management

Blow for Eamonn Holmes, 65, as romance with girlfriend, 43, ‘comes under strain’ and he splits from management company

EAMONN Holmes has been dealt a double blow as he deals with ‘relationship issues’ and a split from his management company.

In September, we revealed the veteran broadcaster, 65, had been lavishing expensive gifts on his younger girlfriend Katie Alexander, 43, amid a strained spell.

Eamonn Holmes and new partner Katie Alexander, 43, are said to be ‘under strain’Credit: Simon Jones
The couple went public with their romance last yearCredit: instagram/@katster32

And it appears things are still rocky, with a source telling the Mail that they’re spending an increasing amount of time apart.

The insider said: “He’s grumpier than ever and his health problems really aren’t helping, but instead of moving closer to Katie and settling, he’s spending more time with his family in Belfast, often without her.”

The couple, who first began speaking as friends on social media platform X in 2015, became romantic last year – just months after Eamonn’s split from wife Ruth Langsford was made public.

To make matters worse, Eamonn is no longer represented by InterTalent Rights Group and his manager Jonathan Shalit, who has overseen his career since 2022.

READ MORE ON EAMONN HOLMES

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Eamonn Holmes embarks on money-spinning tour to rake in cash amid divorce

Prior to that, Eamonn had enjoyed a fruitful relationship with YMU, who continue to represent his ex-wife Ruth Langsford.

Relations between Eamonn and YMU soured in 2021 when the GBNews star allegedly felt his telly rival Phillip Schofield was receiving preferential treatment.

This was prior to Schofield being axed from ITV for lying about a relationship with a younger male member of staff.

At the time, Eamonn was livid that he and Ruth had been let go from their Friday slot on the show after 14 years of service. They were replaced by Alison Hammond and Dermot O’Leary.

Now, Eamonn has lost another longstanding gig.

Virgin radio host Ryan Tubridy has replaced him as host of The Irish Post Awards in London – a role Eamonn has held since 2013.

A difficult performance last year, in which Eamonn struggled with mobility issues amid chronic health problems, reportedly prompted bosses to look for an alternative.

A source said: “The truth is that Eamonn is an Irish legend but things didn’t really go well last time – and it’s felt that it’s time he moved over for the more appropriate talent waiting in the wings.

“This time around, it just felt foolhardy to stick with him even though he’s been such a big part of things for so long.”

The Sun has contacted an InterTalent representative for comment.

Despite the reports of low mood, Eamonn isn’t resting on his laurels.

He recently announced a six date Northern Irish tour titled This Is My Life.

It will delve into his “humble beginnings” in Belfast to the “dazzling heights” of national TV.

The synopsis continues: “From triumph to tragedy, named after Eamonn Andrews, don’t miss Eamonn Holmes – This is My Life.”

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Eamonn has been dropped as host of the The Irish Post AwardsCredit: Getty
Eamonn with ex-wife Ruth LangsfordCredit: Getty

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Best Investment Bank and Cash Management

Home Awards Award Winners World’s Best Investment Bank and Best Bank for Cash Management 2025: Bank of America

Bank of America has been recognised in 2025 as The World’s Best Investment Bank and the World’s Best Bank for Cash Management in this year’s Global Bank Awards.

Brian Moynihan, Chairman & CEO

World’s Best Investment Bank 2025

Against the backdrop of thriving global stock markets and rising debt-finance activity, Bank of America (BofA) Securities’ global operations achieved an impressive 43% year-over-year jump in investment banking fees as of the fourth quarter of 2024.

The numbers were buoyed mainly by the bank’s three big areas of operations: North America, Latin America, and Europe, where the bank controlled a commanding 8.3%, 9%, and 4.4% of total investment banking fees, respectively. That boosted revenue for the full year to nearly $5.5 billion, according to Dealogic, representing around 6.2% of the global investment banking market.

BofA also scored big on M&A despite somewhat subdued activity in the field, serving as lead buy-side advisor on the $1.9 billion acquisition of Hawaiian Airlines by Alaska Air. The bank also acted as sole buy-side financial advisor on Keurig Dr Pepper’s $990 million acquisition of energy beverage company GHOST. 

World’s Best Bank for Cash Management 2025

Reflecting the demand for consistent global visibility and control, Bank of America saw the app version of its CashPro platform surpass $1 trillion in payment approvals in 2024. CashPro allows clients to manage treasury operations across multiple channels: online, app, APIs, and file-based interfaces.

“One thing that distinguishes CashPro is its global consistency,” says Tom Durkin, head of CashPro at BofA’s Global Payments Solutions, “so that when a company’s finance team has team members in different countries, they’ll all have access to the same tools, views, and processes. The advantages are obvious: better visibility and control and no additional financial outlays.”

Much of CashPro’s success is due to BofA’s close engagement with clients, Durkin notes, particularly those who participate in client board meetings.

“This dialogue is so important,” he says. “We do deep dives into our clients’ priorities and challenges, we present options for new functionality and discuss whether those innovations are going to solve their real-world issues.”

The bank’s strategic vision for CashPro “will always be to provide a best-in-class platform that is personalized, predictive, and proactive,” he adds. “One recent demonstration is how we’ve embedded CashPro into our clients’ own systems through the CashPro Network, a collaboration with third-party providers allowing quick, easy connection to the bank with little to no investment.” 

URL: bankofamerica.com

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Chesapeake Asset Management Begins Investing in Ryder System. Is the Stock a Buy?

