“We are excited to be offering advisors the ability to easily manage client accounts through their Redtail CRM workflows,” said Dave Connor, VP of Advisor Growth at Logicly. “Redtail makes up the highest percentage of our advisor’s CRM usage, so it makes perfect sense to integrate our technologies. By integrating with Redtail, advisors will have a simplified process for navigating accounts with an easy-to-use platform.”

Logicly provides advisors with three main abilities: improving portfolio construction, simplifying client communication, and streamlining investment research. Ultimately, the platform helps advisors eliminate some of the tedious tasks of portfolio management and simplifies complex data points to allow advisors to spend more time focusing on their clients. Advisors being able to access this technology within their Redtail CRM system makes this process even easier and saves even more time.

As a result of the integration, advisors are able to pull portfolio holdings directly from their Redtail accounts into the Logicly portfolio analysis tools. Additionally, it will allow advisors to easily access investment analytics while utilizing Redtail’s low cost and easy-to-implement applications.

“One of Redtail’s goals is to make the lives of our clients easier through streamlined technology and processes,” said Brian McLaughlin, CEO of Redtail Technology. “We are happy to partner with Logicly to allow easier access to portfolio data and analytics to advisors across our two platforms.”

Since launching in January 2020, Logicly has been a resource for financial advisors to streamline investment analytics and portfolio tools. In that time, Logicly has built over ten different analytics tools and recently expanded from ETFs to single stocks and mutual funds coverage. Logicly has quickly grown as a preeminent resource for advisors, and the integration with Redtail creates an opportunity for deepened client relationships, better client service, and greater value for both client and advisor.

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Falling interest rates and volatile markets are driving demand from individual investors for access to top-tier private assets and alternative funds. Dot Investing is one of a small number of next generation investment platforms that provide the access and tools required to meet this demand. On the other side of the equation, the fintech startup opens the door for fund managers to a pool of capital worth trillions of pounds.

Each investment opportunity listed on the platform has passed Dot Investing’s proprietary due diligence process, combining technology and in-house expertise. Users must meet with qualifying investor criteria and make their own decisions on where to invest funds, however they do so with the knowledge that each opportunity presented has been vetted by experts. The majority of investment opportunities will come from top-tier private equity and alternative asset funds, users of Dot Investing will also enjoy regular access to ESG and impact investing funds.

Dot Investing was founded in London by a team with broad experience from a range of financial institutions including Blackrock, Barclays and JP Morgan.

Kinson Lo, founder and CEO of Dot Investing said, “We believe our technology can empower investors to build more diverse, resilient and better performing investment portfolios. Our digital platform opens access to investments that for too long have been the preserve of institutions. The combination of expertise and technology we provide arms investors with the insights to invest like a sophisticated institution.”

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Aashish Yadav, Content-Editor, FintecBuzz

Aashish is currently a Content writer at FintecBuzz. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.

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Danel AI Score App is a solution that brings a qualitative leap in the process of analysis and selection of securities. After more than four years of research and development, the application’s Machine Learning algorithms offer different predictive scores for all the stocks in the S&P 500 and the STOXX 600 indexes. Danel AI Score App’s analysis and ratings help to identify the best companies within an index.

The behavior of prices of equities in financial markets and the complexity of the interrelation of the different indicators that make up those prices, constitute an analytical challenge that is difficult to tackle for traditional stock analysis models. It is in this context where Danel Capital’s Artificial Intelligence models are able to identify patterns of behavior, processing all the information available in the market: fundamental, technical, market sentiment and alternative data.

Danel AI Score App provides a predictive global score for each company on the STOXX 600 and S&P 500 indexes. This score is the Smart Score, which takes daily into account all the available market data for that specific stock. Scores by indicator type (fundamental, technical and sentiment) are also shown separately.

“The value proposition of Danel AI Score App is that Artificial Intelligence’s unique analytical capabilities are perfectly applicable to traditional portfolio management,” said José Luis Álvarez, Board member and CIO at Danel Capital. “The many functionalities, the different levels of information provided, and the traceability of the results of our solution, avoiding the ‘black box’ effect, make it adaptable to different asset management styles and to different levels of maturity in the adoption of Machine Learning technology.”

“With Danel AI Score App, we fulfilled our company strategy of allowing asset managers to access the power of Artificial Intelligence in a simple and traceable way, from an easy-to-use application,” said Tomás Diago, Founder and CEO of Danel Capital.

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“We are thrilled to join BlackRock’s Aladdin Provider network,” said Sanjiv Sawhney, Global Head of Custody and Fund Services at Citi. “Our clients continually look to us to improve operational efficiencies, and BlackRock’s innovative platform will facilitate shared workflows and shared data sources that will reduce manual processes and operating costs while improving service outcomes for our mutual clients.”

