Today's Finance Pulse
Autodesk to acquire MaintainX for $3.6B, expanding into operations software
Autodesk announced a $3.6 billion purchase of MaintainX, a leader in operational‑phase software for the built environment. The deal extends Autodesk’s portfolio from design and manufacturing into ongoing building operation, creating an end‑to‑end data loop. CEO Andrew Anagnost said the acquisition unlocks a $40 billion total addressable market.
Also developing:
By the numbers: Pemberton Asset Management closes $3.7B fourth vintage fund
ESMA Publishes a Supervisory Briefing on the AAR Representativeness Obligation
The European Securities and Markets Authority (ESMA) has released a supervisory briefing outlining how counterparties must meet the active‑account requirement (AAR) representativeness obligation. The document details the identification of relevant derivative sub‑categories, reporting procedures, and provides a compliance example. ESMA aims to standardise supervision across EU clearing houses and address heightened regulatory scrutiny. Counterparties are expected to adopt the guidance to fulfil their reporting duties.
ESMA Publishes Statement Supporting the Smooth Implementation of the Listing Act – Simplifying Prospectus Compliance for Issuers
The European Securities and Markets Authority (ESMA) issued a statement to facilitate the rollout of the EU Listing Act, offering practical guidance on the revised prospectus framework. It confirms that registration documents approved or filed up to 4 June 2026 remain valid...
High-Yield Deals Are Testing the Market and Finding Demand
The high‑yield municipal bond market is heating up early in 2024, with $2.3 billion of speculative‑grade issuance recorded YTD, representing roughly 3.4% of total municipal issuance. Strong investor appetite and a tight primary‑market supply have driven several previously shelved deals back...
United, American to Inject $200 Million Into Brazil’s Azul
United Airlines and American Airlines have each pledged $100 million to recapitalize Brazil’s Azul as it emerges from Chapter 11, while existing creditors will contribute an additional $100 million. United’s cash will flow through a public equity offering and American will use warrant...
Tech News: Xero Announces Online Bill Pay
April announced a suite of fintech collaborations, pairing its free‑tax filing service with Acorns and Robinhood to let users file federal and state returns at no cost and receive refunds faster. Armanino partnered with Accrual to pilot an AI‑native accounting...
Dropbox FY2025 - Flat Results and Guidance, Still Betting on Dash for Growth
Dropbox reported FY2025 revenue of $2.5 billion, essentially flat year‑over‑year, while GAAP operating margin improved to 27.3% and non‑GAAP margin hit 40.6%. The company expects paying‑user growth to remain flat in FY2026, mirroring the prior year’s stability. Dropbox is banking on...
Tribunal Upholds Bans and Fines for Reckless Adviser and Fund Manager
The Upper Tribunal upheld the FCA's bans on Stephen Joseph Burdett and James Paul Goodchild, senior advisers at Synergy Wealth and Westbury Private Clients, for recklessly exposing pension holders to unsuitable, high‑risk investments. The pair were fined £265,071 and £47,600...
AngloGold’s Earnings Benefit From Strong Production Growth
AngloGold Ashanti reported record free cash flow of $2.9 billion for 2025, driven by a 16% rise in gold production to 3.1 million ounces and a 45% increase in average gold price to $3,468 per ounce. The company declared an interim dividend...
Jim Cramer's Top 10 Things to Watch in the Stock Market Friday
Jim Cramer highlighted ten market catalysts for Friday, Feb 20, ranging from macro data to individual stocks. Weak Q4 GDP growth at 1.4% pushed futures lower, while Texas Roadhouse rallied over 3% on a strong Q1 outlook. GE Aerospace received a...
FinTech Futures: Top Five News Stories of the Week – 20 February 2026
FinTech Futures highlighted five notable developments this week. Vestwell secured a $385 million Series E round, doubling its valuation to roughly $2 billion and earmarking funds for platform expansion and payroll integrations. The UK regulator fined Bank of Ireland UK £3.78 million for a 14‑month...
Most Weekly BDC Discounts Are Mispriced—Learn Why
Everyone has a BDC take this week. Most of them are wrong. If you don't understand how they trade, what drives the discount, or why NAV isn't what you think it is, start here. https://www.junkbondinvestor.com/p/the-bdc-primer-part-1
CFIB Survey: Tax Burden Tops Small Business Concerns in Canada as Retailers Cite Costs, Regulation and Crime
The Canadian Federation of Independent Business (CFIB) released its latest Members Opinion Survey, revealing that 72% of small and medium‑sized enterprises cite tax burden as their top concern. Regulation and labour shortages follow closely, each affecting roughly half of respondents,...