What happened

Chesapeake Asset Management LLC disclosed a new position in Ryder System (R -0.12%), according to a quarterly report filed with the Securities and Exchange Commission on October 15, 2025 (SEC filing). The fund purchased 19,350 shares during the period, bringing the position’s value to approximately $3.08 million as of June 30, 2025. This trade represents an estimated 2.78% of the fund’s $110.74 million in U.S. equity holdings.

What else to know

This is a new position for the fund, representing 2.78% of 13F reportable assets under management following the trade.

Chesapeake’s top five fund holdings after the filing are:

  • NASDAQ:MSFT: $11.41 million (10.0% of AUM) as of 2025-06-30
  • NYSE:LLY: $6.94 million (6.2% of AUM) as of 2025-06-30
  • NYSE:SPOT: $6.27 million (5.6% of AUM) as of 2025-06-30
  • NASDAQ:AAPL: $5.99 million (5.4% of AUM) as of 2025-06-30
  • NYSE:JPM: $5.52 million (5.0% of AUM) as of 2025-06-30

As of October 14, 2025, Ryder System shares were priced at $182.01, up 20.07% over the past year, outperforming the S&P 500 by 6.68 percentage points over the same period

Company Overview

Metric Value
Revenue (TTM) $12.72 billion
Net Income (TTM) $505.00 million
Dividend Yield 1.83%
Price (as of market close 2025-10-14) $182.01

Company Snapshot

Ryder System, Inc. is a leading provider of logistics and transportation solutions, operating globally with a diversified service portfolio. The company leverages its scale and expertise to deliver integrated fleet management and supply chain services to enterprise customers.

The company generates revenue through leasing and maintenance contracts, rental fees, logistics services, and the sale of used vehicles, offering integrated solutions to optimize clients’ transportation and supply chain operations.

A trucker sits in the cab of his truck.

IMAGE SOURCE: GETTY IMAGES.

Ryder System provides fleet management, supply chain solutions, and dedicated transportation services, including full-service leasing, commercial vehicle rental, and logistics management.

It serves businesses across industries with large-scale transportation and logistics needs, targeting corporate clients seeking efficiency, reliability, and scalability in fleet and supply chain management.

Foolish take

Chesapeake Asset Management starting a new position in transportation giant Ryder System is noteworthy. The investment isn’t small; Ryder stock sits just outside the financial management company’s top five holdings at the number six position.

Ryder had a rough 2023 with sales down 2% year over year, but it undertook changes to its business, bouncing back strong in 2024 with 7% year-over-year revenue growth to $12.6 billion. However, sales results in 2025 have been mixed. Through the first half of this year, revenue of $6.3 billion was flat compared to 2024.

But that’s not the whole story. Ryder expects its free cash flow (FCF) for the year to reach between $900 million and $1 billion. This sum far outpaces the $133 million in FCF produced last year, and will allow it to continue paying its robust dividend.

Moreover, the company adopted cost-saving initiatives that helped it increase diluted earnings per share (EPS) by 11% year over year to $3.15 in the second quarter. That’s the third consecutive quarter of double-digit EPS growth.

Ryder’s transformation from its difficult 2023 is delivering benefits to shareholders through higher EPS and FCF even though topline sales have not been impressive in 2025. These factors probably contributed to Chesapeake’s decision to begin investing in Ryder, which looks like a solid stock to buy for income investors.

Glossary

13F reportable assets: Assets that investment managers must disclose quarterly to the SEC if they exceed $100 million in U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or investment held by an investor or fund.
Stake: The ownership interest or share an investor holds in a company or asset.
Top five holdings: The five largest investments in a fund’s portfolio, usually by market value.
Outperforming: Achieving a higher return than a specific benchmark or index over a given period.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Fleet management: Services that oversee and coordinate commercial vehicles for businesses, including maintenance, leasing, and logistics.
Supply chain solutions: Services that help businesses manage the flow of goods, information, and resources from suppliers to customers.
Full-service leasing: A leasing arrangement where the provider handles maintenance, repairs, and other services for the leased asset.
Logistics management: The planning and coordination of moving goods and resources efficiently through a supply chain.
TTM: The 12-month period ending with the most recent quarterly report.

JPMorgan Chase is an advertising partner of Motley Fool Money. Robert Izquierdo has positions in Apple, JPMorgan Chase, and Microsoft. The Motley Fool has positions in and recommends Apple, JPMorgan Chase, Microsoft, and Spotify Technology. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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Financial Management Company Douglas Lane Raised Its Thermo Fisher Stake. Is the Stock a Buy?

On October 10, 2025, wealth management company Douglas Lane & Associates disclosed a purchase of Thermo Fisher Scientific valued at approximately $7.79 million, based on the average price for Q3 2025.

What happened

According to a filing with the Securities and Exchange Commission (SEC) dated October 10, 2025, Douglas Lane & Associates increased its position in Thermo Fisher Scientific (TMO -1.85%) by 16,745 shares during the quarter. The estimated transaction value was $7.79 million, based on the average closing price for the quarter. The fund now holds 216,276 shares after the trade.

What else to know

Following the purchase, Thermo Fisher Scientific represented 1.5% of the fund’s reportable assets under management as of September 30, 2025.

Top holdings after the filing are as follows:

  • NASDAQ:NVDA: $312.46 million (4.4% of AUM) as of September 30, 2025
  • NASDAQ:GOOG: $212.16 million (3.0% of AUM) as of September 30, 2025
  • NYSE:JPM: $203.56 million (2.8% of AUM) as of September 30, 2025
  • NASDAQ:MSFT: $184.79 million (2.6% of AUM) as of September 30, 2025
  • NASDAQ:QCOM: $167.31 million (2.3% of AUM) as of September 30, 2025

As of October 9, 2025, Thermo Fisher shares were priced at $534.68, and were down about 12% over the trailing 12 months.