This agreement expands Citi’s relationship with BlackRock to whom it provides custody, accounting and/or fiduciary services for certain BlackRock funds domiciled in Hong Kong, Mexico and Colombia. In addition to funds managed by BlackRock, Citi also provides custody services to many asset managers on the Aladdin platform. Joining the Aladdin Provider network will allow Citi to optimize its operating model to support not only BlackRock’s asset management business, but to provide an enhanced level of service to members of the broader Aladdin community.

“We are pleased to team up with Citi, one of the largest securities services firms, to deliver an integrated Aladdin-based operating model to our mutual clients,” said Sudhir Nair, head of the Aladdin Business at BlackRock, adding “this integrated environment will allow for greater automation, data symmetry and streamlined communications between Citi and members of the Aladdin community.”

The connection to BlackRock’s Aladdin Provider network advances Citi’s strategy to leverage technology to achieve operational efficiencies across their custody and fund services platform.

“Connecting Aladdin Provider to our data integration and delivery framework, Clarity, is a continuation of our commitment to deliver meaningful data and analytics that help clients reduce operating costs and extract actionable insights from their data,” said Fiona Horsewill, Head of Global Digital and Data Strategy for Citi Custody and Fund Services. Citi’s Clarity platform facilitates comprehensive data integration and consumption with real-time APIs and visualizations.

Used by many of the world’s most sophisticated investors, Aladdin is BlackRock’s end-to-end investment management platform that combines sophisticated risk analytics with comprehensive portfolio management, trading and operations tools on a single, unified platform.

With over $21.5 trillion of assets under custody and administration and the industry-leading proprietary network spanning 63 markets¹, Citi’s Custody and Fund Services business provides clients with in-depth local market expertise, advanced processing technologies and a wide range of fund services that can be tailored to meet clients’ needs.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

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“This loan exemplifies our investment strategy of providing capital to strong sponsors with well-built projects in our core markets,” said Matt Windisch, Executive Vice President at Kennedy Wilson. “We have seen tremendous interest since launching the debt platform in May that has resulted in a significant pipeline of opportunities for us to consider. We are excited to complete the first loan in the platform and to continue building on our long track record of successful debt investing.”

The senior bridge loan will support the lease-up of the newly constructed project that is located in close range of the Denver and Boulder markets and includes a mix of studios, one-bedroom, and two-bedroom multifamily units and ground-floor retail space. The homes provide easy access to local amenities as well as many outdoor recreation activities.

The $63 million loan builds on Kennedy Wilson’s growing real estate related debt investment activity. Together with its partners, Kennedy Wilson has purchased or originated approximately $450 million in real estate related debt over the past year.

The $2 billion debt platform launched in May 2020 is the latest joint venture for Kennedy Wilson and Fairfax, which have partnered on $7 billion in aggregate acquisitions over the past decade, including over $3 billion of real estate related debt investments. In its role as asset manager, Kennedy Wilson is coinvesting alongside Fairfax and is earning customary management and performance fees. Kennedy Wilson invested $16 million in the debt platform’s first loan.

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Global Atlantic serves more than two million policyholders through its retirement and life insurance products. It is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients.Investments

“We are thrilled to have a new, long-term partner in KKR,” said Allan Levine, Chairman and Chief Executive Officer of Global Atlantic. “With its global presence, investment acumen and long-term focus, we believe we will be even better positioned – financially and strategically – both to help Americans address the financial challenges they face today and to help our institutional channel clients achieve their strategic, risk, and capital management goals.”

“This is a transformative event for KKR,” said Henry Kravis and George Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “Global Atlantic is a best-in-class business with a like-minded entrepreneurial management team. Our businesses are complementary and our partnership will benefit all of our collective stakeholders.”

Joseph Bae and Scott Nuttall, Co-Presidents and Co-Chief Operating Officers of KKR, added: “This transaction is highly strategic for KKR — it meaningfully expands our base of permanent capital, further diversifies and scales our business, and significantly grows our position within the insurance industry, which has been increasing its exposure to alternative investment strategies. Insurance providers play a critical role in supporting the financial security for millions of individuals. This transaction positions KKR to support Global Atlantic policyholders through our global network and asset management and origination capabilities.”

Strategic Rationale

• Best-in-class business with a strong management team. Global Atlantic’s business, focused on attractive, predictable and growing segments of insurance, has delivered industry leading financial results. Adjusted Operating Earnings and Book Value have compounded at annual growth rates of 17% and 16%, respectively, from 2016 to 2019¹.

• Global Atlantic policyholders to benefit from KKR’s asset management and origination capabilities. KKR also plans to serve as Global Atlantic’s investment manager subject to receipt of applicable regulatory approvals. Global Atlantic will gain access to KKR’s leading direct origination platforms and asset management capabilities while maintaining its current high-quality bias and investment grade focus.

