Podcasts about Financial Conduct Authority

The global investment environment is full of uncertainty — from inflation, growth dynamics, to policy shifts and geopolitical tensions. Investors are seeking clarity and ways to unlock more consistent investment outcomes during a period of unpredictable conditions. Innovations in data analytics and technology are helping investors better understand markets not just in during turbulent times, but in everyday decision making. But is AI the answer to consistent investment performance, and how can human judgment have the potential to create more resilient investment results? Enter systematic investing, that blends human insight and machine learning to pursue consistent alpha in volatile markets through disciplined processes, alternative data, and continuous innovation.Ronald Kahn, Global Head of Systematic Investment Research at BlackRock, has played a foundational role in shaping the field of quantitative investing over the past few decades. He joins host Oscar Pulido to talk about what it means to pursue consistent alpha in today's markets, how data and technology have evolved investors' expectations and how systematic investing continues to deliver potential in uncertain conditions.Key moments in this episode:00:00 Investment Uncertainty in 202502:23 Pursuing Consistent Alpha in Volatile Markets04:02 The Role of Data and Technology04:26 Alternative Data in Action07:53 Systematic Investing and Technology12:44 Human and Machine Collaboration16:07 Considerations for Individual Investors18:47 Conclusion and Next Episode PreviewCheck out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68Q

In this episode, Frankie Tortora and Steve Folland have a chat in response to a question from strategy and planning specialist Sophie Greenwood. She says:“Hi Frankie & Steve,I'm writing this while feeding my baby in a sensory room. True story!Anyway, I'm going to be rebranding and renaming my business in the autumn, and wondered if you had any advice for what steps I could take between now and then to make it land with a bang? The rebrand has already been done with a designer (Mad About The Brand) — it's all ready. I just want to make sure it cuts through the noise and makes some waves.I'm also coming back from maternity leave very soon — so it's all a lot of change at once!Would love to hear your thoughts. Thanks!”What would your advice be? Let us know your thoughts using #DIFTKpodcast on Twitter and Instagram, and join in the conversation via the DIFTK Community. •••Sophie Greenwood's websiteFrankie Tortora's websiteSteve Folland's websiteSteve's podcast - Being FreelanceDoing It For The Kids websiteDIFTK InstagramSupport DIFTK on Ko-Fi•••This episode is supported by With Jack.With Jack protects sole traders and limited companies on the high seas of freelancing so you're free to navigate uncharted territories and fish for amazing projects. With Jack is all about insurance for freelance creatives. Simple. That doesn't mean more forms or faff — it means less. It's not about endless features and stale service — it's about one solid policy and the personal touch.With Jack is a trading style of Ashley Baxter Limited which is authorised and regulated by the Financial Conduct Authority. You can check this by visiting the Financial Services Register.https://withjack.co.uk/why-do-i-need-insurance/

Chris Senyek, Chief Investment Strategist at Wolfe Research goes into why he thinks the cyclical nature of the market has changed in the years since the 2008 financial crisis. As central banks grapple with sticky inflation and high debt to GDP ratios, we discuss the delicate balancing act between yields and interest rates and how they differ globally.Our host, Moz Afzal:https://bit.ly/31XbkTROur guest:Chris Senyek, Chief Investment Strategist at Wolfe Researchhttps://bit.ly/3scDZmlEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. You should seek your own professional advice suitable to your particular circumstances prior to making any investment or if you are in doubt as to the information in this document.Although information in this document has been obtained from sources believed to be reliable, no member of the EFG group represents or warrants its accuracy, and such information may be incomplete or condensed. Any opinions in this document are subject to change without notice. This document may contain personal opinions which do not necessarily reflect the position of any member of the EFG group. To the fullest extent permissible by law, no member of the EFG group shall be responsible for the consequences of any errors or omissions herein, or reliance upon any opinion or statement contained herein, and each member of the EFG group expressly disclaims any liability, including (without limitation) liability for incidental or consequential damages, arising from the same or resulting from any action or inaction on the part of the recipient in reliance on this document.The availability of this document in any jurisdiction or country may be contrary to local law or regulation and persons who come into possession of this document should inform themselves of and observe any restrictions. This document may not be reproduced, disclosed or distributed (in whole or in part) to any other person without prior written permission from an authorised member of the EFG group.This document has been produced by EFG Asset Management (UK) Limited for use by the EFG group and the worldwide subsidiaries and affiliates within the EFG group. EFG Asset Management (UK) Limited is authorised and regulated by the UK Financial Conduct Authority, registered no.7389746. Registered address: EFG Asset Management (UK) Limited, 116 Park Street, London W1K 6AP, United Kingdom, telephone +44 (0)207 491 9111.Independent Asset Managers: in case this document is provided to Independent Asset Managers (“IAMs“), it is strictly forbidden to be reproduced, disclosed or distributed (in whole or in part) by IAMs and made available to their clients and/or third parties. By receiving this document IAMs confirm that they will need to make their own decisions/judgements about how to proceed and it is the responsibility of IAMs to ensure that the information provided is in line with their own clients' circumstances with regard to any investment, legal, regulatory, tax or other consequences. No liability is accepted by EFG for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this document by the IAMs, their clients or any third parties.If you have received this document from any affiliate or branch referred to below, please note the following:Australia: This document has been prepared and issued by EFG Asset Management (UK) Limited, a private limited company with registered number 7389746 and with its registered office address at 116 Park Street, London W1K 6AP (telephone number +44 (0)207 491 9111). EFG Asset Management (UK) Limited is regulated and authorized by the Financial Conduct Authority No. 536771. EFG Asset Management (UK) Limited is exempt from the requirement to hold an Australian financial services licence in respect of the financial services it provides to wholesale clients in Australia and is authorised and regulated by the Financial Conduct Authority of the United Kingdom (FCA Registration No. 536771) under the laws of the United Kingdom which differ from Australian laws.ASIC Class Order CO03/1099EFG Asset Management (UK) Limited notifies you that it is relying on the Australian Securities & Investments Commission (ASIC) Class Order CO03/1099 (Class Order) exemption (as extended in operation by ASIC Corporations (Repeal and Transitional Instrument 2016/396) for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services licence (AFSL) under the Corporations Act 2001 (Cth) (Corporations Act) in respect of the financial services we provide to you.The financial services that we provide to you are regulated by the FCA under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.Your Status as a Wholesale ClientIn order that we may provide financial services to you, and for us to comply with the Class Order, you must be a ‘wholesale client' within the meaning given by section 761G of the Corporations Act. Accordingly, by accepting any documentation from us prior to the commencement of or in the course of us providing financial services to you, you:• warrant to us that you are a ‘wholesale client';• agree to provide such information or evidence that we may request from time to time to confirm your status as a wholesale client;• agree that we may cease providing financial services to you if you are no longer a wholesale client or do not provide us with information or evidence satisfactory to us to confirm your status as a wholesale client; and• agree to notify us in writing within5 business days if you cease to be a ‘wholesale client' for the purposes of the financial services that we provide to you.Bahamas: EFG Bank & Trust (Bahamas) Ltd. is licensed by the Securities Commission of the Bahamas pursuant to the Securities Industry Act, 2011 and Securities Industry Regulations, 2012 and is authorised to conduct securities business in and from The Bahamas including dealing in securities, arranging dealing in securities, managing securities and advising on securities. EFG Bank & Trust (Bahamas) Ltd. is also licensed by the Central Bank of The Bahamas pursuant to the Banks and Trust Companies Regulation Act, 2000 as a Bank and Trust company. Registered...

