☕️ Jarden’s bait

Good morning.

Another year, another restructure—Jarden’s had more leadership resets than some funds have exits. But this time, the reset comes with a revenue pitch. Aidan Allen is now executive chair, handing the CEO reins to Sarah Rennie and Dan Reynolds as the firm ditches hierarchy for a hardline partnership model.

Managing directors now run on “direct drive”—pull a deal, pocket a third, no politics, no passengers. In Allen’s words: “If they generate as an investment banker, they are going to get economics in their pocket, no bullshit politics.”

It’s a well-timed pitch as Jarden signals a hiring push, dangling sharp economics to lure senior bankers from bigger firms.

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Market movers

Shares in Light & Wonder slid Thursday after the company warned US tariffs would drive up near-term costs, overshadowing steady revenue growth and a reaffirmed 2025 earnings target.

The quick sync

• As Anish Sinha writes, Australia’s election silence on AI reveals a dangerous lack of vision that could leave our economy, startups and workforce trailing global rivals. (Capital Brief)

• StrongRoom AI's administrators push for liquidation amid stalled asset sales, revenue doubts and a $10.4m investor freeze, as a last-minute buyer eyes a potential rescue. (Capital Brief)

• Legal dust settles at Vinyl Group, but staff turmoil and Richard White’s deepening control raise fresh questions about its media empire ambitions. (Capital Brief)

• Shayne Elliott wraps up at ANZ and rules out a boardroom comeback, choosing the gym over the grind after one of banking’s more quietly radical reigns. (Capital Brief)

• CEOs at the Macquarie Conference flagged cautious consumers, Trump-era uncertainty and selective M&A as key themes shaping their next moves. (Capital Brief)

Trading floor

M&A

• BlackRock is acquiring a $25m minority stake in Generation Development Group as part of a strategic alliance to co-develop a new retirement income product. (Capital Brief)

• Alvia Asset Partners has acquired a stake in Australia's largest ice-cream cone manufacturer, Altimate, betting on the growing ice-cream market. (AFR)

• Venn Energy is selling solar and battery assets in NSW and Victoria, with a deal set for June 30, managed by EY Advisory. (AFR)

• Pro Medicus signs $20m Visage imaging deal with University of Iowa Health Care. (Capital Brief)

• Bryan Dorman is selling $108m in Regis Healthcare shares, with Jarden handling the sale. (AFR)

• Macquarie Capital is targeting a 5% stake in Webjet Group, offering nearly 80¢ per share in an after-market deal. (AFR)

• Efex expands its managed IT services with the acquisition of Datcom. (efex)

• Perpetual is relaunching the sale of its $21b wealth management unit, with bids expected between $500m and $700m. (AFR)

• UBS in talks to sell hedge fund unit O’Connor to Cantor Fitzgerald as it trims risk amid Swiss capital rules and Cantor accelerates its equities push. (Bloomberg)

Capital Markets

• Pinnacle boss Ian Macoun defends Metrics Credit Partners and eyes private markets expansion. (Capital Brief)

• ANZ lifts profit to $3.57b, keeps dividend steady on strong lending and deposits. (Capital Brief)

• Prime Value is opening its successful micro-cap fund to retail investors after a decade of managing it for high-net-worth clients. (AFR)

• Orica posts $89m loss on impairments, but lifts dividend and underlying profit. (Capital Brief)

• Atlas Arteria rules out equity raises for acquisitions and focuses on partnerships, working cooperatively with IFM, which may acquire the company in the future. (The Australian)

• Transurban will cut about 300 jobs in a restructure expected to save $50m annually, while reaffirming its distribution and cost guidance for FY25. (Capital Brief)

• ARN Media advances $40m cost cuts as margins and radio outlook improve. (Capital Brief)

• Pollination has scrapped its $150m venture capital fund due to insufficient capital, despite support from Queensland’s Sovereign Wealth Fund. (AFR)

• Neuren's Daybue sales up 11% in US, full-year royalties expected up to $67m. (Capital Brief)

• Peabody pauses $5b fundraising for Anglo American’s Queensland coal mines, citing issues with a fire-damaged mine. (AFR)

• Warner Bros shares jump on talk of a cable TV split, as streaming growth offsets a tough quarter and fuels a push past 150 million subscribers. (Bloomberg)

• Wall Street bonuses are set to fall sharply in 2025 as tariff-driven volatility derails dealmaking and dents pay across banking and finance. (Bloomberg)

• Private equity's restructuring tactics are sidelining smaller lenders, slashing recoveries and redrawing debt-market norms as economic risks mount. (Bloomberg)

• Trump eyes higher taxes for the ultra-wealthy in a surprise twist to his sweeping tax reform push. (Capital Brief)

VC

• Phase One Ventures closes its NZ$2.1m fund, backing 14 startups, with 36% female founders, and many already attracting institutional VC support. (Startup Daily)

• UNSW Founders teams up with Luminary Partners to invest $200k in 18 startups, forming Australia's largest public-private accelerator partnership. (Smart Company)

People moves

• Macquarie Capital reshuffles leadership, appointing David Mustow as deputy to Tim Joyce for Asia Pacific. (AFR)

• Meta reappoints Robert Fergus to lead its FAIR AI lab after his return from DeepMind, tasking him with advancing long-term AI research. (Bloomberg)

The watercooler