NEW YORK, Sept. 29, 2023 /PRNewswire/ — BGC Group, Inc. (Nasdaq: BGC) (“BGC Group” or “BGC” or the “Company”), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending September 30, 2023.
BGC reaffirmed its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the third quarter of 2023. The Company’s outlook was contained in BGC’s financial results press release issued on August 2, 2023, which can be found at http://ir.bgcg.com.
Non-GAAP Financial Measures
The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outstanding following its corporate conversion on July 1, 2023. Although BGC is retaining certain defined terms and references, including references to partnerships or partnership units, for purposes of comparability before and after the corporate conversion, such references may not be applicable following the period ended June 30, 2023.
Additional changes to the Company’s “Calculation of Non-Compensation Adjustments for Adjusted Earnings” and “Calculation of Adjustments for Other (income) losses for Adjusted Earnings” have also been made and will be applicable for reporting periods following the period ended June 30, 2023.
This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP financial measures used by the Company include “Adjusted Earnings before noncontrolling interests and taxes”, which is used interchangeably with “pre-tax Adjusted Earnings”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; “Liquidity”; and “Constant Currency”. The definitions of these terms are below.
Adjusted Earnings Defined
BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interests and taxes” and “Post-tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business.
As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the ordinary results of BGC. Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below.
Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA
Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA
The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity-based compensation and allocations of net income to limited partnership units and FPUs” (or “equity-based compensation” for purposes of defining the Company’s non-GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items:
- Charges related to amortization of RSUs, restricted stock awards, other equity-based awards, and limited partnership units;
- Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by the unit holder upon such exchange. The withholding taxes related to the exchange of certain non-exchangeable units without a capital account into either common shares or units with a capital account may be funded by the redemption of preferred units such as PPSUs;
- Charges with respect to preferred units and RSU tax accounts. Any preferred units and RSU tax accounts would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution or dividend. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted exchangeability or redeemed in connection with the grant of shares of common stock, and RSU tax accounts are granted in connection with the grant of RSUs. The preferred units and RSU tax accounts are granted at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes;
- GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or partnership units with capital accounts in connection with the redemption of non-exchangeable units, including PSUs and LPUs;
- Charges related to grants of equity awards, including common stock or partnership units with capital accounts;
- Allocations of net income to limited partnership units and FPUs. Such allocations represent the pro-rata portion of post-tax GAAP earnings available to such unit holders; and
- Charges related to dividend equivalents earned on RSUs and any preferred returns on RSU tax accounts.
The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes.”
Virtually all of BGC’s key executives and producers have equity or partnership stakes in the Company and its subsidiaries and generally receive deferred equity or limited partnership units as part of their compensation. A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees. The Company issues limited partnership units as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock, to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.
All share equivalents that are part of the Company’s equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of grant.
Compensation charges are also adjusted for certain other cash and non-cash items.
Certain Other Compensation-Related Adjustments for Adjusted Earnings
BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans.
Calculation of Non-Compensation Adjustments for Adjusted Earnings
Adjusted Earnings calculations may also exclude items such as:
- Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions;
- Acquisition related costs;
- Non-cash GAAP asset impairment charges;
- Losses from resolution of litigation, including regulatory matters; and
- Various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for professional fees, exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangible assets created from acquisitions.
Calculation of Adjustments for Other (income) losses for Adjusted Earnings
Adjusted Earnings calculations also exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include:
- Gains or losses on divestitures;
- Fair value adjustment of investments;
- Certain other GAAP items, including gains or losses related to BGC’s investments accounted for under the equity method; and
- Any unusual, non-ordinary, or non-recurring gains or losses.
Methodology for Calculating Adjusted Earnings Taxes
Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted shareholders as pre-tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings.
The Company calculates its tax provision for post-tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period.
To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include charges with respect to equity-based compensation; certain charges related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences, including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; changes in the value of RSUs and/or restricted stock awards between the date of grant and the date the award vests; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements.
After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non-GAAP tax provision. BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings.
Generally, the most significant factor affecting this non-GAAP tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings.
BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC operates principally through subsidiary corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100 percent of earnings were taxed at global corporate rates.
Calculations of Pre- and Post-Tax Adjusted Earnings per Share
BGC’s pre- and post-tax Adjusted Earnings per share calculations assume either that:
- The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive; or
- The fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax, when the impact would be anti-dilutive.
The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors. The declaration, payment, timing, and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors using the fully diluted share count. For more information on any share count adjustments, see the table titled “Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings” in the Company’s most recent financial results press release.
Management Rationale for Using Adjusted Earnings
BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company’s business, to make decisions with respect to the Company’s operations.
The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre- and post-tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results. However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together.