CHS Could Slow Pace of Divestitures as It Makes Progress Paying Debt
Community Health Systems (CHS) announced it will decelerate its aggressive divestiture program as it focuses on strengthening core markets. The for‑profit hospital chain has cut its debt leverage to 6.6× in 2025, down from 7.4× the year before, and boosted...
CIRO Hands Toronto Dealer Exec Rare Permanent UDP Ban After US$1.4 Million Loss
The Canadian Investment Regulatory Organization (CIRO) imposed a permanent Ultimate Designated Person (UDP) ban on Peter Michael Deeb, a Toronto dealer executive, after leveraged ETF trading and capital reporting failures caused a US$1.419 million realized loss. Deeb faces a $500,000 fine,...
Pure Treats Buys Primal Pet Foods From Private-Equity Owners
Pure Treats, the Montreal‑based pet‑snack maker behind PureBites and PureSnacks, announced the acquisition of rival Primal Pet Foods from Kinderhook Industries. The purchase price was not disclosed. The deal brings Primal’s freeze‑dried and frozen food lines and its manufacturing plants...
ETF Fees Halt Decline as Higher‑cost Products Gain Traction
The race to zero has hit a wall as the asset weighted average ETF fee has finally stopped its descent and even reversed a bit (this chart is one of the scariest, albeit slow moving ones for Wall St, equiv...
American Coastal’s Net Income Rises 437% in Q4’25
American Coastal Insurance Corp. posted a Q4 2025 net income of $26.6 million, a 437% jump from the same quarter a year earlier. The surge stemmed from dramatically lower losses and loss‑adjustment expenses after a hurricane‑free period, eliminating a $0.9 million loss from...
Why Pershing Square Holdings Trades At A Deep Discount To NAV
Pershing Square Holdings (PSH) trades about a 25 % discount to NAV, reflecting its closed‑end, London‑listed structure and a portfolio of public equities that investors can replicate. The lack of daily redemption limits arbitrage, while a 1.5 % management fee and 16 %...
Reach for the Stars to Boost Britain's Space Industry
Orbex, a UK‑based rocket developer once valued at $220 million, entered administration after the government withdrew a planned funding round despite earlier £26 million support. The collapse underscores the repeated failure of state‑led investment in Britain’s nascent space sector. Meanwhile, the global...
Gold's Parabolic Surge May Be Overheated, Reversion Likely
The Rock May Be Too Hot - Gold vs. Commodities - Inflation is notably absent from gold's parabolic rally, which may suggest a too-hot rock if history is a guide. From a base of 100 in 1964, gold in terms...
U.S. Debt Surge Demands Immediate Fiscal Brake
While the U.S. private sector repaired its balance sheet after 2008, the government did not. Gov’t debt to GDP ratio has climbed from 40% in 2007 to almost 110% today. THE U.S. NEEDS A DEBT BRAKE. UNSUSTAINABLE DEBT = FISCAL CRISIS. https://t.co/38NJYDyJgP
Can US Small Caps Survive the Software Selloff?
US software megacaps have slumped roughly 30% this year, dragging the S&P 500 to a modest 0.5% gain, while the MSCI ACWI ex‑USA rose 9.1%. By contrast, the S&P 600 small‑cap index posted a 7.9% rise, narrowing the performance gap with global...
Consumers Misunderstand Credit Scores; Banks Must Rethink Risk
Most consumers don’t understand how their credit score is calculated, and stigma keeps them from getting help. Financial institutions must rethink risk. We explore this with Steve Min, Chief Credit Officer at @CreditOneBank. Watch the full episode now: https://t.co/wUIHckaAy4 https://t.co/dX96wDMpfj
Treasury Launches Recruitment Campaign for Chair of the Office for Budget Responsibility
HM Treasury announced an open, competitive recruitment campaign to appoint a new Chair of the Office for Budget Responsibility (OBR). The Chair, who leads the Budget Responsibility Committee, will be selected by the Chancellor and must receive Treasury Committee consent....
