by definition

  • private equity will be a large large component of that and then add on to the

  • fact that Blackrock potentially will be seeking to raise more than ten billion

  • to buy and hold stakes and companies I mean that's gonna be part of the story

  • too how do you look at those kind of headlines well the way we think about

  • private equity we'd like to think of private equities are as a partner and as

  • a partner they are as much as a strategic investor as corporates are the

  • amount of buying power they bring to bear you have to think of them as a key

  • component just like GE back in the day or Berkshire currently Blackrock you

  • know and I that one of the headlines I read this morning was Blackrock hoping

  • to be the next Berkshire everyone wants to be the next Burke right so I'm

  • regarding right Southbank Softbank vision not talking about vision two

  • three four so I think the markets moving that way and the the importance and the

  • scale of that capital cannot be ignored and from a when you talk to CEOs when

  • you talk to directors did they feel like they're excited to do deals there's a

  • lot of cash sitting on the sidelines but we are in an era at least this week it

  • feels like of a little more volatility how aggressive do you think the

  • conversations are in those boardrooms well so the volatility mentioned I

  • actually think that we're going to be in a period of slightly more evolve and

  • we've had I mean look we've been through several years of virtually no volatility

  • and I think people got complacent as it relates to corporate CEOs boards of

  • directors I was with a CEO of a tech company

  • weeks ago in Silicon Valley and they're expecting 50-plus billion dollars to be

  • returned post the tax reform act and when and when inquiring what they were

  • going to do I think the answer was ostensibly not certain but I know we're

  • going to invest it alright so I think the tax reform act is a great thing for

  • stimulating deal demand but I think people are going to be markedly more

  • thoughtful they're not going to rush into it I think they're because we're

  • talking about a large amount of capital Joe tell us about your mission here in

  • New York I mean as I understand you're coming to UBS was a strategic move on

  • their part we think often about UBS particularly on wealth management terms

  • you have some not peers you say you know many peers but you have some competitors

  • in the investment banking area what's your comparative advantage when

  • you go in and they and they're already banking with somebody else what's your

  • pitch what do you say you should come with us well first I say I was on

  • Bloomberg TV this morning but always do it generally I think there are a couple

  • of things that when when we I or we'd as a management team to think about what we

  • bring to bear the fact that we have 2.4 + trillion of assets under management in

  • our wealth business is a strategic advantage it gives us distribution

  • muscle I think from a strategic standpoint our access to family offices

  • and global family offices is unparalleled the reality is most of

  • these family offices are institutions both because of the size of capital that

  • they have under management as well as the talent they've hired to oversee and

  • run these businesses so investment banking is a very very challenging and

  • competitive environment but I feel very confident that that we will do extremely

  • well we've got great partners great tools etc you mentioned talent in that

  • context but talent is something we're hearing a lot about in Investment

  • Banking right now I would imagine that you are like everybody else or jockeying

  • for the best up-and-comers but also you know the best veterans of the business

  • but what's your pitch to people to come work for you well it's funny so I've

  • been in the in the industry for over 30 years and I think in that 30 or window

  • I've seen 800 year crises and and during every crisis or every period of

  • dislocation I always hear the same refrain it's a terrible time to be an

  • investment banker just terrible that may be true and yet it still seems

  • to be a career that I provides a great opportunity set and my

  • pitch to young professionals it's one of the if it's one of if not the only

  • places where you can come and in your first week on the job you can be sitting

  • in front of a CEO or a man or woman running a hedge fund with 40 billion of

  • AUM or someone at Blackstone or Blackrock or a large multinational you

  • don't get the kind of exposure that we can provide and and I think it's the

  • industry at large and I think it's just as it's an opportunity for young

  • professionals to really grow quickly as opposed to with no offense to cubicle

  • sitting in a cubicle and pounding away at keyboards say it's not bad so quickly

  • when you wind up looking at the landscape do you have to compete on

  • salary and compete on fees I mean what is that gonna do for your margins and

  • investment-banking as you try and compete with the likes of a Goldman and

  • JP Morgan well competition comes in many forms and it's not just quantitative

  • it's not just salary it's not just fees on the client side I think you need a

  • balance you need to provide people a real opportunity to grow and I think we

  • have that we have a lot of white space on a relative basis we have a real

  • upside here in terms of capturing market share

years and we talk about this often is it the hair it is well that's why I'm on

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B1 中級

007 税制改正法はディール需要を喚起するのに最適 (007 Tax Reform Act Great for Stimulating Deal Demand)

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    nckuba に公開 2021 年 01 月 14 日
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