Recent swings in U.S. inflation highlight the volatile economic backdrop, even before the full tariff impact. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute explains why we tap into mega forces that keep driving returns.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners. BIIM0625U/M-4586289

On this week's episode of News & Views, The Fintech Times Podcast team speak about crypto scam losses exceeding $4billion in 2024 with an increase in Deepfake and AI Tech use, merchants and financial institutions not offering digital ID being at risk of losing customer trust & the Financial Conduct Authority unveiling its ‘supercharged sandbox'.

Following our last episode on U.S. equities with Carrie King, we're expanding the conversation globally to understand how these dynamics are playing out beyond American shores. European and Asian equity markets are navigating a complex mix of geopolitical shifts, technological disruption, and evolving investor sentiment.Helen Jewell, Chief Investment Officer for Fundamental Equities in EMEA, and Belinda Boa, Head of Active Investments for Asia Pacific at BlackRock, will unpack how equity markets across Europe and Asia are responding to these changing dynamics, whether companies are absorbing the cost of tariffs or passing them on to consumers, and what resilience looks like for investors in markets shaped by volatility and transformation.Key moments in this episode:00:00 Introduction to Global Equity Markets Landscape02:00 Asian Market Dynamics and Tariff Strategies04:05 European Companies' Resilience and Stock Specifics06:53 Drivers of European Market Performance08:30 AI and Other Investment Opportunities in APAC11:08 Themes and Opportunities in European Equities13:08 Insights on UK Market and Investor Strategies19:42 Conclusion and Final ThoughtsCheck out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68Q

This week, John and Elliot discuss the updated Enforcement Guide from the Financial Conduct Authority, the changes to the EU money laundering blacklist, the latest on the trafficking of Syrian antiquities, FinCEN's Advisory on Iranian illicit oil smuggling, and other issues affecting the financial crime prevention community.

In this episode, brought to you by Wesleyan Financial Services, Head of Dental Iain Stevenson and Suki Singh, Area Sales Manager at Practice Plan talk about the importance of putting partnership agreements in place. This podcast is for information only and does not constitute financial advice. For more information about Wesleyan go to wesleyan.co.uk, and to learn more about Practice Plan go to practiceplan.co.uk. Tax treatment depends on individual circumstances and may be subject to change in future. Bear in mind that the value of investments can go down as well as up and you may get back less than you invest. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you. Charges may apply. Learn more about our charges at wesleyan.co.uk/charges.  

In this episode, brought to you by Wesleyan Financial Services, Carly Millan Page talks to specialist financial adviser Graham Hutton, Jonathan Wilson, director of medical at Christie & Co and Shaun Watts, head of unsecured and asset finance at Christie Finance to discuss how dentists can successfully plan for the sale of their practice for retirement. This podcast is for information only and doesn't constitute financial advice. Tax treatment depends on individual circumstances and may be subject to change in future. Bear in mind that the value of investments can go down as well as up and you may get back less than you invest. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you. Charges may apply. Learn more about our charges at https://www.wesleyan.co.uk/charges.

Earlier this spring the Financial Conduct Authority warned that some banks and firms lack empathy when dealing with bereaved customers and called for them to do more. Money Box Live received a huge response from our listeners when we covered the story, with emails from listeners about how they coped with their grief while managing finances following the death of a loved one.Felicity Hannah is joined by lawyer Gary Rycroft and Sarah Middlemiss, from the end of life charity Marie Curie, to answer those questions and hear those experiences.Presenter: Felicity Hannah Producer: Catherine Lund and Sarah Rogers Editor: Jess Quayle(This episode was first broadcast at 3pm on Radio 4 on the 14th of May 2025)

This month the team talk all things big and beautiful – not a remake of the hymn – but President Trump's new budget bill. Deemed by some as more generous to taxpayers great than small, Elon Musk thinks it's by no means wise and wonderful. He called it an “outrageous, pork-filled … disgusting abomination”! So what does the bill actually contain, and what are its potential implications? Next, a few warning signals have been quietly popping up in markets. Are these anything to be concerned about? Finally, the team cover an under-the-radar stock that's a core holding for the portfolios: Assa Abloy, the world's largest lock and access control company at the forefront of the digitisation of buildings and smarter infrastructure.This podcast was recorded on 4 June 2025.If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.Rathbones multi-asset investing team:David Coombs, Head of Multi-Asset InvestmentsWill McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio fundsHannah Kennedy, Portfolio Management Assistant – Multi AssetRahab Paracha, Sustainable Multi-Asset Investment SpecialistAbout Rathbones:Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn't intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

Recorded live at our Pensions and Retirement Conference 2025, this special edition of “Hymans Robertson On…” explores the government's role in improving pensions and building a more inclusive and sustainable system for the future.This episode tackles the big questions facing UK pensions policy, from adequacy and inclusion to long-term resilience, and considers how the next phase of reform can drive meaningful change for millions of savers.With perspectives from across the industry, the panel examines the role of state provision, the need for joined-up thinking, and how government, regulators and the industry can work together to create a system that delivers better outcomes for both today's and tomorrow's retirees. Hymans Robertson disclaimerThis podcast has been prepared by Hymans Robertson LLP, and is based upon our understanding of events as at release date. It is designed to be a general summary of topical investment matters and is not specific to the circumstances of any particular employer or pension scheme. The information contained in this podcast should not be construed as advice and not be considered as a substitute for specific advice as the information is generic in nature. Where a podcast refers to legal matters please note that Hymans Robertson is not qualified to provide legal opinion and therefore you may wish to obtain independent legal advice to consider any relevant law and/or regulation. Hymans Robertson LLP accepts no liability for errors or omissions. Your Hymans Robertson LLP consultant will be pleased to discuss matters raised in this podcast in greater detail. Guests views are separate to that of Hymans Robertson. The information provided in this broadcast is not financial advice. Past performance is not a guide to the future. Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance.  Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority and Licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

Wei Li, BlackRock's Global Chief Investment Strategist, shares how portfolio managers at the BlackRock Investment Institute's Midyear Forum remain laser focused on how and where to capture opportunities, even as policymaking disrupts markets. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0625U/M-4569356

In this special edition of Hymans Robertson On…, Abhishek Srivastav is joined by Ben Fox, Mhairi Gooch and Mathew Webb to explore how pension schemes can approach their endgame decisions through the lens of risk and reward.The discussion covers a range of strategic considerations – from running on versus buy-out, to evolving regulatory drivers, investment opportunities, and the trade-offs involved in managing surplus. The panel shares insights into how schemes can assess “rewarded” vs “unrewarded” risks, with practical examples of run-on frameworks, insurer pricing dynamics and the role of climate risk in long-term planning.Hymans Robertson disclaimerThis podcast has been prepared by Hymans Robertson LLP, and is based upon our understanding of events as at release date. It is designed to be a general summary of topical investment matters and is not specific to the circumstances of any particular employer or pension scheme. The information contained in this podcast should not be construed as advice and not be considered as a substitute for specific advice as the information is generic in nature. Where a podcast refers to legal matters please note that Hymans Robertson is not qualified to provide legal opinion and therefore you may wish to obtain independent legal advice to consider any relevant law and/or regulation. Hymans Robertson LLP accepts no liability for errors or omissions. Your Hymans Robertson LLP consultant will be pleased to discuss matters raised in this podcast in greater detail. Guests views are separate to that of Hymans Robertson.The information provided in this broadcast is not financial advice. Past performance is not a guide to the future. Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance. Hymans Robertson LLP is authorised and regulated by the Financial Conduct Authority and Licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

