☕️ Hedge fund power

Good morning.

The FT is reporting billionaire hedge fund manager Scott Bessent, a Trump economic adviser and top fundraiser, is eyeing serious influence over Trump’s economic playbook, quietly positioning himself for the role of Treasury secretary.

Other financial heavyweights lined up for key roles in Trump’s comeback cabinet include fellow billionaire hedge fund boss John Paulson, rivalling Bessent for the treasury post. Senator Marco Rubio is reportedly a contender for secretary of state, and of course, Elon Musk, celebrated by Trump as a “new star,” in his victory speech, is expected to have a prominent but still unspecified role in the new administration.

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Market movers

Sigma shares skyrocketed Thursday after the ACCC approved its $8.8 billion merger with Chemist Warehouse—thanks to hefty undertakings. With the deal now on the clock, investors are clearly buying into Sigma’s prescription for dominance.

The quick sync

• Trump's groundbreaking use of podcasts and X in the US election shook legacy media and showed Australia's future media landscape might change too. (Capital Brief)

• ANU vice-chancellor Genevieve Bell distances herself from her boss, chancellor Julie Bishop's controversial comments as the university faces up to 600 job cuts due to financial mismanagement and a $200m budget blowout. (Capital Brief)

• Kinde's rocky journey from rapid pandemic-era growth to cautious, lean operations reflects founder Ross Chaldecott's shift from expansion-driven hiring to an efficiency-focused strategy ahead of a planned Series A. (Capital Brief)

• Carlyle Q3 profits hit record highs under Harvey Schwartz, signalling a turnaround driven by key asset sales and surging investment activity. (FT)

• Donald Trump's 2025 return to office clouds Europe's IPO outlook amid tariff fears and geopolitical uncertainty. (Bloomberg)

• S&P Global says Trump unlikely to impose full tariff plan, universal 10% tariff may only be a negotiating tactic but could spike US inflation and output loss if enacted. (Reuters)

• Trump plans to let Fed Chair Powell complete his term despite past clashes, says senior adviser. (CNN)

• Parliamentary inquiry proposes capping big four consulting partnerships at 400 and splitting audit and non-audit management, threatening firms' profit models and career pathways. (AFR)

Trading floor

M&A

• Campus Living Villages’ owners are taking their time with an exit, despite the lengthy sale process. (AFR)

• Steadfast Group is acquiring HW Wood and HWI France for £23.5m, with the deal expected to boost earnings. (Capital Brief)

• The ACCC approved Sigma and Chemist Warehouse's $8.8bn merger with conditions to address competition concerns. (Capital Brief)

• FTI Consulting has started the sale process for Mosaic Brands, with bids due by November 15. (The Australian)

• Intelligent Monitoring Group to acquire Dataline Visual Link for $7m, its fourth deal this year. (BNA)

Capital Markets

• Cuscal is moving forward with its $479m IPO after months of pitching, but details on key investors remain unclear. (AFR)

• Mayne Pharma is considering delisting from the ASX amid bidder interest, as most revenue comes from outside Australia. (AFR)

• Nissan will cut 9,000 jobs and reduce production by 20% in a turnaround effort, with CEO Uchida taking a 50% pay cut. (Capital Brief)

• IperionX attracts small-cap fund managers as it scales titanium production and nears S&P/ASX 200 inclusion. (AFR)

• NAB is increasing direct lending to offset margin pressures in its strategic reset. (Capital Brief)

• Trump’s win may boost Australian investment banks, as Wall Street banks anticipate growth from reduced regulation, potentially increasing hiring and deal activity. (The Australian)

• BoE cut rates to 4.75% but expects government spending to keep inflation above target longer. (Capital Brief)

• Following Trump's victory, deal-makers are eyeing the oil and gas sector, anticipating growth from his push for increased production. (The Australian)

• A drop in gold stock prices post-US election may lead Australian miners to reduce the size and price of planned fundraising deals. (The Australian)

VC

• Acta, a talent booking platform for Aussie talent, is finishing its $2m raise with backing from music industry leaders. (AFR)

• Orkestra receives $2.77m from ARENA to accelerate EV charger deployment, backed by AGL, EnergyAustralia, RACV, RAA, and CBRE. (Startup Daily)

• Viewa secures pre-seed funding from Skalata Ventures to expand its AR and 3D e-commerce platform. (BNA)

• Equitise enters voluntary administration after failing to secure a $500k bridging round, with an initial creditor meeting set for November 12. ((Startup Daily)

People moves

• ANU Vice-Chancellor Genevieve Bell disagrees with Chancellor Julie Bishop over job cuts, as financial mismanagement could lead to the loss of 600 staff positions. (Capital Brief)

• Clare Gill, a key architect of the media bargaining code, is leaving Seven West Media to become Pexa Group's head of corporate affairs in February. (Capital Brief)

• Forager Funds' Steve Johnson seeks to spill Bigtincan's board following a major share price drop and failed takeovers. (AFR)

The watercooler