For more information regarding Adjusted Earnings, see the sections of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Adjusted EBITDA Defined
BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the following items:
- Provision (benefit) for income taxes;
- Net income (loss) attributable to noncontrolling interest in subsidiaries;
- Interest expense;
- Fixed asset depreciation and intangible asset amortization;
- Equity-based compensation and allocations of net income to limited partnership units and FPUs;
- Impairment of long-lived assets;
- (Gains) losses on equity method investments; and
- Certain other non-cash GAAP items, such as non-cash charges of amortized rents.
The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations.
Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments.
For more information regarding Adjusted EBITDA, see the section of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Timing of Outlook for Certain GAAP and Non-GAAP Items
BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following:
- Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end;
- Unusual, one-time, non-ordinary, or non-recurring items;
- The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to- market movements and/or hedging. These items are calculated using period-end closing prices;
- Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end; and
- Acquisitions, dispositions and/or resolutions of litigation, which are fluid and unpredictable in nature.
BGC may also use a non-GAAP measure called “liquidity”. The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), financial instruments owned, at fair value, less securities lent out in securities loaned transactions and repurchase agreements (if any). The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice.
For more information regarding Liquidity, see the section of this document and/or in the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.
Constant Currency Defined
BGC generates a significant amount of its revenues in non-U.S. dollar denominated currencies, particularly in the euro and pound sterling. In order to present a better comparison of the Company’s revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year-over-year comparisons on a “Constant Currency” basis. BGC uses a Constant Currency financial metric to provide a better comparison of the Company’s underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods. Since BGC’s consolidated financial statements are presented in U.S. dollars, fluctuations in non-U.S. dollar denominated currencies have an impact on the Company’s GAAP results. The Company’s Constant Currency metric, which is a non-GAAP financial measure, assumes the foreign exchange rates used to determine the Company’s comparative prior period revenues, apply to the current period revenues. Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP Constant Currency revenues over prior period revenues. Non-GAAP Constant Currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using prior period exchange rates. BGC presents certain non-GAAP Constant Currency percentage changes in Constant Currency revenues as a supplementary measure because it facilitates the comparison of the Company’s core operating results. This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP.
About BGC Group, Inc.
BGC Group, Inc. (“BGC”) is a leading global brokerage and financial technology company. BGC, through its affiliates, specializes in the brokerage of a broad range of products, including Fixed Income (Rates and Credit), Foreign Exchange, Equities, Energy and Commodities, Shipping, and Futures. BGC, through its affiliates, also provides a broad range of services, including: trade execution, brokerage, clearing, trade compression, post-trade, information, and other back-office services to a broad range of financial and non-financial institutions. Through its brands, including Fenics®, FMX™, FMX Futures Exchange™, Fenics Markets Xchange™, Fenics Digital™, Fenics UST™, Fenics FX™, Fenics Repo™, Fenics Direct™, Fenics MID™, Fenics Market Data™, Fenics GO™, Fenics PortfolioMatch™, BGC®, BGC Trader™, kACE2™, and Lucera®, BGC offers financial technology solutions, market data, and analytics across a broad range of financial instruments and markets. BGC, BGC Group, BGC Partners, BGC Trader, GFI, GFI Ginga, CreditMatch, Fenics, Fenics.com, FMX, Sunrise Brokers, Poten & Partners, RP Martin, kACE2, Capitalab, Swaptioniser, CBID, Caventor, LumeMarkets and Lucera are trademarks/service marks and/or registered trademarks/service marks of BGC and/or its affiliates.
BGC’s customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. BGC’s Class A common stock trades on the Nasdaq Global Select Market under the ticker symbol “BGC”. BGC is led by Chairman of the Board and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcg.com. You can also follow BGC at https://twitter.com/bgcgroupinc, https://www.linkedin.com/company/bgc_group and/or http://ir.bgcg.com.
Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission (“SEC”) filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Amerocap preparing substantial investments in magnesium and critical mineral development in the US and Europe
LONDON, Nov. 28, 2023 /PRNewswire/ — Amerocap, a US-UK private equity investor focused on energy and minerals globally, will ramp up its investments into critical minerals in 2024. Amerocap’s critical minerals platform is Verde Magnesium LLC which is investing across the metallic magnesium value chain: R&D, mining, processing, and metallic production. Verde Magnesium, with its world-class project team is developing a portfolio of projects in North America, Europe and Asia, with a goal of reaching FID on at least 2 fully integrated projects in the next two years. Our flagship magnesium project in Romania has an accelerated investment program for 2024-2026 and was included in the investment pipeline of EU’s European Raw Materials Alliance (ERMA). The project has commercial partnerships with global automotive and aluminum industrial groups with combined revenues of over $500 billion. Verde Magnesium is reviewing up to $3 billion of investments and up to 200 kt per year of metallic magnesium capacity globally.