Family offices are rolling into the energy game in a big way, and Chuck sits down with a couple of guys who've been right in the thick of it. We're talking old-money families, London power players, and some seriously savvy strategies, like continuation vehicles, that are flipping the script on traditional deals. Keith and Brad from Stephens Inc. break it all down: what's drawing these investors to oil and gas (hint: it's not just the money), why Europe's cash is flowing stateside, and how the secondary basins are getting their glow-up. If you've ever wondered who's behind the curtain in today's biggest mineral and royalty plays, this one peels it back.Digital Wildcatters brings the energy community together through events, cutting-edge content, and powerful tools. Join our online community at collide.io. Engage with experts, level up your career, and ask Collide AI your toughest technical questions.Click here to watch a video of this episode. 00:00 - Intro00:52 - Raising Money from Family Offices06:26 - FIRPTA Explained08:26 - Continuation Vehicles Overview19:08 - MAP Royalty Insights21:54 - Continuation Vehicle vs Going Public25:50 - Continuation Vehicle Process Explained28:30 - Family Office VDR Process31:08 - Timeline for Continuation Vehicles36:05 - Criteria for Mercury Call41:00 - Family Office Equity Strategies45:58 - A&D Market Trends49:10 - Scott Sheffield's Ranch Overview49:44 - Outrohttps://www.instagram.com/digitalwildcattershttps://www.tiktok.com/@digitalwildcattershttps://www.facebook.com/digitalwildcattershttps://www.linkedin.com/company/digitalwildcattershttps://twitter.com/DWildcattershttps://www.youtube.com/@DigitalWildcattersStephens' Investment Banking Department personnel participated in this podcast solelyfor informational purposes. It is not a solicitation of any retail customer, it is not asolicitation, recommendation or offer to buy or sell any security and it does not provideinformation on which an investment decision to purchase or sell any securities could bebased. It does not purport to be a complete description of the securities, markets ordevelopments referred to in this podcast. Stephens has not independently verified anyinformation discussed in this podcast and does not guarantee that it is accurate orcomplete. No representation or warranty, express or implied, is made as to the accuracy,completeness, or correctness of any such information. To the full extent permitted bylaw, neither Stephens nor any other person accepts any liability whatsoever for anydirect, or indirect or consequential loss or damage arising from any use of theinformation discussed in this podcast. No subsequent publication or distribution of thispodcast shall mean or imply that any such information remains current at any time afterthe date the podcast was recorded. Stephens does not undertake to advise you of anychanges in any such information. Additional information is available upon request.Please assume that Stephens or its employees or affiliates at any time may hold long orshort positions in any of the securities mentioned, may sell or buy any such securities,may make a market in any such securities and may have conducted underwritings orprovided other investment banking services involving any of such securities.The views and opinions expressed in this podcast are those of the speaker, or theperson(s) to whom such view or opinion is attributed, and do not necessarily reflect theopinions of Stephens or any other person or entity. Any expressions of opinion orforward-looking statements included in this podcast are based on information availableon the date the podcast was recorded, speak only as of such date and are subject tochange without notice. No assurance can be given that any of such opinions orstatements will prove correct.Nothing in this podcast should be viewed as accounting, tax, regulatory or legal advice;please contact your professional accounting, tax, regulatory or legal advisors for suchadvice.“Stephens” (the company brand name) is a leading family-owned investment firm thatincludes Stephens Inc. (member NYSE/SIPC), Stephens Investment ManagementGroup, LLC, Stephens Insurance, LLC, Stephens Capital Partners LLC and StephensEurope Limited (Registered office: 12 Arthur Street, London, EC4R 9AB, Registerednumber 8817024), which is authorised and regulated by the Financial Conduct Authority.© 2025 Stephens

Earlier this year Igneo extended its exposure to the waste sector with the acquisition of the 170 year old B+T Group, an integrated waste management company which operates across France and Germany.  In the NEWSFLASH episode of Keeping it Real Assets Nils Plaine provides an overview of the company and its positioning across waste sorting and treatment and energy-from-waste as well as our outlook for the sector and the company.********************** Important information This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation. We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change. To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors. About First Sentier Investors References to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group. We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1] Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.©    Igneo Infrastructure Partners

Friend of the podcast Dan Clifton returns to Beyond the Benchmark to help make sense of the ongoing Trump tariff saga and his ‘big beautiful bill'. Trump's economic trials and tribulations are also set against the backdrop of a radical shift in the way the US conducts foreign affairs, as signalled on his recent trip to Qatar in a speech which has been surprisingly overlooked by most. Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Dan Clifton, Head of Policy Research at Strategashttp://bit.ly/3iTUMIGEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. 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Securities body considers rollback of DEI and ESG goalsInternational Securities Services Association debates changes as political climate shifts under Trump 2.0.In the UK, both the Financial Conduct Authority and the Prudential Regulation Authority have scrapped mandatory DEI rules in the financial sector, citing costs and the additional regulatory burden.F.T.C. Investigates Ad Groups and Watchdogs, Alleging Boycott CollusionThe Federal Trade Commission is investigating whether roughly a dozen prominent advertising and advocacy groups violated antitrust law by coordinating boycotts among advertisers that did not want their brands to appear alongside hateful online contentClimate Startups Are Pausing Operations, Cutting Staff and Entering Bankruptcy as Trump Policies BiteEnergy Department announced $3.7 billion worth of funding cuts for clean-energy and climate projects on Friday—in latest blow to green sectorAllianzGI Says First ESG Defense Allocations Likely This YearAllianz Global Investors expects some of its ESG funds to start adding defense holdings in the coming months, as the money manager updates prospectuses to match the political mood in Europe.EU to propose more flexible climate goal in JulyThe European Commission will propose a new EU climate target in July that includes flexibilities for how countries meet it, as Brussels attempts to fend off mounting criticism of Europe's environmental aimsThe proposal will set an EU goal to cut net greenhouse gas emissions 90% by 2040, compared with 1990 levels.However, the EU executive plans to add flexibilities to that target, which could reduce what it demands from domestic industriesThe flexibilities include setting an emissions-cutting target for domestic industries that is lower than 90% and letting countries buy international carbon credits to make up the rest, to reach 90%.Meta wants to replace its human workers with AI to review privacy and societal risksIt's been revealed that Meta plans to replace its human staffers with AI in reviewing the platform's privacy and societal risks.According to the company's internal documents obtained by NPR, the algorithm could automate up to 90% of all risk assessments previously done by people. This means that essential updates to Meta's safety features, programming, and content-sharing capabilities will be mainly optimized by AI‘Something is awry in Delaware': New study reveals lawyers in the smallest U.S. state are winning fee ‘multipliers' from major companies up to 66 times their normal hourly rateA new study shows attorneys in corporate cases in Delaware are earning as much as 66 times their hourly rateThat has prompted venture capitalists to increase calls for their businesses to incorporate elsewhere or move their corporation out of the stateElon Musk Reportedly Owes Donald Trump a Colossal Sum of MoneyMusk reportedly still owes president Donald Trump an eye-watering $100M out of the $300M he committed to get the reality TV star elected.Secret OpenAI Memo Describes Plans to Make Users Rely on "Entity"As The Verge reports, the Justice Department's ongoing attempts to break up Google's alleged monopoly garnered an OpenAI memo detailing the latter company's plans to build out ChatGPT an integral part of users' lives — acting as an "entity" that would "understand" them and be their "interface to the internet."Humans will live forever by 2050 thanks to android bodies and AI minds'the rich will use advanced tech to upload their brain to computers or android bodiesFuturologist Dr Ian Pearson believes advances in computing, genetic engineering, and robotics will let people become immortal: “By 2050, it will only really be for the rich and famous” SPEED ROUNDCEO pay rose nearly 10% in 2024, Associated Press analysis findsAlaska Will Lose 69% of Its Glacier Mass Under Current Climate Change PledgesWomen run 11% of Fortune 500 companies in 2025—but progress is still slowDollar General posts record sales as bargain stores attract more people anxious about the economyJamie Dimon for president? Why the banking CEO would be a welcome alternative for many voters

