<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.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