Bernd Martens, Chairman of Verde Magnesium and former Board Member and Head of Procurement for Audi AG, mentions that “China is producing the vast majority of many critical minerals required for the net zero transition. Compounding this supply concentration is China’s own surge in domestic demand of such minerals, which will reduce China’s essential net exports. Only a few decades ago, Western economies were the largest producers of metals in the world; but today that capacity, know-how and political will for mining and processing is gone. Verde Magnesium is a future catalyst of an industrial redevelopment that will offer reliable and sustainable supply and technological know-how for the EU and the US”.
Amerocap is well positioned to support this development, having successfully built multiple investment platforms in energy production and infrastructure, from the UK North Sea, where over $1.5 billion in transactions were completed, to Amerocap’s latest platform in Samos Energy, which aims to deploy over $1 billion in energy investments in Asia and Africa. Samos completed its first investment in July, acquiring the floating energy infrastructure business of BlackRock and Petrofac, whose portfolio covers Vietnam, Thailand and Malaysia and is seeking further growth in infrastructure, with the highest HSE standards.
Abu Dhabi’s Rapidly Changing Investment Landscape Debated at the Second Edition of “Asset Abu Dhabi” Hosted at ADFW 2023
- Ray Dalio took the stage at Asset Abu Dhabi and praised the Falcon Economies of the GCC region as ‘Renaissance States’.
- Ahead of COP28, during the special session of ‘The rise of the falcon economy’, notable economic leaders like Dr. Nasser Saidi called for the establishment of a ‘climate bank’.
- Fadi Ghandour, Executive Chairman of Wamda Capital emphasised increasing regional capital deployment by SWFs into major infrastructure and tech projects
ABU DHABI, United Arab Emirates, Nov. 28, 2023 /PRNewswire/ — Abu Dhabi Finance Week (ADFW) presented by Abu Dhabi Global Market (ADGM) progressed into its next key conference today, conducting the 2023 edition of Asset Abu Dhabi. The event hosted a selective group of investment market leadership, who gathered at ADFW to analyse the evolving investment strategies of hedge funds, private equity houses, venture capital giants and family offices across the global markets, explore returns from evolving asset classes and investment frontiers, responses to inflationary pressures, and observe on the future and prospects of regional and global economies amid the current transition era.
Asset Abu Dhabi 2023 organised with theme partners, Mubadala and BTG Pactual, showcased a line-up of some of the strongest global private market leaders, hosting thousands of senior investors from 100+ countries, from the investment and financial industry who collectively manage more than USD 30 trillion of assets. The list of top financial investment institutions that attended the conference included top names such as Morgan Stanley, BNY Mellon, Goldman Sachs, Brevan Howard and Franklin Templeton amongst others.
Asset Abu Dhabi started with a special opening session led by Ruchir Sharma, the Chairman of Rockefeller International, who presented his analysis of key political, economic, technological and social signals that shape a nation’s future. Diving into the principle of wealth management, Jenny Johnson the President and CEO of Franklin Templeton spoke insightfully on the utility of technology to rising asset classes, sustainable investing, and interpreting changing global markets.
The rise of the Falcon Economy remains a major focus of Asset Abu Dhabi and ADFW to explore the drivers of the ongoing growth of the UAE and other regional economies and shed light on government plans, policies and efforts to realize long-term economic visions.
Other key sessions included a unique conversation on ‘The Keys to Managing Money & Risk’ between George Osborne the former UK Chancellor and Alan Howard the founder of Brevan Howard, and a special roundtable focused on ‘Forecast to 2030’ with the Chairman of Hong Kong Exchanges & Clearing and C-suites of Goldman Sachs, Circle and Tikehau Capital.
Salem Mohammed Al Darei, CEO of ADGM Authority said, “With ADGM as a home to a global collection of asset managers, Abu Dhabi Finance Week continues to be a pivotal platform for them through Asset Abu Dhabi to share insights and chart the course for the ever-evolving world of investment. The 2023 edition of Asset Abu Dhabi not only offers a unique opportunity to analyse the rapidly shifting investment landscape but also showcases the next era of digital assets and provides invaluable guidance on the prospects of regional and global economies within the transition era. With a stellar lineup of global private market leaders and senior investors representing a staggering USD 30 trillion in assets under management, Asset Abu Dhabi exemplifies ADGM’s commitment to fostering collaboration and innovation in the financial industry.”
Abu Dhabi has become a destination of choice for global asset and fund management entities as the numbers have been growing drastically in the past few years while ADGM is also experiencing remarkable growth in the asset management sector reflecting 52% growth in Q3, compared to the same period last year.