Investors now want more compensation for the risk of holding long-term bonds. Michel Dilmanian, Portfolio Strategist at the BlackRock Investment Institute, explains why we see this as a return to past norms and keep our long-held underweight. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.IIM0525U/M-4544841

After two years of full steam ahead for U.S. equity markets, 2025 has so far featured a number of speed bumps and even a few U-turns for some key areas of the market. With continued market volatility and a stock market correction, how should investors be thinking about the U.S. equity market as compared with the rest of the world?Carrie King, U.S. and Developed Markets Chief Investment Officer for BlackRock's Fundamental Equities group will discuss market volatility, rotations and the state of the U.S. equity market.Sources: Q2 Equities Outlook, BlackRock 2025Check out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68QKey moments in this episode:00:00 Introduction to Market Volatility and The Equity Landscape02:00 Recap of Previous Discussion and Market Trends03:48 Broadening of the Equity Markets04:27 US vs. Global Market Performance05:13 Drivers of Market Rotation and Volatility06:28 Fundamental Shifts in the Market09:15 European Market Outperformance12:11 US Exceptionalism and Future Outlook15:11 Health of US Corporations and Consumers18:14 Investor Sentiment and Future Outlook19:20 Conclusion and Investor Takeaways

In this episode of the Why Invest? podcast, host Luke Hyde-Smith is joined by Kallum Pickering, Chief Economist at Peel Hunt, for a wide-ranging discussion on key issues shaping the UK's economic outlook. They explore the links between energy policy, productivity, and long-term growth, as well as the current state of UK capital markets and how reforms could unlock new opportunities.Kallum offers a compelling perspective on what the UK needs to get right to secure a more prosperous future.This podcast is issued by Waverton Investment Management Limited, 16 Babmaes Street, London, SW1Y 6AH. Registered in England No. 2042285. Authorised and Regulated by the Financial Conduct Authority.The information provided in this podcast is for information purposes only and Waverton Investment Management Limited does not accept liability for any loss or damage which may arise directly or indirectly out of use or reliance by the client, or anyone else, on the information contained in this recording. This podcast should be used as a guide only is based on our current views of markets and is subject to change.The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon.Where Waverton's advice is given it is restricted to discretionary investment management services. We do not provide advice on the use of tax or financial planning products (even if the service which we are managing is held within such a product) or non-discretionary investment.All materials have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Hosted on Acast. See acast.com/privacy for more information.

This podcast is in German./ Dieser Podcast ist auf Deutsch. Der Aufschub der extrem hohen Handelszölle zwischen den USA und China hat für Erleichterung an den Finanzmärkten gesorgt. Obwohl keine Klarheit über die künftige Höhe der Zölle besteht, wird mit einer weitgehenden Deeskalation des von Trump ausgelösten Zollschocks gerechnet. Heute befassen wir uns mit den neuesten Entwicklungen im Welthandel, einschließlich der Aussichten auf ein mögliches Handelsabkommen zwischen den USA und China, sowie mit den tatsächlichen Auswirkungen auf den Arbeitsmarkt. Darüber hinaus legen wir unsere aktuelle taktische Vermögensallokation dar. Präsentiert von David A. Schroeder, Head of Distribution AXA IM Select Germany und Achim Stranz, Kapitalmarktexperte und externer Berater. This podcast is intended for professional investors, and must not be shared with a non-professional audience. Not for Retail distribution: This marketing communication is intended exclusively for Professional, Institutional or Wholesale Clients / Investors only, as defined by applicable local laws and regulation. Circulation must be restricted accordingly. This marketing communication does not constitute on the part of AXA Investment Managers a solicitation or investment, legal or tax advice. This material does not contain sufficient information to support an investment decision. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. All information in this document is established on data made public by official providers of economic and market statistics. AXA Investment Managers disclaims any and all liability relating to a decision based on or for reliance on this document. All exhibits included in this document, unless stated otherwise, are as of the publication date of this document. Furthermore, due to the subjective nature of these opinions and analysis, these data, projections, forecasts, anticipations, hypothesis, etc. are not necessary used or followed by AXA IM's portfolio management teams or its affiliates, who may act based on their own opinions. Any reproduction of this information, in whole or in part is, unless otherwise authorised by AXA IM, prohibited. Past performance is not a guide to current or future performance, and any performance or return data displayed does not take into account commissions and costs incurred when issuing or redeeming units. References to league tables and awards are not an indicator of future performance or places in league tables or awards and should not be construed as an endorsement of any AXA IM company or their products or services. Please refer to the websites of the sponsors/issuers for information regarding the criteria on which the awards/ratings are based. The value of investments, and the income from them, can fall as well as rise and investors may not get back the amount originally invested. Exchange-rate fluctuations may also affect the value of their investment. Due to this and the initial charge that is usually made, an investment is not usually suitable as a short term holding. Issued in the UK by AXA Investment Managers UK Limited, which is authorised and regulated by the Financial Conduct Authority in the UK. Registered in England and Wales No: 01431068. Registered Office: 22 Bishopsgate London EC2N 4BQ In other jurisdictions, this document is issued by AXA Investment Managers SA's affiliates in those countries.

Growing power demand has policymakers rethinking the trade-offs between energy sustainability, affordability and security. Hugo Liebaert, part of the Sustainable Research and Analytics team at the BlackRock Investment Institute, highlights how many governments are recalibrating their energy policies and making waves in markets. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0525U/M-4530063

It's been quite a ride for equity markets this year. Uncertainty and volatility hit a fever pitch in the weeks following President Trump's sweeping tariff announcement in April as investors feared the potential for rising inflation, slow economic growth, and US assets, losing their aura of dominance. Tony DeSpirito, global CIO for BlackRock's Fundamental Equities Group, joins host Oscar Pulido to help make sense of recent market turmoil from an equity perspective where he sees opportunities amidst the volatility and what history tells us to expect as we look ahead to the rest of the year.Sources: Equity Market Outlook Q2 2025, BlackRock; BlackRock Fundamental Equities, with data from Morningstar & Bloomberg as of April 30, 2025;Check out the full series covering tariffs and market volatility on The Bid: https://open.spotify.com/playlist/3iiZbbNz3eI08zXGZ4n3LI?si=TNiOrYRoSxyXVsbwsBs68QKey moments in this episode:00:00 Stock Market Turmoil and Recovery01:22 Tony DeSpirito Gives His Q2 Outlook04:15 Historical Equity Markets Volatility06:53 Where Equity Opportunities in Volatile Markets Lie12:55 Global Market Comparisons17:34 Final Thoughts and Investor Considerations

