Author: Emmanuel
The asset-backed finance market is expected to top $9 trillion by 2029, according to KKR. ABF involves lending against a specific asset, income stream, or loan rather than lending to a company based on its cash flow. Some experts say that the flood of capital pouring into private credit and ABF strategies has resulted in lower standards and increasingly exotic assets pledged as collateral. A version of this article appeared in CNBC’s Inside Alts newsletter, a guide to the fast-growing world of alternative investments, from private equity and private credit to hedge funds and venture capital. Sign up to receive future editions,…
From July 2024 to July 2025, 1 in 3 condos sold in Manhattan sold at a loss, according to luxury real estate firm Brown Harris Stevens. Experts say this dynamic is somewhat typical in a city with high selling fees and high tax rates. What is unusual is the borough’s wavering property values over the past decade. In November 2015, 1 square foot of space in Manhattan cost $1,562; by fall 2025, prices had fallen to $1,108 per square foot, according to Redfin data. Manhattan condo and co-op values took a large swing down amid the Fed’s tightening of the…
Byron Trott has helped many of America’s largest family-led companies grow from cash-starved startups to financial titans. Through his firm, BDT & MSD Partners, Trott has advised Patagonia founder Yvon Chouinard and former Boston Celtics owner Wyc Grousbeck and represented Shari Redstone of Paramount. Warren Buffett once called him “the rare investment banker who puts himself in his client’s shoes.” A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. In 1989, Byron Trott was working at Goldman…
Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at Sotheby’s for $236.4 million. The portrait is the most expensive work ever sold at auction at Sotheby’s, blowing past its original estimate. Art experts and auction houses say the market is being boosted by a renewed sense of optimism among collectors and by several top collections coming to market. People talk near the Leonard A. Lauder Collection (Portrait of Elisabeth Lederer) during a preview of the auction house Sotheby’s new headquarters in Manhattan, New York City, U.S., November 7, 2025. Eduarod Munoz | Reuters Gustav Klimt’s “Portrait of Elisabeth Lederer” sold at…
The fall auction sales in New York next week are expected to top $1.4 billion, marking a 50% increase from last year, according to art experts. That would be a rebound from three years of declines. A generational divide has led to two different art markets — a multimillion-dollar high-end that’s been declining and a vibrant lower-priced market that’s attracting younger collectors. The fall auction sales in New York next week are expected to top $1.4 billion, marking a 50% increase from last year and a potential rebound for the art market after three years of declines, according to art…
Prada’s long-talked about double listing is still on the cards. The firm won’t commit until it’s “six months away,” Prada CFO Andrea Bonini told CNBC. Bonini also discussed Miu Miu, the Chinese and U.S. markets, and succession plans with Charlotte Reed. Luxury Italian brand Prada still plans to become a dual-listed company but won’t commit until its listing date is “six months away,” the firm’s CFO Andrea Bonini told CNBC’s Charlotte Reed in an exclusive interview. Speculation about a possible dual listing, with the group currently listed on the Hong Kong Stock Exchange, has persisted since 2022, when Prada’s Paolo…
Only a third of millionaires use a wealth advisor for their financial planning and 1 in 5 plan to fire their advisor due to high costs and poor service, according to a new survey from Long Angle. By contrast, millionaires are highly satisfied with their personal trainers, therapists and other professionals who help with their overall wellness and family care. The results highlight the growing importance of so-called “soft services” for the wealthy, as wealth managers, private banks and other firms look to attract and retain more high-net-worth clients. Cg Tan | E+ | Getty Images Millionaires are increasingly dissatisfied with their wealth managers and accountants, but…
Investments in alternatives are expected to top $32 trillion by 2030, according to a report from Preqin. A recovery in IPOs and mergers, falling interest rates and the AI boom will all drive a new growth cycle in private markets. To power the next growth wave, the private equity industry is betting on wealthy investors. Shironosov | Istock | Getty Images A version of this article appeared in CNBC’s Inside Alts newsletter, a guide to the fast-growing world of alternative investments, from private equity and private credit to hedge funds and venture capital. Sign up to receive future editions, straight to your…
Super PACs that support Andrew Cuomo and oppose Zohran Mamdani for New York City mayor have raised over $40 million. Bill Ackman, Ronald Lauder, William Lauder, Barry Diller and Dan Loeb have all made large donations, as well as several non-New Yorkers like Steve Wynn and Alice Walton. Mamdani, a self-described Democratic socialist, is running on a platform that includes rent freezes and free buses, paid for in part by an additional 2% tax on New Yorkers who make more than $1 million a year. A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank,…
Breitling CEO Georges Kern said that the U.S. tariffs were ‘terrible news’ for Switzerland. Despite this, the company is seeing recovery in China and market strength in the U.S. Breitling has increased prices by 4% globally to offset the increased export costs. An exterior view of the Breitling Swiss luxury watch store in New Bond Street, Mayfair on February 17, 2025 in London, United Kingdom. John Keeble | Getty Images News | Getty Images Tariffs of 39% that were slapped on Swiss goods by U.S. President Donald Trump have been “horrible” for Switzerland, the chief executive of Swiss luxury watchmaker Breitling told CNBC.…