Apr 21, 2017

Another buyout firm gets bought

British investment management company Schroders PLC has agreed to acquire Swiss private equity firm Adveq Management, which has around $7 billion in assets under management, for an undisclosed amount.

Market maker: Private equity has been one of the few missing strategies at Schroders, a FTSE 100 firm with a whopping $465 billion in AUM. So this helps it fill out the asset cupboard, while also helping Adveq expand well beyond its mostly Swiss and German client base (Adveq is expected to keep its entire team and global investment strategy).

Broader context: There is an accelerating trend of private equity firms becoming acquisition targets themselves, either for total control of minority stakes.

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Joe Biden places second in Nevada caucuses, ahead of Pete Buttigieg

Democratic presidential candidate and former Vice President Joe Biden a Nevada Caucus watch party in Las Vegas on Saturday. Photo: Ronda Churchill/AFP via Getty Images

Former Vice President Joe Biden secured second place in the Nevada Democratic caucuses with former Southbend Mayor Pete Buttigieg third, according to NBC News projections Sunday.

Why it matters: It's a boost for Biden, who's widely tipped to be endorsed by House Majority Whip Jim Clyburn (D-S.C.) on Wednesday, ahead of this week's South Carolina primary.

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Sanders reveals free childcare plan for preschoolers

Democratic presidential candidate Sen. Bernie Sanders speaks during a campaign rally on Saturday in El Paso, Texas. Photo: Cengiz Yar/Getty Images

Democratic presidential candidate Sen. Bernie Sanders announced on CBS' "60 Minutes" Sunday a new plan to guarantee free child care and pre-kindergarten to all American children from infancy to age four.

Details: In the wide-ranging interview, Sanders told Anderson Cooper he planned to pay for universal childcare with a wealth tax. "It's taxes on billionaires," he said.

Exclusive: Trump's "Deep State" hit list

Illustration: Aïda Amer/Axios. Photos: WPA Pool/Getty Pool, Drew Angerer/Getty Staff

The Trump White House and its allies, over the past 18 months, assembled detailed lists of disloyal government officials to oust — and trusted pro-Trump people to replace them — according to more than a dozen sources familiar with the effort who spoke to Axios.

Driving the news: By the time President Trump instructed his 29-year-old former body man and new head of presidential personnel to rid his government of anti-Trump officials, he'd gathered reams of material to support his suspicions.