In this episode, Frankie Tortora and Steve Folland have a chat in response to a question from Anonymous. They say:“I'm subcontracting on a project with a fellow freelancer. I like them, and working with them has been great. The project however, has been anything but. The clients are difficult, their working patterns don't fit with mine, and their constant changes have added to our workload many times.My question is —How do I maintain my relationship with the freelancer (with the hope of working with them again) while telling them that I don't want to do phase two of the project? I only signed up for phase one, but the client is acting as though phase two is a done deal, so I need to extricate myself without the other freelancer feeling like I've left them in the lurch! Help!”What would your advice be? Let us know your thoughts using #DIFTKpodcast on Twitter and Instagram, and join in the conversation via the DIFTK Community. •••Frankie Tortora's websiteSteve Folland's websiteSteve's podcast - Being FreelanceDoing It For The Kids websiteDIFTK InstagramSupport DIFTK on Ko-Fi•••This episode is supported by With Jack.With Jack protects sole traders and limited companies on the high seas of freelancing so you're free to navigate uncharted territories and fish for amazing projects. With Jack is all about insurance for freelance creatives. Simple. That doesn't mean more forms or faff — it means less. It's not about endless features and stale service — it's about one solid policy and the personal touch.With Jack is a trading style of Ashley Baxter Limited which is authorised and regulated by the Financial Conduct Authority. You can check this by visiting the Financial Services Register.https://withjack.co.uk/why-do-i-need-insurance/

Moody's U.S. debt downgrade highlights key challenges. Vivek Paul, Global Head of Portfolio Research at the BlackRock Investment Institute, explains why we weigh long-term scenarios but still see U.S. assets playing a core role in global portfolios.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0525U/M-4515161

Investment opportunities in India have been gaining significant attention, driven by the country's robust economic growth and favorable demographic trends. But what are the key factors that make India an attractive destination for long-term investment opportunities, and how can they navigate the complexities of this dynamic market? Vivek Paul, Head of Portfolio Research and UK Chief Investment Strategist for the BlackRock Investment Institute, will help explore the investment landscape in India, the opportunities in public markets, and the long-term growth potential driven by the country's economic growth and demographic strengths. We'll also delve into the implications of India's rapid digitization and resilience in a fragmented geopolitical landscape and discuss the challenges investors should consider in this evolving market. Key moments in this episode:00:00 Introduction to Investment Opportunities in India00:53 Exploring India's Economic and Demographic Strengths02:41 The Impact of Digitization and Geopolitical Dynamics03:26 Demographics and Economic Growth05:03 Stock Market vs. Economic Growth08:32 Fixed Income Markets and Central Bank Policies10:26 Geopolitical Risks and Tariffs12:47 Investment Risks and Opportunities in Indian Equities15:27 Conclusion and Final ThoughtsCheck out our previous episode on India from last year here: https://open.spotify.com/episode/5lsbTpWYFSxgJkz75VA2rB?si=di74nyAmTISczr6uR_q5tASources: “Tapping Into India's Transformation” Investment Perspectives, BlackRock Investment Institute, 2025

José Pedro Almeida, Executive in Residence at INSEAD, explains how he helps governments, investors and businesses lead AI and digital transformations, with a particular focus on healthcare. From how to get CEO buy-in to the dos (and don'ts) of measuring success, Jose explains the human role in a GenAI enabled business.Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:José Pedro Almeidahttps://bit.ly/43hdhdfEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. 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We still see tariffs causing further contractions in quarterly activity but the cumulative impact may be more limited. Glenn Purves, Global Head of Macro at the BlackRock Investment Institute, explains why we eye opportunities from mega forces.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0525U/M-4515279

Listen to the latest episode of our UK Conversations in Credit podcast, where Joanne Owens and Alexandra Byard discuss the Financial Conduct Authority's latest discussion paper regulating Crypto Asset activities, with a particular focus on retail lending and retail borrowing.

Capital markets are a powerful force in the global financial landscape. These markets connect long-term savings with productive uses of capital. Driving innovation, growth and job creation. But what are capital markets and how will they contribute to long-term global economic development?Samara Cohen, chief Investment Officer of ETF and Index Investments at BlackRock joins host Oscar Pulido to explore the key differences in capital market growth strategies between mature and emerging markets, how capital markets help in mobilizing investment, and the role of regulatory frameworks and market innovation in ensuring their effective functioning.Sources: “The Virtuous Cycle: The Global Potential Of Capital Markets” BlackRock, 2025This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures capital markets, global economy, economics, bond markets, retirementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Gurps Kharaud, head of Equities Digital Markets and Vida Portfolio Solutions, chats with Olivier Cajfinger, head of Investment-Grade Credit, Public Finance, Short-Term Credit, and Alternative Sales, and Peter Grant, co-head of Credit Systematic Trading. They delve into the evolution of credit portfolio trading, examining the impact of recent market volatility on trading volumes, the strategic role of portfolio trading as a liquidity tool, and how J.P. Morgan is differentiating itself through innovative risk management and systematic trading approaches. The discussion also highlights the increasing importance of technology investments in adapting to changing client needs, as well as the trends shaping the future of credit portfolio trading.   This episode was recorded on April 23, 2025. © 2025 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank N.A. (member of FDIC), J.P. Morgan Securities LLC (member of FINRA, NYSE and SIPC), J.P. Morgan Securities plc (authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA) and J.P. Morgan SE (authorised by the BaFin and regulated by the BaFin, the German Central Bank and the European Central Bank) are principal subsidiaries of JPMorgan Chase & Co. The products and/or services mentioned herein may not be suitable for your particular circumstances and may not be available in all jurisdictions or to all clients. Important disclosures at: www.jpmorgan.com/disclosures.

