☕️Olympic effort

Good morning.

Grant Hackett’s competitive spirit was on full display during Generation Development Group’s Tuesday call with investors to discuss the investment firm's $320 million acquisition of industry peer Evidentia Group. The Olympic-swimmer-turned-CEO admitted that “It's a lot of fun being a part of a winning team. I've been on [the] winning and losing team. I know which one I prefer to be on.”

The deal will see GDG become the largest managed account player on the market with around $25 billion in funds under management, reports Capital Brief. Since the deal and its associated capital raise was announced to market, GDG’s share price has jumped close to 9% and over the last 12 months has surged 171.7%.

 “We're a very, very competitive bunch of goal oriented [people],” Hackett added, (superfluously, perhaps).

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Market movers

Challenger shares plunged almost 9% Tuesday after first-half result disappointed with weaker-than-expected insurance margins that overshadowed a 28% profit jump.

The quick sync

• Australia plans tech levy despite Trump trade retaliation fears. (Capital Brief)

• The Federal Court ordered Meta to provide internal documents detailing its views on competitors like TikTok and X as part of Dialogue Consulting’s long-running lawsuit over alleged anti-competitive conduct. (Capital Brief)

• The US Fed’s Michael Barr warns that AI-driven market manipulation and risk concentration could spark asset bubbles, crashes and economic inequality. (Bloomberg)

• Zeller is launching a digital banking platform tailored for Australian startups, aiming to tackle frustrations with traditional banks through flexible accounts and integrated financial tools. (Capital Brief)

• The RBA warns US-China tariffs pose global risks but says Australia’s economy would take only a minor hit, thanks to a falling dollar offsetting trade shocks. (Capital Brief)

Trading floor

M&A

• Reliance Worldwide’s profit jumped 33% due to the Holman acquisition and U.S. sales growth. (Capital Brief)

• Westgold Resources sells Lakewood Mill after $2.5b Karora Resources merger. (AFR)

• KKR is considering tax-efficient ways to acquire Perpetual, with multiple proposals in play. (The Australian)

• Anglo American sells nickel business for US$500m amid restructuring post-BHP bid. (FT)

• Nick Andrianakos buys $385m Northland mall stake. (AFR)

• KKR buys a $95m stake in Employment Hero from Seek Investments. (Capital Brief)

• Bupa is reportedly interested in operating about half of Healthscope’s hospitals as part of a takeover bid led by HMC Capital. (The Australian)

• Heathrow slot manager wins Sydney Airport control. (AFR)

• Dexus pitches Australia as safe haven and plans a $2b asset sale. (Reuters)

• Fortitude Investment Partners is in talks to buy an SMSF auditing business for $31.2m. (AFR)

• Fonterra begins $2b asset sale, weighing IPO options. (The Australian)

• Merchantwise acquires The Social CliQ and The Content CliQ to expand in social media marketing. (LinkedIn)

• ACCC plans to approve Virgin-Qatar alliance despite job concerns. (Capital Brief)

• Honda may reopen Nissan merger talks if CEO Uchida exits. (FT)

• Woodside eyes stake sales in Louisiana LNG, talks with Tokyo Gas, JERA, and MidOcean. (Reuters)

Capital Markets

• Treasurer Jim Chalmers calls the RBA's 25-basis-point cash rate cut a sign of economic stability and easing inflation. (Capital Brief)

• Adriatic Metals is raising $80m to fund capital expenditure for expanding its Vares mine processing plant. (AFR)

• Australian pensions boost local bond investments as trade-war hedge. (Bloomberg)

• Samsung cancels $3.3b in shares and appoints new board members. (Capital Brief)

• Labor delays Woodside’s North West Shelf gas extension decision. (AFR)

• Private equity favors B2B and B2G deals as consumer finance struggles, seen in Resimac’s profit drop. (The Australian)

• Tiger Brokers is embedding DeepSeek’s breakthrough model as China’s financial giants scramble to harness the AI firm’s power and redefine the industry. (Reuters)

• Crypto custody giant BitGo expands into global OTC trading, offering spot, options and lending services as it eyes an IPO amid rising institutional demand. (Bloomberg)

• Vanguard’s ultra-low-cost VOO ETF has dethroned State Street’s SPY, fuelled by low fees and surging retail investor demand.(FT)

VC

• Bailador invests in AI real estate startup PropHero, now valued at $100m. (AFR)

• Former Sweat exec Josh Volk raised $600k pre-Seed to launch ParkBooker.com backed by Rising Tide Investment and angel investors. (Startup Daily)

• Kiwi edtech startup Polymath raised NZ$1.5m pre-Seed to gamify maths learning for kids, with backing from Blackbird NZ and GD1. (Startup Daily)

• Pacific Equity Partners invests $100m in reverse mortgage startup Inviva. (AFR)

• Former OpenAI CTO Mira Murati launches AI startup Thinking Machines Lab to make AI more accessible and understandable. (FT)

People moves

• Bapcor CFO George Saoud resigns after a year to pursue another opportunity. (Capital Brief)

• Blackwattle recruits ex-Pendal manager Noel Webster from retirement to join its investment council. (AFR)

• Business groups oppose ASX diversity reporting rules, likely stalling reforms. (Capital Brief)

• MA Moelis strengthens its energy practice by hiring RBC’s renewables head Kara Price. (AFR)

• Saudi Arabia’s PIF is demanding the eviction of René Benko’s family from their Innsbruck mansion as it seeks to recover losses from the collapse of his debt-ridden Signa empire. (FT)

• Ford is slashing bonuses for thousands of middle managers in a cost-cutting push as profits tumble and its EV losses pile up. (Bloomberg)

The watercooler