Build vs Buy: Why Pricing Strategy Choices Matter More in 2026
The article argues that the classic build‑vs‑buy debate in pricing modernization has shifted from technical feasibility to strategic resource allocation. Cloud platforms and open‑source tools now let banks prototype pricing engines in months, but maintaining custom systems diverts scarce engineering...
Canadian ETF Market Closes 2025 at Record $735B as Equity Dominance Reshapes Flows
Canada’s ETF industry closed 2025 with a record $735.1 billion in assets, a 37.5% increase over the prior year. Equity‑focused funds dominated, representing roughly 67.5% of total holdings, while the number of listed ETFs rose to 1,472, adding 255 new products....
CIBC Asset Management Inc. Announces Launch of Canadian and U.S. ETFs with Avantis Investors by American Century Investments
CIBC Asset Management announced the launch of four Avantis CIBC ETFs on the Toronto Stock Exchange, covering Canadian equity and three U.S. equity strategies – all‑cap, large‑cap value and small‑cap value. The products are the result of a strategic partnership...
Aware Super Establishes Private Markets Division with Jenny Newmarch as Head
Australian superannuation giant Aware Super has created a new private markets division, appointing Jenny Newmarch as its head. Newmarch, previously the fund’s global head of private equity, will now oversee private equity, infrastructure and other alternative assets. She will report...
Research Review | 20 February 2026 | Forecasting Returns
Recent academic research sharpens the tools investors use to forecast long‑term returns and market risk. Rui Ma et al. show that a market‑cap‑weighted Component CAPE ratio aligns prices and earnings, delivering out‑of‑sample R² above 50 %. Javier Estrada confirms that valuation multiples...
Delta Galil Posts Record Sales and Margins in FY25, Net Income Slips
Delta Galil reported record full‑year sales of $2.12 bn for FY 2025, a 4% increase over the prior year, while gross profit rose 5% to $900.3 m and gross margin hit a new high of 42.5%. Despite top‑line strength, EBIT slipped to $174.2 m...
The British Stock Riding the SpaceX Boom
The episode examines why the UK stock market is outpacing the US in 2026, highlighting insider trades at Raspberry Pi and M&S, and a surprising AI prospect in a Japanese toilet firm. Charlene Young warns listeners about fake celebrity investment ads...
Investor Intentions: Plutus Partners Seeks New Private Equity Opportunities
Plutus Partners, a Singapore‑based single‑family office, announced it will pursue opportunistic private‑equity investments worldwide. The firm plans to allocate capital across sectors where it can add strategic value and generate outsized returns. By operating without the constraints of a traditional...
CityMall Reports Rs 534 Cr Revenue in FY25; Flour, Sugar, Oil, and Ghee Form 40%
CityMall posted Rs 534 crore in operating revenue for FY25, a 25% year‑on‑year increase driven largely by grocery sales. Product sales accounted for 96% of revenue, with staples such as atta, sugar, oil and ghee contributing 39% of total product...
Secondaries’ Next Iteration: Market Capitalisation in 2026 and Beyond
Evercore’s global head of private capital advisory, Nigel Dawn, outlined the outlook for secondary market activity through 2026 in the latest Secondaries Investor podcast. He highlighted accelerating capitalisation, driven by heightened LP liquidity demands and a surge in GP‑led transactions....
Stories of the Week: Unemployment, Industry Consolidation, and Semi-Liquid Funds
This week’s investment roundup highlighted three interlinked themes: a resurgence in unemployment, accelerating consolidation among asset‑management firms, and a surge in semi‑liquid fund inflows. Unemployment edged to 5.2% in Q4 2025, prompting managers to boost cash buffers and reassess risk models....
Anglo Takes $2.3bn Hit on De Beers as Gem Destock Continues
Anglo American reported a 66% plunge in basic underlying earnings per share, driven by a $511 million EBITDA loss at De Beers and a $2.3 billion impairment on its stake. The loss stemmed largely from "stock balancing initiatives" that forced the company to...
Discover Network Shows How Sharing Data Can Turn the Tide on Fraud
Fraud is evolving into a fast‑moving, AI‑driven threat across e‑commerce, payments and identity, outpacing traditional, institution‑by‑institution defenses. Discover Network argues that sharing data through a consortium enables real‑time signal aggregation, tokenization and enhanced decisioning to spot patterns no single bank...