Company Overview

Metric Value
Revenue (TTM) $43.21 billion
Net Income (TTM) $6.58 billion
Dividend Yield 0.32%
Price (as of market close 2025-10-09) $534.68

Company Snapshot

Thermo Fisher Scientific offers life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services with revenue streams diversified across research, diagnostics, and pharmaceutical sectors.

The company operates a multi-segment business model, generating revenue through direct sales, e-commerce, and third-party distribution of proprietary products, consumables, and services. It serves pharmaceutical and biotechnology companies, clinical and research laboratories, academic institutions, government agencies, and industrial customers globally.

A scientist takes notes while working in a laboratory.

IMAGE SOURCE: GETTY IMAGES.

Thermo Fisher Scientific is a global leader in scientific instrumentation, diagnostics, and laboratory services, with a broad portfolio that supports research, healthcare, and biopharmaceutical production. The company leverages scale and a diverse product offering to drive consistent revenue growth, and serve a wide range of end markets.

Foolish take

Douglas Lane upping its Thermo Fisher Scientific holdings is noteworthy in that the wealth management company already had a substantial stake. This move suggests Douglas Lane believes Thermo Fisher stock remains attractively valued, especially after its decline over the last 12 months.

Indeed, looking at Thermo Fisher stock’s price-to-earnings (P/E) ratio shows it’s lower than it was a year ago. This indicates shares are a better value now, although the earnings multiple is not as low as it was after President Trump’s new tariff policies caused the entire stock market to fall last April.

As far as its business performance, Thermo Fisher is doing well. It achieved 3% revenue growth to $10.9 billion in its fiscal second quarter, ended June 28. The company did an outstanding job managing its expenses, and combined with its sales growth, allowed Thermo Fisher to deliver a 6% year-over-year increase in fiscal Q2 diluted earnings per share (EPS) to $4.28. This continues the trend of rising EPS exhibited over the last couple of years.

On top of that, Thermo Fisher raised its 2025 fiscal guidance to sales of about $44 billion. This would be a jump up from the prior year’s $42.9 billion. With rising revenue and EPS combined with a reasonable P/E ratio, Thermo Fisher stock looks like a compelling buy.

Glossary

Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm.
13F Reportable Assets: Securities that institutional investment managers must disclose in quarterly SEC filings if they exceed $100 million in assets.
Alpha: A measure of an investment’s performance relative to a benchmark index, often indicating excess return.
Quarter: A three-month period used by companies for financial reporting and performance measurement.
Proprietary Products: Goods or services owned and produced exclusively by a company, often protected by patents or trademarks.
Consumables: Products intended for single or limited use, requiring regular replacement in laboratory or industrial settings.
Direct Sales: Selling products or services directly to customers without intermediaries or third-party distributors.
Third-Party Distribution: The sale of products through external companies or intermediaries rather than directly from the manufacturer.
Dividend Yield: The annual dividend payment expressed as a percentage of the stock’s current price.
Biopharma Services: Specialized services supporting the development and manufacturing of biopharmaceutical drugs.
End Markets: The final industries or customer segments that purchase and use a company’s products or services.
TTM: The 12-month period ending with the most recent quarterly report.

JPMorgan Chase is an advertising partner of Motley Fool Money. Robert Izquierdo has positions in Alphabet, JPMorgan Chase, Microsoft, Nvidia, and Qualcomm. The Motley Fool has positions in and recommends Alphabet, JPMorgan Chase, Microsoft, Nvidia, Qualcomm, and Thermo Fisher Scientific. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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Trump administration threatens no back pay for federal workers in shutdown

President Trump’s administration warned on Tuesday of no guaranteed back pay for federal workers during a government shutdown, reversing what has been long-standing policy for some 750,000 furloughed employees, according to a memo being circulated by the White House.

Trump signed into law after the longest government shutdown in 2019 legislation that ensures federal workers receive back pay during any federal funding lapse. But in the new memo, his Office of Management and Budget says back pay must be provided by Congress, if it chooses to do so, as part of any bill to fund the government.

The move by the Republican administration was widely seen as a strong-arm tactic — a way to pressure lawmakers to reopen the government, now in the seventh day of a shutdown.

“There are some people that don’t deserve to be taken care of, and we’ll take care of them in a different way,” Trump said during an event at the White House.

He said back pay “depends on who we’re talking about.”

Refusing retroactive pay to the workers, some of whom must remain on the job as essential employees, would be a stark departure from norms and practices and almost certainly would be met with legal action.

While federal workers — as well as service members of the military — have often missed paychecks during past shutdowns, they are almost always reimbursed once the government reopens.

“That should turn up the urgency and the necessity of the Democrats doing the right thing here,” House Speaker Mike Johnson said at a news conference at the Capitol.

Johnson, a lawyer, said he hadn’t fully read the memo but “there are some legal analysts who are saying” that it may not be necessary or appropriate to repay the federal workers.

But Democratic Sen. Patty Murray of Washington blasted the Trump administration as defying the law.

“Another baseless attempt to try and scare & intimidate workers by an administration run by crooks and cowards,” said Murray, who is the ranking lawmaker on the Senate Appropriations Committee. “The letter of the law is as plain as can be — federal workers, including furloughed workers, are entitled to their back pay following a shutdown.”