• Significant expansion of strategically important growth vertical. The global insurance industry, with over $30 trillion of assets, is a key strategic focus for KKR. The acquisition of Global Atlantic represents a significant and natural extension of KKR’s existing insurance business, which includes managing $26 billion of assets on behalf of insurance companies across our strategies and products.

• Significantly increases permanency of assets under management (AUM). Pro forma for the transaction, as of March 31, 2020, KKR’s AUM would increase from $207 billion to $279 billion. Additionally, permanent capital as a percentage of KKR’s total AUM would increase from 9% to 33%, and permanent capital, together with our long-term strategic investor partnership capital, would represent 42% of KKR’s AUM.

• Enhances book value compounding opportunity. Global Atlantic’s strong track record and potential for continued book value growth will further KKR’s focus on building, growing and compounding its permanent capital base on behalf of its shareholders.

• A platform for continued growth. Global Atlantic has a history of innovation and growth, including expanding through mergers and acquisitions – a track record that will be increasingly valuable in the rapidly consolidating life and annuity industry.
• Accretive to KKR shareholders across key metrics. In the first year post closing, the transaction is expected to be accretive to KKR shareholders on an AUM, FPAUM, Book Value, Fee Related Earnings and After-tax Distributable Earnings per Adjusted share basis.

Key Transaction Terms

Under the terms of the agreement, KKR will pay Global Atlantic shareholders an amount equal to 1.0x Global Atlantic’s Book Value as of the date of closing, subject to an equity roll-over for certain existing shareholders. As of March 31, 2020, Global Atlantic’s Book Value was approximately $4.4 billion. KKR expects to fund the acquisition, net of equity roll-over participation, from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt and/or equity by KKR.

The investment in Global Atlantic will be held on KKR’s balance sheet and through a proprietary vehicle established for others to invest alongside KKR’s balance sheet, not in any client funds.

Upon close, Global Atlantic will continue to be run by its existing senior leadership team led by Allan Levine, Global Atlantic’s Chairman and Chief Executive Officer.

The transaction, which is expected to close in early 2021, is subject to required regulatory approvals and certain other customary closing conditions.

KKR was advised by Simpson Thacher & Bartlett LLP and Willkie Farr & Gallagher LLP. Debevoise & Plimpton LLP acted as legal advisor to Global Atlantic.

Conference Call Information and Additional Details

A conference call to discuss the transaction will be held on July 8 at 8:00 a.m. EDT. The conference call may be accessed by dialing 877-407-0312 in the U.S. or 1-201-389-0899 internationally. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Public Investors section of KKR’s website at ir.kkr.com.

Supplemental materials that will be discussed during the call will be available at the same website location. KKR expects to host a conference call to review its second quarter results for the period ended June 30, 2020 on Tuesday, August 4, 2020. At that time, KKR expects to provide additional information on how it expects Global Atlantic to be reflected within its financial results following closing and may, as part of this analysis, reevaluate certain of its existing operating and financial metrics.

A replay of the July 8, 2020 webcast will be available on KKR’s website approximately one hour after completion of the broadcast.

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction to acquire all outstanding shares of Global Atlantic; operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the transaction’s effects on KKR’s AUM, FPAUM, book value, fee related earnings and after-tax distributable earnings per adjusted share and the timing of such effects; the issuance of new debt or equity securities, and the availability of cash on hand or liquidity from KKR’s investment portfolio to fund the transaction; and expected timing of closing. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, tax assets, tax liabilities, AUM, FPAUM, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, adjusted EBITDA, core interest expense and book value, debt levels, outstanding shares of common stock and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned acquisition of Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic acquisition and timing related thereto; availability and cost of financing to fund the acquisition; ability to syndicate to potential co-investors; changes in Global Atlantic’s business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the acquisition; the severity and duration of the COVID-19 pandemic; the pandemic’s impact on the U.S. and global economies; federal, state and local governmental responses to the pandemic; whether KKR realizes all or any of the anticipated benefits from converting to a corporation (the “Conversion”) and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the Conversion, including any adverse change in tax law; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies including the ability to realize the anticipated synergies from acquisitions, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; outcome of Global Atlantic’s litigation and regulatory matters; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 18, 2020, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP and have important limitations as analytical tools because they may exclude items that are significant in understanding and analyzing our financial results. In addition, these measures are defined differently by different companies in our industry and, accordingly, such measures as used in this presentation may not be comparable to similarly titled measures of other companies. A reconciliation of non-GAAP measures to the closest comparable GAAP measures is contained in the Appendix to this press release. However, all forward-looking non-GAAP financial measures included in this press release are provided only on a non-GAAP basis. This is due to the inherent difficulty of forecasting the timing or amount of items that would be included in the most directly comparable forward-looking GAAP financial measures. As a result, reconciliation of the forward-looking non-GAAP financial measures to GAAP financial measures is not available without unreasonable effort and we are unable to assess the probable significance of the unavailable information.

