Standard Life agrees $2.72bn PRT partnership with investor consortium

Perella Weinberg (PJT) reported flat revenue of $156.5M, beating EPS estimates, with stock up 7.1%. Houlihan Lokey (HLI) saw revenue drop 15.6% to $511M, missing estimates, with stock down 8%. Goldman Sachs (GS) reported $20.34B revenue, up 39.5%, beating estimates, but stock down 4%. Moelis (MC) reported $409.4M revenue, up 12%, beating estimates, with stock up 2.5%.

Goldman Sachs (NYSE:GS) acquired NEOS Investments, the issuer of NEOS Nasdaq-100® High Income ETF (NASDAQ:QQQI), for $2.25 billion. QQQI offers a 14% yield but underperformed Invesco QQQ Trust (NASDAQ:QQQ) by 6.7 percentage points over the past year due to its covered-call strategy. The article suggests alternatives like QQQ or QQQM for investors seeking better growth.

Standard Life has partnered with Goldman Sachs, CVC, and Prudential to invest £2bn in the pension risk transfer market, with Standard Life contributing £500m. The deal aims to capitalize on the growing demand for pension risk transfers, with Standard Life controlling 51% of the partnership. The collaboration is expected to provide competitive pricing and better returns for pension trustees.

Appleby served as legal counsel to Goldman Sachs in setting up West Grove Re, a Bermuda-based reinsurance sidecar. Goldman Sachs and Talcott Financial Group launched the entity to invest in the U.S. annuity market, raising around $1 billion in capital. Goldman Sachs and its clients, along with Talcott, made equity commitments.

Goldman Sachs agreed to acquire LCN Capital Partners, a 'hands-off' commercial real estate firm, for up to $410M. LCN specializes in triple-net leases, offering steady income streams. Goldman aims to expand its asset management business, targeting corporate clients and investors. This follows other recent deals in ETF and venture capital platforms.

Standard Life partners with CVC, Prudential Financial, Goldman Sachs, and MS&AD to expand its Pension Risk Transfer business, with a £2bn initial capital commitment. The partnership aims to support a broader range of defined benefit pension schemes, generating fee-based revenues and attractive returns for Standard Life, subject to regulatory approval.