Asked a second time about back pay for furloughed federal workers given that the requirement is spelled out in law, Trump said: “I follow the law, and what the law says is correct.”

In a single-page memo from Trump’s Office of Management and Budget under Russ Vought, first reported by Axios, the office’s general counsel seeks to lay out a legal rationale for no back pay of federal workers.

The memo explains that while the Government Employee Fair Treatment Act of 2019 says workers shall be paid after federal funding is restored, it argues the action is not self-executing. Instead, the memo says, repaying the federal workers would have to be part of legislation to reopen the government.

The OMB analysis draws on language familiar to budget experts by suggesting that the 2019 bill created an authorization to pay the federal workers but not the actual appropriation.

Congress, it says, is able to decide whether it wants to pay the workers or not.

For now, Congress remains at a standstill, with neither side — nor the White House — appearing willing to budge. Democrats are fighting for healthcare funds to prevent a lapse in federal subsidies that threaten to send insurance rates skyrocketing. Republicans say the issue can be dealt with later.

Mascaro writes for the Associated Press. AP writers Will Weissert, Kevin Freking, Joey Cappelletti and Mary Clare Jalonick contributed to this report.

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The CEO of a $100 Billion Asset Management Company Thinks Bitcoin Could Go to $400,000. Here’s What You Need to Know

This is one price target that’s worth understanding in detail.

On Aug. 30, Jan van Eck, the chief executive officer of VanEck, a major investment management company, said that if Bitcoin (BTC 0.68%) gets to be priced at just half the total value of gold, it would reach $400,000. At the same time, he made it clear that he considers the coin a scarce asset that’s essentially digital gold, and that he thinks there’s going to be a consistent demand for it, making that outcome highly plausible.

In other words, if supply keeps tightening while larger and steadier buyers keep showing up, the path of least resistance is up. Here’s what else you need to know about van Eck’s perspective and why you should take his opinion on this topic (very) seriously.

A big Bitcoin sign is superimposed over the Wall Street street sign in New York.

Image source: Getty Images.

Why this call matters

When a mainstream asset manager with more than $100 billion in assets under management (AUM) floats a price like $400,000 for Bitcoin, you should ask two questions: Is the speaker credible? and Is the idea anchored in data? It’s easy to answer yes to both.

On credibility, VanEck manages about $135.8 billion in assets as of July 31, and it has been quick to get exposure to crypto compared with its peers. VanEck filed for a Bitcoin futures exchange-traded fund (ETF) as far back as August 2017, years before today’s spot products.

Another important fact is that VanEck pledged to donate 5% of its spot Bitcoin ETF profits to fund the Bitcoin Core team of developers, putting tangible support behind the network’s resilience. That combination of AUM heft, crypto first-mover history, ETF product footprint, and direct developer funding gives van Eck’s call a lot more weight than a random internet forecast, particularly because his assets are sizable enough and deployed such that it can become a self-fulfilling prophecy.

Now let’s examine the quality of the data used in van Eck’s argument.

After the April 2024 halving, mining activity produces just 450 bitcoins per day. Corporate buyers alone are absorbing about 1,755 coins per day on average, roughly four times the daily issuance, with funds and ETFs adding significant inflows on top. Against a mechanically tightening float — coins available for public trading — that absorption rate is exactly the kind of imbalance long-term investors look for.

So the idea that Bitcoin is digital gold is supported by the numbers right now, at least in terms of its scarcity versus incoming supply to the market.

If you want a near-term napkin math check on van Eck’s price target specifically, consider first that Bitcoin recently traded at about $111,000. The gap between today and $400,000 is large, but the mechanism to get there, scarcity, is the exact same one that took the coin from $1 to more than $100,000.

How investors should use this view

Let’s step back for a moment and introduce some skepticism.

Price targets can excite or mislead, even when they’re issued by business leaders or investors at the very apex of their craft. The real utility of a $400,000 call is that it sets a benchmark for the coin’s long-term investment thesis. The thesis is that Bitcoin’s engineered supply constriction and the consolidation of ownership into price-insensitive hands will raise the clearing price for the marginal coin. If that continues, the destination becomes a function of patience and liquidity cycles.

There is another practical takeaway about who is making the call. VanEck does not need Bitcoin to reinvent itself to capture value. It needs the rules to remain clear enough for institutions to keep allocating. The company’s own history shows it can help shape that clarity and sustain the ecosystem, from being an early filer to supporting developers, and over time, its influence could push prices higher than they would have been otherwise.

Investors should also weigh the risks with clear eyes. Macro liquidity tightening, policy surprises, or adverse regulation could interrupt flows into ETFs and corporate treasuries for a time, pressuring prices. It might also be the case that the migration of coins into deep cold storage reduces on-chain activity in ways that occasionally spook investors.

Still, now is a favorable time to dollar-cost average (DCA) into Bitcoin, and van Eck’s price target signifies that capital is increasingly considering the coin a worthy asset to hold forever. Don’t get too fixated on arbitrary forecasts, just keep accumulating.

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Trump administration seizes control of Washington’s Union Station from Amtrak

Transportation Secretary Sean Duffy announced Wednesday that his department is taking management of Union Station, the main transportation hub in Washington, away from Amtrak, in another example of how the federal government is exerting its power over the nation’s capital.

Duffy made the announcement in a statement before he joined Amtrak President Roger Harris at Union Station for the launch of the NextGen Acela, the rail service’s new high-speed train.

The secretary said Union Station, located within walking distance of the U.S. Capitol, had “fallen into disrepair” when it should be a “point of pride” for the city.

