Name: 007稅改法對刺激交易需求大有裨益 (007 Tax Reform Act Great for Stimulating Deal Demand)
Uploaded: 2021-01-14T07:21:00.000Z
Duration: 5 min 32 s
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years and we talk about this often is it the hair it is well that's why I'm on

程度副詞

because he wanted someone with less hair than I'm a foil for him for that I just

read a report this week in one of you or not that you have appear in a journalism

but a another news outlet indicating there's about 1.6 three trillion of

capital that's been remediated to private equity in this market so when

you think about that as buying power and you put three four or five times

leverage on that that is a substantial amount of capital that's going to look

for a home and private equity is in the business of doing transactions and

there's some great great stewards of capital so when I think about where the

deals are going to come from yes there will be strategic but by definition

private equity will be a large large component of that and then add on to the

fact that Blackrock potentially will be seeking to raise more than ten billion

to buy and hold stakes and companies I mean that's gonna be part of the story

too how do you look at those kind of headlines well the way we think about

private equity we'd like to think of private equities are as a partner and as

a partner they are as much as a strategic investor as corporates are the

amount of buying power they bring to bear you have to think of them as a key

component just like GE back in the day or Berkshire currently Blackrock you

know and I that one of the headlines I read this morning was Blackrock hoping

to be the next Berkshire everyone wants to be the next Burke right so I'm

regarding right Southbank Softbank vision not talking about vision two

three four so I think the markets moving that way and the the importance and the

scale of that capital cannot be ignored and from a when you talk to CEOs when

you talk to directors did they feel like they're excited to do deals there's a

lot of cash sitting on the sidelines but we are in an era at least this week it

feels like of a little more volatility how aggressive do you think the

conversations are in those boardrooms well so the volatility mentioned I

actually think that we're going to be in a period of slightly more evolve and

we've had I mean look we've been through several years of virtually no volatility

and I think people got complacent as it relates to corporate CEOs boards of

directors I was with a CEO of a tech company

weeks ago in Silicon Valley and they're expecting 50-plus billion dollars to be

returned post the tax reform act and when and when inquiring what they were

going to do I think the answer was ostensibly not certain but I know we're

going to invest it alright so I think the tax reform act is a great thing for

stimulating deal demand but I think people are going to be markedly more

thoughtful they're not going to rush into it I think they're because we're

talking about a large amount of capital Joe tell us about your mission here in

New York I mean as I understand you're coming to UBS was a strategic move on

their part we think often about UBS particularly on wealth management terms

you have some not peers you say you know many peers but you have some competitors

in the investment banking area what's your comparative advantage when

you go in and they and they're already banking with somebody else what's your

pitch what do you say you should come with us well first I say I was on

Bloomberg TV this morning but always do it generally I think there are a couple

of things that when when we I or we'd as a management team to think about what we

bring to bear the fact that we have 2.4 + trillion of assets under management in

our wealth business is a strategic advantage it gives us distribution

muscle I think from a strategic standpoint our access to family offices

and global family offices is unparalleled the reality is most of

these family offices are institutions both because of the size of capital that

they have under management as well as the talent they've hired to oversee and

run these businesses so investment banking is a very very challenging and

competitive environment but I feel very confident that that we will do extremely

well we've got great partners great tools etc you mentioned talent in that

context but talent is something we're hearing a lot about in Investment

Banking right now I would imagine that you are like everybody else or jockeying

for the best up-and-comers but also you know the best veterans of the business

but what's your pitch to people to come work for you well it's funny so I've

been in the in the industry for over 30 years and I think in that 30 or window

I've seen 800 year crises and and during every crisis or every period of

dislocation I always hear the same refrain it's a terrible time to be an

investment banker just terrible that may be true and yet it still seems

to be a career that I provides a great opportunity set and my

pitch to young professionals it's one of the if it's one of if not the only

places where you can come and in your first week on the job you can be sitting

in front of a CEO or a man or woman running a hedge fund with 40 billion of

AUM or someone at Blackstone or Blackrock or a large multinational you

don't get the kind of exposure that we can provide and and I think it's the

industry at large and I think it's just as it's an opportunity for young

professionals to really grow quickly as opposed to with no offense to cubicle

sitting in a cubicle and pounding away at keyboards say it's not bad so quickly

when you wind up looking at the landscape do you have to compete on

salary and compete on fees I mean what is that gonna do for your margins and

investment-banking as you try and compete with the likes of a Goldman and

JP Morgan well competition comes in many forms and it's not just quantitative

it's not just salary it's not just fees on the client side I think you need a

balance you need to provide people a real opportunity to grow and I think we

have that we have a lot of white space on a relative basis we have a real

upside here in terms of capturing market share