☕️ Seeking alpha

Good morning.

Macquarie’s pulled the pin on its public markets push in the US and Europe, offloading $285 billion in assets to Nomura for $2.8 billion. As Capital Brief’s Andrew Cornell points out, it effectively unwinds the Delaware (2009) and Waddell (2020) buys— arguably CEO Shemara Wikramanayake’s own legacy deals— at what appears to be a loss on paper but which Macquarie has told analysts will deliver a small profit ($300 million by some estimates). No ASX release. Not material. Just $1 billion freed up through a quiet exit from a scale game they were never going to win.

Nomura locks in a US launchpad. Macquarie gets focus, pivoting away from the increasingly commoditised game of equities and bonds—where passive giants like BlackRock dominate—and doubling down on its core competitive edge: private markets. Infrastructure, private credit and alternatives are where the real alpha lives.

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Market movers

Commonwealth Bank shrugged off Tuesday's Wall Street chaos to notch a record high, propping up the ASX, even as most sectors sank.

The quick sync

• Debt tied to StrongRoom AI has been transferred to a pharmacy-linked firm, signalling a potential sale as administrators near a decision. (Capital Brief)

• Despite US tariffs hitting Aussie exports, Australia’s truffle industry remains untouched, buoyed by timing, scarcity and high-end demand. (Capital Brief)

• Optus is betting on AI partnerships with Google and Anthropic to lift productivity, cut costs and rebuild trust after a series of reputational blows. (Capital Brief)

• Tesla's quarterly profit plunged 71% as political backlash and trade tariffs battered global sales, forcing the company to rethink its 2025 growth plans. (WSJ)(Bloomberg)

• Once a bet on US dominance, the ‘Trump trade’ has flipped into a global ‘sell America’ move as markets recoil from his economic agenda. (Bloomberg)

Trading floor

M&A

• Selfwealth shareholders approve Syfe Group’s Svava acquisition, with delisting planned for May after Federal Court approval. (Capital Brief)

• Fonterra's sale of its consumer business faces a setback as Bega Cheese, a potential buyer, is excluded due to a legal dispute with the seller. (AFR)

• Northern Star’s $5b De Grey takeover gains court approval, with shares to be suspended post-court orders (Capital Brief)

• Boeing sells its Digital Aviation Solutions, including Jeppesen and ForeFlight, to Thoma Bravo for US$10.55b to streamline operations and strengthen its balance sheet. (Capital Brief)

• Domain shares are trading below CoStar’s $2.8b offer, but optimism is rising that the deal will go through. (The Australian)

• Summerland Bank and Regional Australia Bank boards have endorsed the proposed merger after due diligence highlighted key benefits and synergies for members. (Summerland Bank)

• Iress has entered into a binding agreement to sell its QuantHouse business to BAHA Tech Holding AG $31.4m as part of its strategic transformation. (ASX)

• Prime Financial Group has agreed to acquire Lincoln Indicators for up to $17.9m. (ASX)

• King & Wood Mallesons is reconsidering its global leadership structure and may eliminate the role of global chief executive. (AFR)

• Santos received final regulatory approval for its $5.8b Barossa gas project in the Timor Sea, clearing the way for production to begin in the third quarter of 2025, despite sustained opposition from environmental groups over its high carbon emissions. (AFR)

• APRA scrubs Macquarie link from exec Jane Magill’s bio as UK scandal exposes risk team’s blind spot under her watch. (AFR)

• Pope Francis preached modesty, but Andrew Forrest and Basil Zempilas marked his death with self-serving tributes that say more about them than him. (AFR)

• Strategists warn investor exodus from US assets could last years if Donald Trump persists with its trade policy. (Bloomberg)

• Putin's dramatic portrait gift of a bloodied Trump, unveiled by CNN, signals a bold new phase in US-Russia optics. (CNN)

• Japanese investors dumped US$20b in foreign bonds as Trump’s tariffs roiled Wall Street, triggering one of the largest sell-offs since 2005. (FT)

• US finalises steep tariffs on Southeast Asian solar panels, escalating trade tensions and reshaping global supply chains ahead of a key June ruling on industry harm. (Reuters)

• After two decades of dominance, Peter V'landys is under siege—from boardrooms to parliament, the knives are out. (AFR)

Capital Markets

• Bellevue Gold ends $110.8m in hedge contracts to lift cash flow; shifts to spot sales through 2025 after $156.5m raise. (Capital Brief)

• Epiminder, backed by Cochlear, aims for an Australian IPO in 2025 after receiving FDA approval for its Minder device, designed to detect seizures in epilepsy patients. (AFR)

• Gold prices have hit a record high above US$3,400 per ounce amid US-China trade tensions, weaker dollar, and safe-haven demand. (Capital Brief)

• DroneShield more than doubled its Q1 revenue to $33.5m, driven by strong growth and military contracts, and is eyeing strategic acquisitions. (Capital Brief)

• Luna Partners, led by Ed Caser, is tapping into demand for private equity by launching a tech platform to connect investors with blue-chip opportunities. (AFR)

• Citi has upgraded AMP to 'buy' due to improving superannuation outflows, despite legal risks and a lower price target. (Capital Brief)

• Yancoal’s Q1 production and sales fell due to weak demand, but the company expects coal prices to recover as higher-cost producers cut output. (Capital Brief)

• Zenith Energy is forecast to earn $270m, reflecting strong growth driven by decarbonisation needs in mining. (AFR)

• Iluka Resources and RareX have partnered to develop a rare earths project in Kenya, with potential supply to Iluka’s WA refinery. (Capital Brief)

• Vault Minerals is considering a share buyback to return capital to investors, with management working with brokers from Canaccord on the move. (The Australian)

• ASX steadies after early drop, with banks and soaring gold miners offsetting losses in tech and energy, amid Wall Street turmoil from Trump-Fed tensions. (Capital Brief)

• JLL is shutting down its debt advisory division in Australia and New Zealand, moving services to Singapore. (AFR)

• Goldman Sachs Australia saw a drop in net profit to $4.4m, despite a strong year in M&A advisory, due to higher staff costs and a $3.4m impairment. (The Australian)

• The IMF has downgraded global growth forecasts due to US tariffs, warning that their impact on supply chains could lead to economic upheaval, lower productivity, and reduced innovation. (Capital Brief)

• OneVentures is preparing to launch a new healthcare-focused fund despite challenges with its existing Fund III, which has seen significant losses. (AFR)

• US stocks rebounded 2% despite tariff concerns, driven by gains in tech stocks and strong earnings from 3M, even as the tariff impact led to profit warnings from companies. (Capital Brief)

• US Treasury Secretary Scott Bessent calls the US-China tariff standoff "unsustainable" and anticipates a possible deal, with negotiations yet to start. (Capital Brief)

• Catch has reversed its gift card expiry policy and will refund outstanding balances after it ceases trading on April 30. (Smart Company)

• Instagram has launched Edits, a free video-editing app aimed at luring TikTok creators. (Bloomberg)

VC

• The South Australian Sportstech Export Capability Program, a partnership with the state government and ASTN, will help 10 startups enter the $500b US sports sector. (Startup Daily)

• Cleaning products startup Zero Co, backed by Square Peg, is shutting down due to an inability to reach profitability despite raising significant funding. (Startup Daily)

• Superpower, a healthtech start-up backed by US$30m in fresh funding, is betting big on its AI-driven health super-app as it eyes global expansion. (Capital Brief)(AFR)

People moves

• None

The watercooler