“By reclaiming station management, we will help make this city safe and beautiful at a fraction of the cost,” Duffy said.

At the event, Duffy said President Trump has been “pretty clear” about what he wants.

“He wants Union Station to be beautiful again. He wants transit to be safe again. And he wants our nation’s capital to be great again. And today is part of that,” Duffy said.

Duffy echoed the Republican president, who said last week he wants $2 billion from Congress to beautify Washington as part of his crackdown on the city. The Republican president has sent thousands of National Guard troops and federal law enforcement officials into Washington in a bid to fight violent crime he claimed had strangled the city.

Local police department statistics show violent crime in Washington has declined in recent years, but Trump has countered, without offering evidence, that the numbers were fudged.

National Guard troops have been on patrol inside and outside of Union Station after Trump launched the anti-crime effort earlier this month. Vice President JD Vance and Defense Secretary Pete Hegseth were shouted down by opponents of the federal intervention when they visited with troops there last week.

During Wednesday’s train unveiling, Duffy will also talk about what the administration is doing to turn Union Station into a world class transit hub, according to a Transportation Department news advisory.

Duffy had pressed Amtrak about crime at Union Station in a March letter to its chief operating officer and requested an updated plan on how it intended to improve public safety there.

Superville writes for the Associated Press.

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Should You Buy Brookfield Asset Management While It’s Below $60?

It has had a material run over the past year, but management’s growth goals are still huge.

The S&P 500 (^GSPC 1.52%) is up around 13% over the past year. The shares of Brookfield Asset Management (BAM 3.37%) have risen over 40%. Investors clearly see opportunity in the Canadian asset manager’s future. But have they priced in all the good news? Probably not, given the company’s huge growth goals. Here’s why Brookfield Asset Management could still be worth buying while it hovers around $60 a share.

What does Brookfield Asset Management do?

Brookfield Asset Management is an asset manager, taking money from others and investing it on their behalf. The company also manages its own money. The big story to watch is what Brookfield Asset Management calls fee-bearing capital, which is the money it handles for others. It charges management fees for doing this, and, thus, the amount of fee-bearing capital it has will have the biggest effect on the business’ revenues and earnings.

A compass with the arrow pointing to the word Strategy.

Image source: Getty Images.

Although Brookfield Asset Management’s history is rooted in infrastructure, with a global focus, today it handles money across five different investment categories. Renewable power, infrastructure, and real estate all stick closely to the company’s historical focus. But it has also reached out into private equity and credit, expanding its reach and growth opportunities. These businesses are all being positioned to take advantage of what management believes are key global themes: Digitization, decarbonization, and deglobalization.

Brookfield Asset Management operates in over 30 countries around the world. Thus, it has a wide reach as it looks for investment opportunities for itself and for its customers. Overall, Brookfield Asset Management has roughly $1 trillion in assets under management. Of that sum, roughly $550 billion is fee-bearing capital.

Where to from here for Brookfield Asset Management?

Brookfield Asset Management has been talking up its growth opportunity for a little while now. Given the price gain over the past year, it looks like investors are starting to listen. A big example of the growth opportunity came when the company raised its dividend per share 15% at the start of 2025. That is a very big dividend increase, but it’s just the foundation of the story.

Management has laid out its growth goal through the end of the decade. The plan is to increase the fee-bearing capital it handles in every one of its segments, with the total expected to double to around $1.1 trillion. That, in turn, will increase the company’s revenues and earnings. The expectation is that fee-bearing earnings will rise 17% a year, on average, between 2024 and 2029. That, in turn, will allow the company to continue increasing the dividend by 15% each year.

Basically, the dividend will roughly double in about five years’ time. If that’s the case, to just maintain the current 3% dividend yield would require the share price to double, too. This still looks like an interesting growth and income stock even after the rapid price increase this year. Consider that peer Blackstone (BX 4.17%) has a 2.6% yield, and BlackRock (BLK 2.03%) has a 1.9% yield. The yield comparison here suggests that Brookfield Asset Management’s valuation isn’t extreme and, in fact, it might still be discounted relative to its competitors.

Execution will be key, but it looks like there’s still room to run

Clearly, the future for Brookfield Asset Management depends a great deal on how well it executes its growth strategy. But that’s true of all companies. There’s no particular reason to doubt that management can pull it off, given the company’s over 100-year-long history in the asset management business. Buying the stock while it’s below $60 a share, despite the recent price advance, could be a good opportunity for investors with a dividend focus and for those with a growth focus.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Blackstone. The Motley Fool recommends Brookfield Asset Management. The Motley Fool has a disclosure policy.

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1 Reason Brookfield Asset Management (BAM) Is One of the Best Financial Stocks You Can Buy Today

Brookfield is very optimistic about what’s ahead.

Brookfield Asset Management (BAM -0.61%) manages over $1 trillion in assets, making it one of the largest alternative investment managers in the world. The company is growing briskly as more investors look to diversify into alternative assets.

The company’s robust growth potential makes it one of the best financial stocks you can buy today. Here’s a look at its impressive growth profile.

A person near several upward pointing arrows.

Image source: Getty Images.

Rapidly rising fee-based income

Of Brookfield’s $1 trillion in assets under management (AUM), about $563 billion currently generates fees. Over the past year, this fee-bearing capital produced $2.7 billion in fee-related earnings. Brookfield returns most of this income to shareholders through a dividend that currently yields close to 3%.

