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AllianceBernstein And Its Real Estate Private Equity Group Announce Formation Of New Strategic Joint Venture

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AllianceBernstein And Its Real Estate Private Equity Group Announce Formation Of New Strategic Joint Venture

AllianceBernstein (“AB”) and its Real Estate Private Equity Group (“REG”), led by Jay Nydick and Brahm Cramer, announced today that they will form a new strategic joint venture (“JV”) that aims to accelerate the JV’s growth in the real estate equity business by accessing broader and more diverse opportunities, including potential partnerships outside of AB. Both AB and REG will be equity partners in this new JV. The ongoing management of existing equity funds and the experience of clients in those funds will not be affected by the JV.

AB’s Real Estate Debt business is unchanged and will continue to be led by Roger Cozzi. Total assets for the Debt business are now nearly $5.5bn, including $3.1bn in new institutional investor commitments to AB Commercial Real Estate Debt Fund III, which closed in June.

The REG will be joint venture partners in the Debt business and continue to actively participate in the Debt investment process. Each team is aligned and incentivized to maximize the synergies between both businesses in further expanding this important AB franchise.

“Our mutually beneficial relationship with Jay, Brahm and their exceptional team will only strengthen as they further broaden the private equity platform, and we’re excited to participate in their future development,” said Seth P. Bernstein, President and CEO of AllianceBernstein. “We are also pleased that Bernstein Private Wealth Management will continue to be the exclusive distributor of future JV equity products within the private client channel.”

Added Jay Nydick: “AB has been a tremendous partner over the past decade and we look forward to building on that partnership, including continuing our work with Bernstein Private Wealth.”

Brahm Cramer continued: “Our processes and incentives remain in place for us to maximize value in our existing funds, which will create a seamless transition for clients. At the same time, we expect the new JV will allow for increased flexibility to better serve the dynamic needs of our investors.”

The new JV is expected to be fully in place by the end of 2018.

Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements regarding outlooks and expectations with respect to the strategic joint venture and the future operations and success of the real estate equity and the real estate debt businesses. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this press release speak only as of the date of the press release, and AB assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those anticipated in these forward-looking statements. Forward-looking statements in this press release are subject to the risks and uncertainties related both to the transaction itself and to the future relationship, including: the real estate equity or the real estate debt businesses going forward may not perform as currently expected; client impact and reaction to the transaction may be different than expected; new products may not be successfully brought to market or sold; the potential benefits of the future relationship may not be achievable as anticipated or at all; and completion of the transaction is subject to certain conditions, which cannot be assured, and may not be satisfied when expected or at all.

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EU sets itself jobs, training and equality targets for 2030

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EU sets itself jobs, training and equality targets for 2030 1

By Jan Strupczewski

BRUSSELS (Reuters) – The European Commission on Thursday announced goals for the 27-nation bloc to reduce poverty, inequality and boost training and jobs by 2030 as part of a post-pandemic economic overhaul financed by jointly borrowed funds.

The EU executive arm said the European Union should boost employment to 78% in 2030 from 73% in 2019, halve the gap between the number of employed women and men and cut the number of young people neither working nor studying to 9% from 12.6%

“With unemployment and inequalities expected to increase as a fallout of the pandemic, focusing our policy efforts on quality job creation, up- and reskilling and reducing poverty and exclusion is therefore essential to channel our resources where they are most needed,” the commission said.

The goals, which will have to be endorsed by EU leaders, also include an increase in the number of adults getting training every year to adapt to the EU’s transition to a greener and more digitalised economy to 60% from 40% now.

Finally, over the next 10 years, the EU should reduce the number of people at risk of poverty or social exclusion by 15 million from 91 million in 2019.

“These three 2030 headline targets are deemed ambitious and realistic at the same time,” the commission said.

The goals are part of the EU’s set of 20 social rights, agreed on in 2017, to make the EU more appealing to voters and counter eurosceptic sentiment across the bloc.

They say everybody has the right to quality education throughout their lives and that men and women must have equal opportunities in all areas and be paid the same for work of equal value.

The unemployed have the right to “personalised, continuous and consistent support”, while workers have the right “to fair wages that provide for a decent standard of living”.

(Reporting by Jan Strupczewski; Editing by Nick Macfie)

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UK aero-engineer Meggitt eyes return to growth after pandemic slump

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UK aero-engineer Meggitt eyes return to growth after pandemic slump 2

LONDON (Reuters) – British engineer Meggitt said that it could return to profit growth in 2021 provided there are no further lockdowns, despite a weakening in the struggling aviation market at the end of 2020 and early this year.

Pandemic restrictions halted much flying globally last year and forced plane makers Boeing and Airbus to cut production rates, dragging down suppliers like Meggitt, which makes and services parts for such aircraft.

Meggitt’s underlying operating profit plunged by 53% to 191 million pounds ($267 million) in 2020, it said on Thursday, despite continued growth in its defence business which makes parts for military jets and accounts for about 45% of the business.

Meggitt, however, said it expected air traffic to recover in the second half of the year which would help it return to profit growth over the year, although its guidance for flat revenue disappointed analysts who had expected growth of 6%.

Meggitt’s Chief Executive Tony Wood said in November that he had expected flying to start to recover by Easter, but new variants have led to more restrictions and delayed the recovery.

“It has gone back a couple of months… it’s now very much in the summer,” Wood said of the recovery in an interview on Thursday.

Further in the future, Meggitt is positioning itself for the move to lower emissions flying, and its sensors and electric motors will be used on electric urban air mobility platforms, such as flying taxis, and in hybrid aeroplanes being developed.

But Meggitt said new tax breaks announced in Britain’s annual budget on Wednesday aimed at encouraging investment would not change its plans.

“Yes, it will be a benefit. Are we looking at any acceleration as a result specifically of that? Not really,” Woods said.

Shares in Meggitt were down 1% to 427 pence at 0943 GMT. The stock has risen by 50% since news of a COVID-19 vaccine last November, but is still down 23% on where it was pre-pandemic.

($1 = 0.7165 pounds)

(Reporting by Sarah Young; Editing by Alistair Smout and Susan Fenton)

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UK’s Sunak will struggle with plan for tax hikes and spending cuts – IFS

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UK's Sunak will struggle with plan for tax hikes and spending cuts - IFS 3

LONDON (Reuters) – British finance minister Rishi Sunak will probably have to offer concessions to businesses if he wants to be able to implement a big hike in corporation tax that is at the centre of his new budget plan, a leading think tank said on Thursday.

The Institute for Fiscal Studies also said it was very unlikely that Sunak would be able to deliver the 17 billion pounds annual spending cuts included in his plan.

IFS director Paul Johnson said if the plan was implemented as announced on Wednesday, Sunak would meet one definition of a balanced budget – borrowing only to invest – by 2025-26.

“The sad truth is that that would be a balance built on the highest sustained tax burden in UK history and yet further cuts in unprotected public service spending,” Johnson said.

“That is perhaps one measure of the difficulties presented by more than a decade of paltry growth followed by the deepest recession in history.”

(Writing by William Schomberg, editing by David Milliken)

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