☕ IB revenue falls

Good morning. Most US investment banks have reported Q1'23 earnings and no surprises to see IB revenues sharply lower. Morgan Stanley will report tonight, but otherwise IB revenues dropped between 19-47% YoY. (Link to the summary in the Quick Sync)

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market news: Pharma company Telix registered its first $100m revenue quarter as sales for its cancer treatments grew 27% in the US.

The company has been a 7-bagger over the last 3 years and closed at an all-time high yesterday — making the CEO's shareholding worth about $200m.

THE QUICK SYNC

• Investment banking: A summary of Q1'23 IB revenue by firm. (LOI)

• One Tesla deal propels little-known family to $1.2 billion fortune. (SMH)

• CBA faces massive fines after admitting to knowingly underpaying staff. (AFR)

• Consulting giants McKinsey and Bain are delaying start dates for new M.B.A. hires. (WSJ)

• China’s economy grew 4.5% in the first quarter, the fastest pace in a year. (CNBC)

• Shaq is finally served in FTX investor suit after months of hiding, lawyers say. (CNN)

• Long Read: The Myth of the Broke Millennial. (Atlantic)

TRADING FLOOR

M&A:

• OZ Minerals managing director Andrew Cole will not be joining BHP after the $9.6bn takeover. (AFR)

• Platinum Equity has acquired Jeld-Wen's ANZ business for $688m. (AFR | The Australian)

• ACCC weighs risk of ANZ-Suncorp deal with the risk of potential collusion. (AFR)

• KordaMentha is in the final throes of a process to sell 1800+ trucks and trailers in the liquidation process for Scott’s Refrigerated Logistics. (AFR)

• Malaysia's Tenaga Nasional leads the Spark Renewables auction with Macquarie and French utility group ENGIE also in the mix. (AFR)

• Credit Suisse finalises Enel sale to Inpex and shops Hoyts in its final days. (The Australian)

• Pepper Money is speculated to be moving to sell its prime mortgage business after it flagged a retreat from the lending space. (The Australian)

• CSR could be increasingly attractive to a suitor following the sale of Jeld-Wen. (The Australian)

• Rugby Australia is looking to raise up to $250m in outside capital from private equity. (AFR)

Capital Markets:

• Helloworld is not ready to sell its 2.4% CTM stake just yet. (The Australian)

• Pengana Capital and Washington H. Soul Pattinson is understood to be jointly launching a global private credit offering. (AFR)

Latin Resource

VC:

• CommandPost, a crisis management startup, has raised $200k in Seed funding from Skalata. (StartupDaily)

• Propeller, a drone mapping analytics startup, raised US$15.35m (A$22.8m) in a round led by Blackbird and Costanoa Partners. (StartupDaily)

Others:

• Azure Capital hires Gresham's Ben Sloman and moves Adrian Arundell to Sydney. (AFR)

• Pacific Equity Partners’ push into high-net-worth investor segment via a fund-of-funds offerings. (AFR)

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