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IBA is publishing the beta rates for information and testing purposes in line with the UK Working Group on Sterling Risk-Free Reference Rates’ (“RFR WG”) priority roadmap for 2020. IBA will announce in due course when the ICE TSRR will be made available as a benchmark for use in financial instruments.

IBA has developed a Waterfall Methodology for calculating the ICE TSRR using eligible SONIA-linked interest rate derivative product data.

At the first level of the Waterfall, IBA uses tradeable bid and offer prices and volumes for eligible SONIA-linked overnight interest rate swaps available on the central limit order books of BGC Partners’ BGC Trader platform, TP-ICAP’s i-Swap platform, and Tradition’s Trad-X platform during a two-hour window before the relevant ICE TSRR calculation. If these trading venues do not provide sufficient eligible input data, the second level of the Waterfall derives the ICE TSRR using SONIA-linked futures data published on electronic trading venues.

“We are pleased to support the development and adoption of alternative rates by launching ICE Term SONIA Reference Rates,” said Tim Bowler, President of ICE Benchmark Administration. “We have heard feedback from many businesses, borrowers and lenders, that they value having forward-looking term rates to provide certainty when calculating their interest expenses and other contractual payments in advance. IBA is working hard to provide tools to help the market transition to alternative rates and we will be ready to launch forward-looking term rates for other alternative overnight rates as market conditions allow.”

ICE TSRR beta rates are published daily on the ICE Term RFR Portal which is designed to be a comprehensive alternative reference rates’ data source for market participants. Data on the ICE Term RFR Portal is currently published for information purposes only and may not be used as a benchmark in financial instruments.

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Based in Stezzano (Bergamo), with revenues of more than €130 million and 230 employees, Project Informatica was founded in 1990 and has grown significantly over recent years, becoming the technological partner of choice to a long list of leading private and public companies.Fintech News

The Company leverages cutting-edge technologies and advanced capabilities to support its customers in the digital transformation of business processes. Its offering ranges from hardware and software solutions, to related IT services. With multiple partnerships with leading global vendors and a technical staff with over 1,750 certifications, the Company is able to provide a tailor-made IT service to customers in a wide range of industries, including banking and financial services, industrial manufacturing and business services.

H.I.G. has extensive experience in the IT industry, with 30 transactions completed globally, and intends to support Project Informatica in the next phase of development, with the aim of capitalizing on both organic and inorganic growth opportunities.

Alberto Ghisleni, founder, CEO, and current shareholder of Project Informatica who will reinvest alongside H.I.G. and will continue to lead the Company, commented: “The investment by H.I.G., a global private equity firm, is a recognition of the impressive work done by the management over the last few years and represents a crucial step to further accelerate the Company’s future development”.

Raffaele Legnani, Managing Director and head of H.I.G.’s office in Italy, added: “Project Informatica is one of the most recognized technology partners for enterprises in Italy and has gained a leading position in a fast-growing market due to its capabilities, service flexibility and partnerships with major global vendors”.

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Abry’s investment is intended to enable HealthEZ to provide more and enhanced services to its marquee client base as well as pursue strategic acquisitions.Fintech News

Founded in 1982 by industry luminary Nazie Eftekhari, and headquartered in Minneapolis, Minnesota, HealthEZ is driven by the principles of simplifying and making more transparent the byzantine process of accessing and financing healthcare for employers, their employees and the physicians and other providers who treat them. HealthEZ has established a unique value proposition in the self-funded medical space with a particular focus on the small- and mid-sized business (SMB) market. The Company boasts many industry innovations including the nation’s first captive PPO network, as well as proprietary patient payment technology. HealthEZ plays an important role at the center of the self-funded benefits space, and is a valuable partner to employers, employees, brokers, underwriters, and healthcare providers.

Nazie Eftekhari, HealthEZ’s Founder and Chairwoman, commented on the transaction: “When I met the Abry team I knew they would be a good fit for our company, our clients, our members, and our team. They are a diverse and talented team, like us, like our clients and our team, like America and Americans. We look forward to working with the Abry team to make HealthEZ the best TPA in America.”

T.J. Rose, Partner of Abry said, “We’re incredibly impressed by the business Nazie and the HealthEZ team have built and we are proud to become her partner in the next phase of HealthEZ’s growth. The HealthEZ team has done a tremendous job of helping small businesses navigate the complex self-insured landscape and we look forward to driving future growth through continued investment in technology and people.”

Lincoln International LLC acted as exclusive financial advisor to HealthEZ, while Norton Rose Fulbright LLP acted as exclusive legal counsel to the Company.  Abry was advised by DLA Piper LLP.

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