The conference hosted two other events. The International Family Office Congress 2023 was organised in partnership with the Abu Dhabi Chamber, Abu Dhabi IPO Fund and Emirates Family Office Association, in addition to the Turnaround, Restructuring & Insolvency (T.R.I.) Forum 2023.
Exicom, India’s EV Charger Leader, expands into the UK Market, introduces a range of EV Chargers to accelerate EV Adoption
- Exicom, with the largest market share in India and a robust presence in Southeast Asia and the Middle East, now expands into the UK market
- Introduces a range of powerful, scalable and user-friendly DC Fast Chargers at the London EV
- Introduces a compact and easy-to-use range of SPIN EV chargers for home charging application
- Having a strong foothold in India, Southeast Asia, and the Middle East with supply of thousands of charges every month
LONDON, Nov. 28, 2023 /PRNewswire/ — Exicom, India’s largest EV charger manufacturer and a trusted partner for global automobile leaders, charge point operators and other ecosystem players has announced its strategic entry into the UK and Europe market. The company plans to strengthen its distribution channel and will be providing EV chargers through direct sales channels too.
As part of its global expansion strategy, Exicom has identified Europe as a key market for its cutting-edge home charging and business solutions. Celebrating this milestone, Exicom unveiled its first-of-its-kind EV charging product, Harmony Direct DC 360 Fast Charger at the London EV Show, designed especially for the European market. It is crafted to meet the requirements of today’s EV drivers and is aimed at aiding charge point operators in the installation of fast-charging stations. Setting the benchmark with up to 360kW of power and a modular design, it promises the quickest charging experience in the market for upcoming electric vehicles. Its ergonomic cable management maintains station tidiness, while the new sleek design, easy-to-use display terminal and innovative lighting system elevate overall user experience. These DC chargers are suitable for installation at fueling stations, retail locations, highways and commercial premises to charge electric fleets.
Exicom is also thrilled to unveil its latest breakthrough – the ‘Spin Air’ EV AC Charger, marking a significant milestone in home electric vehicle charging. Spin Air seamlessly integrates state-of-the-art technology, user-friendly features, and elegant design. Beyond its visual appeal, Spin Air exemplifies intelligence in charging methodology. Solar compatibility allows users to harness renewable energy, while load balancing and power sharing ensure optimal energy distribution within the home environment. Additionally, it’s seamless integration with Exicom’s Spin Control mobile app empowers users to remotely monitor, schedule, and receive real-time updates on their charging sessions. By blending convenience with control, effortless management is now just a tap away.
Originating from India, a worldwide centre for technological excellence, Exicom has led the way in providing crucial power and EV charging solutions in over 15 countries across the globe. Exicom chargers power electric drives across the entirety of India, enduring extreme weather and electrical conditions and now have a robust presence in Malaysia, Indonesia, Singapore, and the Middle East showcasing its prowess in the EV Industry. As it enters the UK market through the London EV Show 2023, Exicom’s primary aim is to simplify EV charging, guaranteeing its reliability and future adaptability, aligning with the UK Government’s vision of achieving zero-emission vehicles by 2035. With a wealth of over two decade’s experience, Exicom has secured the trust of the world’s largest automotive firms, thanks to its dedication to cutting-edge technology, punctual deliveries, and continuous round-the-clock customer support.
“With many governments and especially UK favouring faster adoption of electric mobility, the demand for innovative home charging solutions and fast charging stations is higher than ever. We are thrilled to introduce our new range of Harmony DC chargers which fit variety of use cases and are convenient to operate. Our SPIN Home chargers are compact, connected and compliant with UK smart charging regulations. With the expansion of our operations in Europe, we hope to play a key role in enabling low carbon society in these markets – said, Anant Nahata, CEO, Exicom.
Exicom is driven by a customer-first approach, with its differentiation being products developed based on design, form factor, and unique features, relying on innovation and R&D activities. Exicom’s global operations are supported by three state-of-the-art manufacturing units and two R&D centres in India. Following this approach for the European market, Exicom seeks to build a local sales, service and application engineering team to fulfil customer demands.
To explore more on Exicom’s EV charging technology, visit – www.exicom-ps.com
Exicom entered the EV charging market in 2018 and offers full range of smart AC and DC fast charging solutions for passenger cars, and heavy-duty vehicles. It has sold more than 50K home chargers and 3000+ fast chargers in India and overseas markets.
Incorporated in 1994, Exicom is an India headquartered power management solutions provider operating under two business verticals. The first involves EV Charger solutions which offers smart charging solutions for home and businesses. The second vertical focuses on critical power solutions business, wherein the company services critical digital infrastructure by delivering overall energy management via its range of power and energy solutions.
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