Brookfield sees strong growth ahead for its fee-bearing assets, earnings, and dividend payments through 2029. The company expects to more than double its fee-bearing capital to $1.1 trillion by the end of the decade by putting more of the capital it has already raised from investors to work and attracting new capital. Key growth drivers include rising investor demand for alternatives, new fund launches, and expanding into new capital sources, such as insurance companies and high-net-worth investors.

As Brookfield’s fee-bearing capital grows, the company expects it to drive 17% compound annual fee-related earnings-per-share growth through the decade. Distributable earnings per share are on track to rise even faster at 18% annually, helped by the realization of carried interest (its share of the profits from funds it manages above certain return thresholds). By 2029, Brookfield estimates it will generate $2 billion in carried interest alone.

With earnings rapidly rising, Brookfield expects to grow its dividend by more than 15% per year. This combination of rising earnings and dividends positions the company to deliver strong total returns over the next five years.

Matt DiLallo has positions in Brookfield Asset Management. The Motley Fool recommends Brookfield Asset Management. The Motley Fool has a disclosure policy.

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Best Treasury & Cash Management Providers 2025: CEE

Home Awards Award Winners Best Treasury and Cash Management Providers 2025: Central and Eastern Europe

TCM banks are beefing up their commitment to the region with innovative offerings and enhanced client services.

In a dynamic financial landscape, leading banks serving Central and Eastern Europe (CEE) are distinguishing themselves by offering innovative strategies in cash management, payments, and liquidity. Underlying these achievements is an industrywide focus on digital transformation, enhanced client services, and regional market leadership.

The continuous evolution of the banks’ offerings underscores a collective commitment to supporting businesses in CEE with robust and innovative financial solutions. From leveraging advanced digital platforms to expanding cross-border capabilities and prioritizing sustainability, this year’s TCM honorees are setting new benchmarks in transaction banking, promising to ensure that their clients in the region are equipped to navigate the complexities of the global financial environment.

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Best Bank for Transaction Banking | UniCredit

UniCredit, is a triple honoree as Best Bank for Transaction Banking, Best Bank for Long-Term Liquidity Management, and Best Corporate Cross-Border Payments Solutions, sees the CEE region as a crucial strategic pillar.

“Fully relying on our well-established Group Payments Solutions organization, we apply a global-local approach, ensuring every CEE client is serviced with suitable and advanced solutions, supporting regulatory transitions,” says Alessandro Soru, head of payments and cash management for CEE. “For example, following recent announcements, we support Bulgaria moving to the euro, Serbia joining SEPA, and multiple other regulatory initiatives through the region.”

UniCredit is also implementing multiple payments innovations in the CEE markets. Since June, the bank’s corporate and retail clients in the Czech Republic, Slovakia, and Romania can make direct payments worldwide in exotic currencies from all channels via the bank’s UC PayFX platform.

“The same applies for knowledge sharing regarding other industrial developments,” Soru adds, “such as the digital euro and central bank digital currencies, which we constantly investigate for potential business opportunities that can be diffused across our group.”

Best Bank for Cash Management | Raiffeisen Bank International

Raiffeisen Bank International prioritizes innovation and collaboration, enhancing digital offerings and streamlining international processes such as SEPA Instant Payments (under the EU’s Single Euro Payments Area) and Swift ISO 20022 migration through its new cash management digital ecosystem.

Best Bank for Financial Institutions, Best Bank for Payments & Best Bank for Collections | ING

ING is a full-service, pan-European payment and cash management provider, boasting a strong euro-clearing position and a robust presence in CEE that makes the bank a regional gateway. Annelinda Koldewe, global head of Payments and Cash Management, emphasizes ING’s “leading positions in transaction and universal banking. We offer extensive local services to consumers and large corporations, with each client receiving a dedicated global support team.”

Via ING’s proprietary network and global partners, the bank provides broad traditional trade and working capital solutions. In trade commodity finance services, ING enhances fronting structures, structured letters of credit, export letter-of-credit confirmations, and discounting to reduce risk-weighted assets and boost competitiveness. ING’s Sustainable Supply Chain Finance solution helps buyers achieve their sustainability goals by linking performance to discount rates.

“ING actively standardizes and digitalizes processes to increase straight-through processing and reengineers customer journeys to minimize manual steps for standard offerings, allowing focus on tailor-made products for large corporates,” says Koldewe. “We’ve also developed an account bank proposition for structured finance clients.”

In 2022, Komgo Konsole became available at ING Germany and Komgo Trakk through ING Italy. ING and Komgo jointly launched an enhanced market solution, expanded to include asset distribution. Throughout 2024, ING developed and enhanced its OneWeb channel for small to midsize enterprises, substantially completed the OneWeb bank guarantee module for Belgium, and achieved same-day processing on the bank’s proprietary supply chain finance platform.

Best Provider of Short-Term Investments/Money Market Funds | Erste Group

Erste receives praise for its strong digital capabilities and comprehensive transaction-banking solutions for short-term liquidity, along with an active asset management arm. 

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Treasury & Cash Management Providers 2025: Latin America

Digitalization has accelerated a move toward real-time payments for Latin American banks, along with a host of new capabilities and offerings.

The global pandemic accelerated a digital transformation across Latin America. Since then, businesses have increasingly embraced online portals and mobile apps for payments, collections, and reporting.

This shift has fueled a significant trend toward real-time payment systems. Pix, the Central Bank of Brazil’s instant-payment platform, exemplifies this transformation, inspiring Colombia, Chile, and Peru to develop their own real-time capabilities. Accordingly, banks are stepping up to provide immediate processing, reconciliation, and liquidity updates, ensuring seamless financial operations for their clients.

