☕️ MD limbo

Good morning.

What's in a name? Well, according to PwC, it’s a way to keep top talent dangling without actually giving them a seat at the partner table.

The FT reports the firm has rolled out a shiny new “managing director” title for senior staff in the UK who will never quite meet the partnership bar.

While these MDs get to enjoy higher salaries, their hopes of cashing in on the £1 million-a-year ($1.94 million) partner payout are officially dashed. PwC’s latest move juggles workforce retention without trimming partner profits—a balancing act its Big Four rivals, like Deloitte and EY, are watching closely.

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Market movers

Flight Centre Travel Group slumped 20.44% on Friday, capping a brutal day for travel stocks as Corporate Travel and Web Travel Group also dived.

Investors dumped FLT after a weaker-than-expected trading update hinted at a potential FY2025 downgrade.

The quick sync

• ANZ's 1835i to ramp up investments post-fintech winter, CEO signals big moves ahead. (Capital Brief)

• WiseTech probes CEO Richard White over millions paid to ex-lover amid new claims of inappropriate approaches to female entrepreneurs. (AFR)

• MinRes boss Chris Ellison admits offshore tax evasion scheme after self-reporting millions to ATO for lenient penalty. (Capital Brief)

• Microsoft’s ANZ legal boss urges Australian companies to follow EU AI laws as government readies local framework. (Capital Brief)

• KKR-backed Colonial First State is hunting for sub-scale superannuation funds to expand through acquisitions. (AFR)

• Tech Council CEO Damian Kassabgi calls superannuation funds to invest in Australia's emerging tech sector. (The Australian)

• Asia gears up for its biggest IPO wave since 2022, possibly raising US$8.3b ($12.37 b) across 20 listings as markets prepare for the US election. (Bloomberg)

• Recruitment firm Odin Partners accused of tricking Wall Street traders with fake IDs and job offers to steal confidential data. (Bloomberg)

Trading floor

M&A

• North Queensland Airports' owners launch a $3bn auction, the first full sale of a major private airport asset in 15 years. (AFR)

• The Shahin family is exploring investor interest in Adelaide properties following their $1.2bn sale of OTR to Viva Energy, keeping key sites under long-term leases. (The Australian)

•  TPG's $4bn Novotech sale enters management meetings with potential acquirers, including a sovereign wealth fund, in late October. (AFR)

• The Vestey family is selling Adelaide Hills winery The Lane for around $20m, exiting their Australian investment. (The Australian)

• ANZ's venture arm 1835i will ramp up investments after focusing on its portfolio for the past two years. (Capital Brief)

Capital Markets

• Telix Pharmaceuticals files to list on Nasdaq to attract global investors and simplify share access for US employees. (Capital Brief)

• Campana delays $400m+ ASX listing to 2025, increasing IPO size due to recent growth. (AFR)

• Cuscal sets IPO pricing at $2.50 per share to raise $338m, valuing the company at $479.1m. (AFR)

• Interest rate cuts and improved conditions are expected to boost IPO activity next year, with recent successful IPOs like Guzman y Gomez enhancing market confidence. (The Australian)

• AMP will launch a business bank next year targeting start-ups and small businesses, aiming to grow beyond its mortgage lending. (AFR)

VC

• Swoop Aero has entered administration after raising $26m, citing investor pressure, and is now searching for new investors or a buyer. (Startup Daily)

People moves

• Rest appoints Simon Esposito and Kiran Singh as interim co-CIOs after Andrew Lill's departure, with a permanent search in progress. (Capital Brief)

• Ex-Openmarkets CEO Ivan Tchourilov is plotting a comeback, potentially targeting Sequoia’s Corporate Connect. (AFR)

The watercooler