<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NEW YORK, April 2, 2020 /PRNewswire/ – SitusAMC, the leading provider of services and technology supporting the real estate finance industry, today announced that The Public Sector Pension Investment Board (PSP Investments) has made a strategic investment in the firm. PSP Investments joins Stone Point Capital, who remains the largest shareholder in SitusAMC. Additional shares are held by SitusAMC’s management team.” data-reactid=”12″>NEW YORK, April 2, 2020 /PRNewswire/ — SitusAMC, the leading provider of services and technology supporting the real estate finance industry, today announced that The Public Sector Pension Investment Board (PSP Investments) has made a strategic investment in the firm. PSP Investments joins Stone Point Capital, who remains the largest shareholder in SitusAMC. Additional shares are held by SitusAMC’s management team.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=""We are thrilled to partner with PSP Investments as we look to transform the real estate finance industry," said Michael Franco, CEO of SitusAMC. "Having long-term capital partners such as PSP Investments and Stone Point Capital will be a driving force for our company through market cycles as we continue to help our clients identify and capture opportunities across the entire lifecycle of their commercial and residential real estate activity."” data-reactid=”13″>”We are thrilled to partner with PSP Investments as we look to transform the real estate finance industry,” said Michael Franco, CEO of SitusAMC. “Having long-term capital partners such as PSP Investments and Stone Point Capital will be a driving force for our company through market cycles as we continue to help our clients identify and capture opportunities across the entire lifecycle of their commercial and residential real estate activity.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content=""SitusAMC has a bold vision for their industry, supported by a proven leadership team, a strong operational foundation, and world-class services and technology offerings. We look forward to supporting the team, alongside Stone Point, in its next phase of growth," said Martin Longchamps, Managing Director, Private Equity, PSP Investments. ” data-reactid=”14″>”SitusAMC has a bold vision for their industry, supported by a proven leadership team, a strong operational foundation, and world-class services and technology offerings. We look forward to supporting the team, alongside Stone Point, in its next phase of growth,” said Martin Longchamps, Managing Director, Private Equity, PSP Investments.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Chuck Davis, CEO of Stone Point Capital, added, "We are pleased to be partnering with PSP Investments and look forward to working alongside them to support the long-term growth and development of SitusAMC."” data-reactid=”15″>Chuck Davis, CEO of Stone Point Capital, added, “We are pleased to be partnering with PSP Investments and look forward to working alongside them to support the long-term growth and development of SitusAMC.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About SitusAMC SitusAMC (www.situsamc.com) is the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry. The firm helps clients realize opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity.” data-reactid=”16″>About SitusAMC SitusAMC (www.situsamc.com) is the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry. The firm helps clients realize opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About PSP Investments The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $168 billion of net assets as of March 31, 2019. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.” data-reactid=”17″>About PSP Investments The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with $168 billion of net assets as of March 31, 2019. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London. For more information, visit investpsp.com or follow PSP Investments on Twitter and LinkedIn.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="About Stone Point Capital Stone Point Capital is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $25 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For more information, please visit www.stonepoint.com.” data-reactid=”18″>About Stone Point Capital Stone Point Capital is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $25 billion. Stone Point targets investments in companies in the global financial services industry and related sectors. For more information, please visit www.stonepoint.com.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For more information, please visit http://www.situsamc.com or contact Andy Garrett (Managing Director, Global Head of Marketing) at andygarrett@situsamc.com.” data-reactid=”19″>For more information, please visit http://www.situsamc.com or contact Andy Garrett (Managing Director, Global Head of Marketing) at andygarrett@situsamc.com.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