Morgan Stanley Research analyst Mark Schmidt and Investment Management's Craig Brandon discuss the heightened uncertainty in the U.S. municipal bonds market.Read more insights from Morgan Stanley.For a full list of episode disclosures click here.----- Transcript -----Mark Schmidt: Welcome to Thoughts on the Market. I'm Mark Schmidt, Morgan Stanley's Head of Municipal Strategy.Craig Brandon: I'm Craig Brandon, Co-Director of Municipal Investments at Morgan Stanley Investment Management.Mark Schmidt: Today, let's talk about the biggest market you hardly ever hear about – municipal bonds, a $4 trillion asset class.It's Monday, May 5th at 10am in Boston.Mark Schmidt: If you've driven, flown, gone to school or turned on a tap, chances are munis made it happen. Although munis are late cycle haven, they were not immune to the latest bout of market volatility. Craig, why was April so tough?Craig Brandon: So, what we say in April, it was sort of the trifecta of things that happened that were a little different than other asset classes. The first thing that happened is we saw a significant increase in treasury rates – and munis are generally correlated to treasuries. We're a very high-quality asset class, that's viewed as a duration asset class. So, one thing we saw were rates going up. When we see rates going up, you generally see money coming out of the market, right? So, I think investors were a little bit impacted by the higher rates, the correlation to treasuries, the duration, and saw some flows out of the market.Secondly, what we saw is conversation about the tax exemption in Washington D.C. What that did is it caused muni issuers to pull their issuance forward. So, if you're an infrastructure issuer, you are issuing bonds in the next year to year and a half; you're going to pull that forward because if there's any risk of loss of the tax exemption, you want to get these bonds issued today. So that's basically what drives technicals. It's supply and demand. So, what we saw was a decrease in demand because of higher rates; an increase in supply because of issuance being pulled forward.And the third part of the trifecta we refer to is the conversations about the economy. So, I would put that, it's sort of a distant third, but there's still conversations about maybe credit weakness driven by a slowing economy.Mark Schmidt: Craig, your team has been through a lot of tough market cycles. Given your experience, how did the most recent selloff compare? And why was it not like 2008?Craig Brandon: I started my career back in 1998 during the long-term capital management crisis. I lived through 2008. I lived through the COVID crisis, and you know, really when I look at the crisis in 2008 – no banks went out of business three weeks ago, right? In 2008 we were really sitting on a trading desk wondering where this was going to end.You know, we had a number of meetings with our staff, over the last couple weeks explaining to them why it was different and how. Yes, there was some volatility here, but you could see that there was going to be an end to this, and this was not going to be a permanent restructuring of the market. So, I think we felt comfortable. It was very different than 2008 and it really felt different than COVID.Mark Schmidt: That's reassuring. But with economic growth set to slow sharply, how does your credit team think the fiscal health of America's state and local governments will hold up?Craig Brandon: Well, remember state and local governments, and when we're talking about munis, we're also talking about other infrastructure asset classes like water and sewer bonds. Like, you know, transportation, bonds, airports. We're talking about toll roads.They went into this with a very strong balance sheet, right? Remember, there was a lot of infrastructure money spent by the federal government during COVID to give issuers money to make it through COVID. There's still a lot of money on balance sheets. So, what we do is we're going into this crisis with a lot of cash on balance sheets, allowing issuers to be able to withstand some weakness in the economy and get through to the other side of this.Mark Schmidt: Not only do state and local governments have a lot of cash, but they're just not that impacted by tariffs, right? So why did muni yields perform worse than U.S. treasuries over the past couple of weeks?Craig Brandon: Right. It really… We're technically driven, right? The U.S. muni market is more retail driven than some other asset classes. Remember – investment grade corporates, treasury bonds, there's a lot of institutional buyers in those markets. In the municipal market, it's primarily retail driven.So, when you know, individual retail investors get nervous, they tend to pull money out of the market. So, what we saw was money coming out of the market. At the same time, we saw an individual increase in more bonds, which just led to very weak technicals, which when we see that it eventually reverses itself.Mark Schmidt: Now I almost buried the lede, right? Why invest in munis? Well, they're great credit quality, but they're also tax free. In fact, muni bonds have been exempt from federal taxes for over a century. You have a lot of experience putting together tax bills, and right now people are worried about tax reform. Do you think investors should be concerned?Craig Brandon: Listen. I'm not really losing a lot of sleep at night over the tax exemption. And I think there's other, you know, issues to worry about. Why do I say that?As you mentioned Mark, I spent the early years of my career working for the New York State Assembly Ways and Means Committee. I spent seven years negotiating budgets and what that did is it gave me a window – into how, you know, not only state budgets, but the federal budget gets put together.So, what it also showed me was the relationship between state and local elected officials and your representatives in Congress and your representatives in the Senate. So, I know firsthand that members of Congress and members of the Senate in Washington have very close relationships with members of the state legislatures, with governors, with mayors, with city council members, with school board members – who are all delivering the message that significantly higher financing costs that could potentially happen from the loss of the exemption, could be meaningful to them.And I think members of Congress and members of the Senate and Washington get it. They understand it because they were all there when it happened. The last time the muni exemption came under fire was back in 2012; and in 2012, a lot of members of Congress were in the state legislature back then, so they understand it.Mark Schmidt: That's reassuring because right now, tax equivalent yields in the muni market are 7 to 8 per cent. That's equal to or greater than the long run rate of return on the stock market. So, whether to invest in the muni market seems pretty straightforward. How to invest in the muni market? Well, with 50,000 issuers, that's a little complicated. How do you recommend investors get exposure to tax-free munis right now?Craig Brandon: Well, and that is a very common question. The muni market can be very confusing because there are just so many bonds out there. You know, over 50,000 issuers, there's over a million individual CUSIPs in the muni market.So as an individual investor, where do you start? There's different coupon structures, different call structures, different maturity structures, ratings. There's so many different variables that go into a decision in investing in muni bonds.I can make an argument that you could probably mimic the S&P 500 with 500 different stocks. But most muni indices are over 50,000 constituents. It's very difficult to replicate the muni market by yourself, which is why a lot of people, you know, they let professional money managers, do the investing for them. Whether you're looking at mutual funds, whether you're looking at separately managed accounts, whether you're looking at exchange traded fund ETFs, there's a lot of different ways to get exposure to the muni market. But with the huge amount of choices you have to make, I think a lot of individual investors would just let a professional with the experience do it.Mark Schmidt: And active managers let you customize portfolios to your unique tax situation and risk tolerance. So, Craig, a final question for you. How do munis fit into a diversified portfolio?Craig Brandon: Munis are generally the stable part of most people's portfolios. Remember, you don't have a choice of whether you're going to pay your taxes or not. You have to pay your taxes, you have to pay your water bill, you have to pay your power bill. You have to pay tolls on highways. You have to pay airport fees when you buy an airline ticket, right?It's not an option. So, because the revenue streams are so stable, you see most muni bonds rated AA or AAA. The default rate for rated munis is significantly below 1 per cent. It's something in the ballpark of about 0.2 per cent*. So, with such a low default rate – listen, we're technically driven, as I said. You see ups and downs in the market. But over a longer period of time, munis can give you generally stable returns, tax exempt income over the long term, and they're one of the more stable asset classes that you see in your overall portfolio.Mark Schmidt: That sounds boring, and I mean that in the best possible way. Craig, thanks so much for your time today.Craig Brandon: Thanks, Mark, happy to be hereMark Schmidt: And thank you for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.*“US Municipal Bond Defaults and Recoveries, 1970-2021” – Moody's Investor ServicesDisclosure: Past performance is no guarantee of future results. The returns referred to in the commentary are those of representative indices and are not meant to depict the performance of a specific investment.Risk ConsiderationsDiversification does not eliminate the risk of loss.There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. 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The trade conflict, especially between the U.S. and China, is causing major economic disruptions. Nicholas Fawcett, Senior Economist at the BlackRock Investment Institute, explains why we could expect a supply-driven contraction in activity this year. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0525U/M-4465408

In this episode, Frankie Tortora and Steve Folland have a chat in response to a question from Anonymous. They say:“How do you tell clients ‘I don't want to attend that bloody meeting'!? I know meetings are needed (could have been an email though!) but my clients are now adding me to monthly all staff meetings, staff outings etc. I don't even think all the staff realise I'm a freelancer?? It just ties up so much of my time and I also don't actually care about holidays/xmas dos etc as I'M SELF EMPLOYED. Help!”What would your advice be? Let us know your thoughts using #DIFTKpodcast on Twitter and Instagram, and join in the conversation via the DIFTK Community. •••Frankie Tortora's websiteSteve Folland's websiteSteve's podcast - Being FreelanceDoing It For The Kids websiteDIFTK InstagramSupport DIFTK on Ko-Fi•••This episode is supported by With Jack.With Jack protects sole traders and limited companies on the high seas of freelancing so you're free to navigate uncharted territories and fish for amazing projects. With Jack is all about insurance for freelance creatives. Simple. That doesn't mean more forms or faff — it means less. It's not about endless features and stale service — it's about one solid policy and the personal touch.With Jack is a trading style of Ashley Baxter Limited which is authorised and regulated by the Financial Conduct Authority. You can check this by visiting the Financial Services Register.https://withjack.co.uk/why-do-i-need-insurance/

Economic rules can quickly bind U.S. policy changes when facing disruption, as seen in last week's trade updates. Michel Dilmanian, Portfolio Strategist at BII explains more about the rules we track.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0425U/M-4443632

What role do global platforms such as Meta have in managing misinformation? What is the difference between misinformation and fake news, and what impact does it have on society? What lessons has Meta learnt from the challenging geopolitical environment of the past few years? Moz talks to Tom Bonsundy O'Bryan, Head of misinformation policy for EMEA at Meta to gain a fascinating insight into the world of combating misinformation at the world's largest social media company.Our host, Moz Afzal:https://bit.ly/31XbkTROur guests:Tom Bonsundy-O'Bryanhttps://bit.ly/3EHJamUEFGAM:https://www.newcapital.com/Important disclaimersThe value of investments and the income derived from them can fall as well as rise, and past performance is no indicator of future performance. Investment products may be subject to investment risks involving, but not limited to, possible loss of all or part of the principal invested. This document does not constitute and shall not be construed as a prospectus, advertisement, public offering or placement of, nor a recommendation to buy, sell, hold or solicit, any investment, security, other financial instrument or other product or service. It is not intended to be a final representation of the terms and conditions of any investment, security, other financial instrument or other product or service. This document is for general information only and is not intended as investment advice or any other specific recommendation as to any particular course of action or inaction. The information in this document does not take into account the specific investment objectives, financial situation or particular needs of the recipient. 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Financial Conduct Authority CEO Nikhil Rathi discusses what's next for financial regulation. He speaks with Bloomberg's Jonathan Ferro, Lisa Abramowicz, and Annmarie Hordern.See omnystudio.com/listener for privacy information.