Middle-Market Confidence Splits in 2026 as Tariffs and Supply Chains Weigh on High-Uncertainty Firms
The 2026 Certainty Project surveyed CFOs of U.S. middle‑market firms (revenues $100 M‑$1 B) and found overall uncertainty stable, but a sharp split between goods and services sectors. Tariff policy shifts and supply‑chain exposure pushed high‑uncertainty among goods producers up 27% year‑over‑year,...
Everyone Has a Side Hustle Now. Not Everyone Has the Same Reason.
The Wage to Wallet Index reveals that roughly 60 million hourly workers earning $50,000 or less are turning to side work, with one in five performing regular gigs. While overall job‑security sentiment is rising, financial confidence is splitting: higher‑income salaried professionals...
E Vehicle Infrastructure Financing for High Growth
Vietnam aims to host one million electric vehicles by 2030, rising to 3.5 million by 2040, creating a clear need for 100,000‑350,000 public chargers. The paper argues that a shift from a single‑operator, brand‑specific network to an open, interoperable ecosystem will...
Japanese Market 'More Dynamic' Than London, Says Apollo CEO
Apollo Global Management’s CEO Marc Rowan told Nikkei that Japan’s corporate finance market is becoming more dynamic than London’s, prompting Apollo to expand its private‑credit platform in the country. He highlighted the need for long‑dated funding to support infrastructure, energy...
All Global Experiences Useful for Vietnam S International Financial Hub
Vietnam aims to build an international financial centre by drawing on global precedents such as Dubai’s DIFC, China’s Shenzhen and Hangzhou, and Kazakhstan’s AIFC. Experts stress that independent, long‑term regulation, niche specialization in digital and green finance, and adaptive legal...
Accredited Official Statistics: Public Sector Finances Bulletin
The Office for National Statistics (ONS) and HM Treasury have published the Public Sector Finances bulletin for January 2026, delivering the latest estimates of public‑sector net borrowing, net debt and the current budget deficit. The release includes a 51‑page PDF and...
Viva Loans Vegas: Blackstone's $3bn Re-Up for The Cosmopolitan Signals High-Tier CMBS Conviction
The episode examines Blackstone’s $3.05 billion CMBS refinancing of The Cosmopolitan in Las Vegas, highlighting the surge in high‑quality hospitality securitizations and the city’s enduring appeal to institutional investors. Guests Randy Plavajka and Shihao Feng explain how post‑pandemic destination resilience and a growing...
IFOREX IPO Prospectus Details: Revenues $49M, EBITDA $4M
iFOREX listed on the London Stock Exchange at a £43.3 million valuation, equating to roughly 1.1× 2025 revenue and 19.4× earnings. The broker reported $55.1 million revenue and $3.0 million profit for the twelve months to June 2025, down sharply from its 2022 peak....
Progcap Nearly Doubles Revenue to Rs 268 Cr in FY25; Nears Breakeven
Progcap, the Tiger Global‑backed fintech, nearly doubled its FY25 revenue to Rs 268 crore, a 93% jump from the prior year. The firm slashed its net loss by 87% to Rs 6 crore and posted a positive EBITDA of Rs 75 crore, delivering a 28% margin....
Africa Needs Patient Capital for the Long Term
Africa’s growth potential is hampered by a $350 billion SME financing gap and annual infrastructure needs of $130‑170 billion, far exceeding current investment. While the continent’s population tops 1.5 billion and GDP surpasses $3 trillion, capital flows remain fragmented and short‑term. The article argues...
Google Bigger than India GDP? Sanjeev Bikhchandani Exposes the Flaw in that Viral Claim
A viral post claimed Google’s $4 trillion market capitalisation exceeds India’s GDP, prompting entrepreneur Sanjeev Bikhchandani to debunk the analogy. He explained that market cap is a stock measure reflecting investor expectations, while GDP is a flow metric tracking annual economic...
Private Equity: Sponsors Expect to Capitalize on Improved Exit Environment
EY’s latest Private Equity Pulse shows sponsors are increasingly confident about 2026 exits after a resurgence in 2025. Trade sales rebounded sharply, driven by pent‑up strategic demand and stronger board‑level conviction. In total, U.S. firms recorded $481 billion of sales to...
WTF Is a Creator Capital Market?
Creator capital markets (CCMs) are emerging as a way for influencers to monetize future earnings through equity, revenue‑sharing tokens, or meme‑coins. Early platforms like GigaStar have raised millions by offering fans a stake in YouTube ad revenue, while crypto launchpads...