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Best Bank for Transaction Banking & Best Corporate Cross-Border Payment Solution | Santander

Santander, a pan-Latin American powerhouse in transaction banking, earns titles as Best Bank for Transaction Banking and for providing Best Corporate Cross-Border Payments Solutions. Operating across Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay, the bank effectively covers 80% of the region’s GDP.

Prioritizing customer service, Santander invests heavily in cutting-edge technology and digital infrastructure, particularly in cash management, to deliver innovative solutions. These include strategic alliances with SAP, API instant bank position tools, and visibility of incoming and outgoing cross-border payments directly from the Swift’s G4C tracker, as well as significant enhancements to the bank’s own Nexus Global Collections and Nexus Global Portal.

“Latin America is a key region for Santander,” says Mencía Bobo, global head of Global Transaction Banking at Santander Corporate and Investment Banking, “and we continue to invest in strengthening our competitive offerings and digital capabilities. Our commitment to innovation and deep market knowledge helps us stay close to our clients, supporting them through this period of rapid technological disruption.”

Best Bank for Cash Management & Best Bank for Financial Institutions | Citi

Citi boasts a high-return business with revenue exceeding $19.6 billion in 2024: a 9% increase from 2023 and a remarkable 16% annual growth rate since 2021. Citi’s offerings include Spring by Citi for seamless online payments, an instant-payments network with Pay by Bank, and sophisticated liquidity-management tools including Real-Time Liquidity Sharing and Virtual Accounts.

Payment Exchange further streamlines both business-to-business and business-to-customer flows. Recent additions include a white-label, cross-border payment tracking solution; CitiDirect Digital Onboarding for rapid account opening; and DocuSign for secure e-signatures.

Best Bank for Long-Term Liquidity Management | BBVA

BBVA maintains a strong presence across Latin America, including Colombia, Mexico, Peru, and Venezuela. BBVA is consistently recognized for its digital transformation efforts and for its innovative treasury and liquidity management solutions, leveraging its robust regional network to facilitate efficient cross-border cash management.

Best Bank for Payments & Best Bank for Collections | Scotiabank

Scotiabank offers Telebanking, an intuitive digital platform that streamlines cashier’s checks, transfers, and mass payments. Recent innovations include an in-house payment button, a dynamic online-payments dashboard, and customized reporting functionalities.

“Our client-centric strategy has driven the development of innovative digital solutions that simplify and optimize treasury operations across Latin America,” says Chad Wallace, the bank’s executive vice president of Global Transaction Banking. “From real-time cash visibility and automated collections to integrated payment platforms and advanced reporting tools, we are helping clients manage complex financial ecosystems with greater security and efficiency.”

Scotiabank’s deep regional presence gives it a nuanced understanding of local market dynamics, Wallace says, enabling the bank to deliver highly effective solutions. “Digitization and personalized service are key to meeting and exceeding client expectations,” he says. “By combining technology with deep transaction banking expertise, we work to deliver a consistent and exceptional banking experience across our footprint in the Americas.”

Best Provider of Short-Term Investments/Money Market Funds | Itau Unibanco

Itau Unibanco distinguishes itself for technological innovation and sophisticated treasury solutions that are essential for effective short-term investment management. Itau also boasts a significant asset management arm, further solidifying its position on the financial playing field.

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Treasury & Cash Management Providers 2025: North America

Real-time payments drive innovation and efficiency. RTP promises to make TCM banking more agile, integrated, and efficient. Leading North American banks are taking up the challenge.

The introduction of FedNow and of The Clearing House’s real-time payments (RTP) network has fundamentally altered treasury and cash management (TCM) in the US. Unlike conventional payment systems such as ACH and wires that are subject to cutoff times and processing delays, these new systems offer continuous real-time payment functionalities, 24/7, 365 days a year.

These systems are also facilitating a trend toward more agile, integrated, efficient, and intelligent TCM solutions. From realtime payment processing and enhanced liquidity management to streamlined collections and comprehensive digital platforms, North American banks are innovating to meet the evolving demands of a globalized and increasingly digital economy.

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Best Bank for Transaction Banking | Bank of America

Bank of America (BofA) takes three regional titles this year: Best Bank for Transaction Banking, Best Corporate Cross-Border Payments Solutions, and Best Provider of Short-Term Investments/Money Market Funds. Mark Monaco, head of Global Payments Solutions, highlights BofA’s focus since the pandemic on helping companies adapt to new global supply chain conditions.

“Ever since the pandemic, we’ve been working with companies on how they can pivot as seamlessly as possible to working with new buyers or suppliers in new regions and countries,” he says.

With BofA’s guaranteed foreign exchange rates product, Monaco explains, “corporates can lock in an FX rate for up to one year, allowing for peace of mind, especially when there’s volatility in the currency markets.” He adds that clients demand a secure digital banking platform with powerful capabilities, offering an easy and intuitive experience. “We recently launched Capital Markets Insights, allowing CFOs to have a more complete view into their finances,” he says. “We’re simplifying corporate treasury operations by simplifying the experience on CashPro and eliminating friction wherever it makes sense.”

Best Bank for Cash Management | Citi

Ashish Bajaj, global head of Financial Institutions and Correspondent Banking at Citi says, “The US real-time payments landscape is on the cusp of a major transformation. The groundwork has been laid, and we expect rapid growth of real-time payments in the coming years. With FedNow gaining traction and The Clearing House’s RTP network already processing significant volumes, the momentum is building rapidly.”