We have argued for a few years that mega forces, like geopolitical fragmentation, are transforming the world. U.S. trade policy is adding to this transformation. This isn't a business cycle, but a long-term structural shift. It raises big questions about the trajectory for global markets, making long-term expectations more sensitive to short-term news. Many different outcomes are feasible. So we navigate near-term policy uncertainty by tracking economic rules that will shape trade policy, as Glenn Purves, Global Head of Macro at the BlackRock Investment Institute, explains in this episode of Market take. We focus on themes that can drive returns over broad asset classes. We see the artificial intelligence mega force driving returns over time, mostly in the U.S. General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0425U/M-4422073

⛔️ this ep again mentions suicide.Covering all loose ends from my recollections about working at Amec Foster Wheeler in Kuwait. Finally got to a point where I can move on from #GISchat about Kuwait. Discussed: 0:00 - 3:24 - Emotional impact 3:24 - 3:42 - Agenda3:42 - 22:50 - Use of ChatGPT to interpret arterial blood gas (ABG) test results and fully understand the brutality of the context of the assistant electrician being fired. The system also tells us the consequences in general of H2S gas poisoning.22:50 - 32:56 - Use of ChatGPT to support whistleblowers more generally32:56 - 38:23 Questioning a safety item on p. 37 of the 2016 Amec Foster Wheeler Sustainability Performance Report (https://ungc-production.s3.us-west-2.amazonaws.com/attachments/cop_2017/394131/original/AmecFW_Sustainability_Report_2016_lower_res.pdf?1497623860), 38:23 - 42:36 - Using ChatGPT to help on the North Korean workers angle, leading me to UN Resolution 2397 (http://main.un.org/securitycouncil/en/s/res/2397-%282017%29)42:36 - 50:00 - Use of ChatGPT to support whistleblowers more generally, this section also contains the system's useful summary of all that I have recounted.50:00 - 53:58 - What would be expected to happen _to someone left untreated_ who presented with the particular ABG test results this person had.53:58 - 58:56 - Justice regarding the NBTC Camp 4 building fire and respect for the dead.58:56 - 1:09:21 - Wood PLC compliance officer participation in the cover up and validity of an invitation from a colleague to do a secret investigation,1:09:21 - 1:14:54 - National Crime Agency, invitation to make a police report and plan to do so1:14:54 - 1:18:25 - International Labour Organisation and human trafficking charity (believe it may have been Unseen UK), engaging an investigative journalist1:18:25 - 1:27:41 - Financial Conduct Authority, the stock price since I began whistleblowing and risk for pensioners who depend on these firms being properly policed such that their collapse does not put people's retirement at risk. 1:27:41 - 1:28:50 - Short sellers.1:28:50 - 1:32:50 - Princess Bibi Nasser Al Sabah.1:32:50 - 1:37:32 - Emotional impact and concluding thoughts about responsibilities of the safety staff who made these reports to me.1:37:32 - The Map Maker's Border poem recital.

Donald Trump's Liberation Day roiled markets and caused a seismic shift in expectations for global trade and the economy. His subsequent 90-day pause on tariffs and perennial hunt for deals have created uncertainty and left investors wondering, what next? In this webinar, we'll discuss just that. Bob Kaynor, our Head of US Small and Mid Cap Equities, gives his insights from the frontline on both Wall Street and Main Street. Alex Tedder, CIO (Equities), will reflect on where to find opportunities under the new world order. Finally, George Brown, our Economist, will discuss the effect Trump's policies may have on the broader economy. Stu Podmore, Investment Propositions Director, will be your host. NEW EPISODES: The Investor Download is available every other Thursday and will be released at 1700 UK time. You can subscribe via Podbean or use this feed URL (https://schroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: mailto: Schroderspodcasts@schroders.com find us on Facebook send us a tweet: @Schroders using #investordownload READ MORE: Schroders.com/insights LISTEN TO MORE: schroders.com/theinvestordownload Important information. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any reference to sectors/countries/stocks/securities are for illustrative purposes only and not a recommendation to buy or sell any financial instrument/securities or adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. Issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.

On April 9th, the U.S. administration announced a 90-day tariff pause on country-specific reciprocal tariffs, exempting key tech imports while maintaining high tariffs on select Chinese goods. This decision introduced extraordinary volatility to global markets. Notably, the S&P 500 rebounded nearly 6% last week, marking one of its largest daily jumps in history. Meanwhile, long-term U.S. Treasury yields spiked, reflecting investors' altered risk perceptions in light of the tariff adjustments. At the same time, the U.S. dollar tumbled to three-year lows against major currencies, highlighting concerns about future currency valuations in these tumultuous times. But the question remains, how should investors respond when considering the implications of prolonged uncertainty, including potential recession risks, impacts on corporate investment, and consumer spending?In this episode of The Bid, Oscar Pulido is joined by Alex Brazier, Global Head of Investment & Portfolio Solutions and Helen Jewell, Chief Investment Officer for EMEA at BlackRock. Alex and Helen will help us unpack the details of this tariff pause, its effects on market dynamics, and provide strategic insights for investors considering how to navigate volatile markets.NOTE: This episode was recorded and published on April 15th 2025Key moments:00:00 Introduction to the Tariff Pause, Market Reactions and Volatility02:45 Discuss Historic Market Movements06:48 Equity Market Reactions09:13 Portfolio Strategies in Uncertain Times12:20 Investor Questions14:12 Looking Ahead: What Are Experts Looking For?18:46 Conclusion and Final ThoughtsThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosuresTariff pause, us tariff pause, The Bid, The Bid Investing podcast, Tariff War, Tariff Relief, Investing Insights, Tariffs and Economy, Tariff, TariffsSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The 90-day pause of tariffs on most countries and exemption of key tech imports suggest the U.S. administration is taking some account of financial risks and costs as well as a country's willingness to engage. It shows there are factors that could put a check on the administration's maximal tariff stance. As a result, late last week we extended our tactical horizon back to six to 12 months to dial up risk. Yet we still think tariffs can hurt growth and lift inflation, and major uncertainty remains.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.

In this the fourth episode of our Innovation in Infrastructure podcast mini-series we are delighted to welcome Hans Kreisel, the CEO of Igneo Swedish portfolio company Nordion Energi. Society is in the midst of a major climate transition where gas and electricity infrastructure will play a key role. There is no shortage of renewable energy. The challenge is to make it available – where it is needed, when it is needed and at a competitive price. To manage the transition, the energy systems for electricity, gas and heat need to be linked together. Nordion Energi believes that innovation, strategic partnerships and taking an active role in societal dialogue can contribute to this change. This episode explores a number of strategic projects the Company is working on across biogas, hydrogen and CCS.********************** Important information This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should consider, with the assistance of a financial advisor, your individual investment needs, objectives and financial situation. We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material and we do not undertake to update it in future if circumstances change. To the extent this material contains any expression of opinion or forward-looking statements, such opinions and statements are based on assumptions, matters and sources believed to be true and reliable at the time of publication only. This material reflects the views of the individual writers only. Those views may change, may not prove to be valid and may not reflect the views of everyone at Igneo Infrastructure Partners or First Sentier Investors. About First Sentier Investors References to ‘we', ‘us' or ‘our' are references to Igneo Infrastructure Partners or First Sentier Investors (as applicable). First Sentier Investors is a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group. Igneo Infrastructure Partners is an unlisted infrastructure asset management business and is part of the First Sentier Investors Group. We communicate and conduct business through different legal entities in different locations. This material is communicated in:[1] Australia and New Zealand by First Sentier Investors (Australia) RE Ltd, authorised and regulated in Australia by the Australian Securities and Investments Commission (AFSL 240550; ABN 13 006 464 428) European Economic Area by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI reg no. C182306; reg office 70 Sir John Rogerson's Quay, Dublin 2, Ireland; reg company no. 629188)Hong Kong by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities & Futures Commission in Hong Kong. First Sentier Investors and Igneo Infrastructure Partners are business names of First Sentier Investors (Hong Kong) Limited. Singapore by First Sentier Investors (Singapore) (reg company no. 196900420D) and this advertisement or material has not been reviewed by the Monetary Authority of Singapore. First Sentier Investors (registration number 53236800B) and Igneo Infrastructure Partners (registration number 53447928J) are business divisions of First Sentier Investors (Singapore).Japan by First Sentier Investors (Japan) Limited, authorised and regulated by the Financial Service Agency (Director of Kanto Local Finance Bureau (Registered Financial Institutions) No.2611)United Kingdom by First Sentier Investors International IM Limited, authorised and regulated by the Financial Conduct Authority (reg. no. SC079063, reg office 23 St Andrew Square, Edinburgh, Scotland, EH2 1BB)United States by First Sentier Investors (US) LLC, authorised and regulated by the Securities Exchange Commission (RIA 801-93167)other jurisdictions, where this document may lawfully be issued, by First Sentier Investors International IM Limited, authorised and regulated in the UK by the Financial Conduct Authority (FCA ref no. 122512; Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC079063).To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. 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The recent tariff announcements by President Trump on April 2nd have sent shockwaves through the global markets, triggering significant market volatility, driven by the uncertainty of these tariffs and their impact on global supply chains, inflation, and economic growth. As markets are grappling with various potential scenarios, how should investors be positioning their portfolios to navigate continued uncertainty? Glenn Purves, Global Head of Macro at the BlackRock Investment Institute and Gargi Pal Chaudhuri, Chief Investment and Portfolio Strategist for the Americas at BlackRock. Glenn and Gargi will help us navigate the current themes driving market dynamics, how these shifts impact supply chains and prices, and how investors can manage volatility and uncertainty in these turbulent times. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosurestariff, tariffs, global markets, inflation, economy, economic growth, blackrock, the bid, finance, finserv, trump, market volatilitySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Wei Li, Global Chief Investment Strategist at BlackRock, explains why we trim our short-term tactical horizon to three months and reduce risk given escalating global trade tensions.General disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast.In the U.S. and Canada, this material is intended for public distribution.In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel:+ 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20- 549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.For Investors in Switzerland: This document is marketing material.In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL's Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdictionIn Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx©2025 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners.BIIM0425U/M-4392697

Dame Julia Hoggett is the CEO of the London Stock Exchange. Julia previously worked at the UK's Financial Conduct Authority as Director of Market Oversight and Head of Wholesale Banking Supervision. In Today's Episode We Discuss: 04:25 How to Become CEO of a National Stock Exchange 05:36 Why The Domestic Economy is F***** Despite the Boom in Financial Services 06:45 How Pension Fund Reform Dmaaged the UK Economy 09:31 Should the UK Copy the Canadian Pension Fund Structure 16:30 Will the Best Companies Like Revolut and Monzo List in London 24:17 Why Are Revolut Wrong to Want to List in the US 27:32 Are Companies Priced Lower in the UK vs US 32:05 Why is Stamp Duty a Perversity We Have to Change 35:46 Why is the Way the UK Thinks About Financial Services So Wrong 40:31 Quick Fire Round: Insights and Reflections  

When people think of how early-stage companies finance their initial growth, venture capital and private equity are often the first things that come to mind, but growth and venture debt have become increasingly prominent in the financial landscape, especially in the wake of the collapse of Silicon Valley Bank. Ross Ahlgren, a portfolio manager in the growth debt team at BlackRock, joins Oscar to help us understand the current themes driving growth and venture debt opportunities, how his team identifies and evaluates emerging trends, and the role of relationships and local presence shaping the future of this market.Go back and listen to episode 120 "Why Are These Events Different to 2008?" where we break down what happened at Silicon Valley Bank in 2023.00:00 Introduction to Venture and Growth Debt01:31 Understanding Venture and Growth Debt02:45 The Role of Venture Debt in Company Expansion04:28 Misconceptions and Risk-Reward in Venture Debt07:13 Impact of Silicon Valley Bank Collapse13:32 Regional Differences in Venture Debt15:01 Investment Opportunities and Risks18:53 Conclusion and Final ThoughtsFollow The Bid on Spotify & Apple Music, and subscribe to us on YouTube. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosuresventure debt, debt financing, growth capital, business growth, financial support, investment capital, the bid, blackrock investment strategies, finance landscapeSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When investors consider how to diversify their investment portfolios, traditional assets like stocks and bonds are often the first things that come to mind. But private markets have become increasingly prominent in the financial landscape. These unique investments can offer diversification benefits that are often insulated from broader economic cycles. So, what's driving this shift towards private market investments and how are these trends reshaping the strategies of investors compared to previous cycles? Paul Braude and Vidy Vairavamurthy, Portfolio managers at BlackRock, join Oscar to help us understand the current themes driving private market opportunities, how they identify and evaluate emerging trends, and how private market investments can complement public market exposures.00:00 Introduction to Diversifying Investment Portfolios00:16 The Rise of Private Markets01:44 Understanding Private Markets and Alternatives03:52 Evolution and Growth of Private Markets07:03 Challenges and Opportunities in Private Markets12:34 Emerging Private Assets16:21 Trends Driving Private Markets19:50 Conclusion and Future OutlookSources: “As companies stay private longer advisors need access to private markets”, Nasdaq, August 2022; BlackRock with data from Prequin as of April 2024; “Expanded DPO” Viewprivate markets, public markets, emerging assets, music royalties, private creditThis content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. In the UK and Non-European Economic Area countries, this is authorised and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorised and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosuresSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Vladimir Putin has allowed a group of western asset managers and hedge funds to offload Russian securities left in limbo by Moscow's invasion of Ukraine, an FT analysis found that US listings often fail to boost companies' valuations, and the Financial Conduct Authority is to ban Crispin Odey from the financial services industry. Plus, tech giant Jack Ma used artificial intelligence to fuel a major turnaround at Alibaba.Mentioned in this podcast:Putin lets western investors sell some Russian shares ahead of Trump talksUS listings often fail to boost European companies' valuationsFCA to ban Crispin Odey from financial services industry How Jack Ma's pivot to AI rehabilitated AlibabaThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.