Citi is actively expanding its instant-payments network, including features like Pay by Bank. Meanwhile, Spring by Citi enables around-the-clock e-commerce and business-to-business funds flow. Along with Citi Payments Express and CitiConnect application programming interfaces, recent tech advancements include a white-label, real-time, cross-border payment-tracking solution for beneficiaries.

Best Bank for Long-Term Liquidity Management | J.P. Morgan

J.P. Morgan boasts a strong global footprint with a significant North American presence. The bank offers extensive transaction banking and treasury services, including robust cash management and liquidity solutions for a broad range of clients, particularly large corporations. J.P. Morgan is actively investing in blockchain technology to enhance cross-border payments, which it expects will significantly impact liquidity management.

Best Bank for Financial Institutions & Best Bank for Payments | BNY

BNY is a pioneer in real-time solutions. The first US bank to originate a real-time payment on the RTP network, BNY further solidified its leadership last year with a full-scale migration of its payments business to its new Payments Enablement Platform. In addition to offering 24/7 US-dollar payments, real-time data, and improved liquidity management, BNY supports over 2,000 financial institutions for cross-border transfers.

Best Bank for Collections | BMO

Beyond payments and liquidity, efficient collections remain a cornerstone of treasury management. BMO provides a comprehensive North American lockbox network and the only fully integrated remote deposit capture capability in North America for check deposits. BMO boasts convenience, speed, and choice for clients via a portfolio of more than 25 receivable products. 

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Gregg Wallace tipped for huge show with BBC’s rival after hiring new management

Former MasterChef star Gregg Wallace isn’t expected to return to the BBC show following his departure but it’s now been teased that he could sign up for a project on ITV

Gregg Wallace in a blue suit.
It’s been teased that Gregg Wallace could sign up for a reality TV show with a rival channel to the BBC(Image: Dave Benett/Getty Images)

Former MasterChef host Gregg Wallace has “quietly” parted ways with his former agent, Dylan Hearn. He’s now represented by John Miles, who is known for taking on clients who find themselves in tricky situations.

Sources said that Bristol-based Miles, who also represents Graziano di Prima, Martin Bashir, Noel Edmonds and Nick Knowles – among others – is said to have looked after the MasterChef star’s interests “for some months”. One source said: “Gregg was quietly dumped by his former agent and has since been signed up by John, who knows what he’s doing when it comes to fallouts with the BBC, in particular.”

Gregg Wallace in a white shirt, pink waistcoat, black jacket and dark trousers.
It’s been suggested that Gregg Wallace could take part in I’m A Celebrity(Image: Mike Marsland/WireImage)

They added: “He’s looked after many people who’ve found themselves battling in pretty intense situations. Don’t be surprised if Gregg suddenly turns up on I’m a Celebrity … Get Me Out of Here. He’s got a lot of beans to spill.”

A potential stint on I’m A Celebrity would see Gregg, 60, follow in the footsteps of restaurant critic Grace Dent, who competed on the show in 2023. Grace withdrew from the ITV reality TV show after just over a week in camp.

More recently, Grace was last year named as Gregg’s replacement on Celebrity MasterChef following his exit. She will appear alongside returning host John Torode, who had fronted the culinary show with Gregg since 2006.

It was announced last year that Gregg would step away from the BBC‘s MasterChef whilst its production company Banijay UK reviewed historical misconduct complaints, said to be from across a range of shows. As reported at the time, he said through a lawyer: “It is entirely false that he engages in behaviour of a sexually harassing nature.”

Earlier this week, it was reported that Gregg had been fired from MasterChef after a year-long investigation into the allegations. He issued a lengthy statement on Tuesday in which he claimed that he has been exonerated of “all the serious allegations which made headlines last year” but apologised after saying that he was found “primarily guilty of inappropriate language”.

Gregg said that he has been cleared by the Silkin report of the “most serious and sensational accusations” made against him and accused the BBC of “peddling sensationalised gossip masquerading as properly corroborated stories”. He apologised for the inappropriate language which the report found him “primarily guilty” of between 2005 and 2018 though.

Grace Dent in a floral black dress.
A stint in the jungle would see him follow in the footsteps of Grace Dent, who was a campmate a year before being named Gregg’s replacement on Celebrity MasterChef(Image: Dave Benett/Getty Images for Fortnum & Mason)

He also said in the statement: “I was hired by the BBC and MasterChef as the cheeky greengrocer. A real person with warmth, character, rough edges and all. For over two decades, that authenticity was part of the brand. Now, in a sanitised world, that same personality is seen as a problem.

“My neurodiversity, now formally diagnosed as autism, was suspected and discussed by colleagues across countless seasons of Master Chef. Yet nothing was done to investigate my disability or protect me from what I now realise was a dangerous environment for over twenty years. That failure is now being quietly buried.”

A BBC spokesperson told the Mirror at the time: “Banijay UK instructed the law firm Lewis Silkin to run an investigation into allegations against Gregg Wallace. We are not going to comment until the investigation is complete and the findings are published.”

It’s understood that Banijay will be releasing the report and that the BBC did not fire Gregg as the corporation does not employ him. He was instead reportedly employed by Banijay.

Amid the news of his departure from MasterChef, it was reported that Gregg is facing fresh misconduct claims from 50 people. The presenter is said to have denied all allegations.

Like this story? For more of the latest showbiz news and gossip, follow Mirror Celebs on TikTok, Snapchat, Instagram, Twitter, Facebook, YouTube and Threads.

READ MORE: Vicky Pattison praises £22 flattering maxi dress for ‘giving me curves I don’t have’



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PRESS RELEASE; Global Finance Names The World’s Best Treasury & Cash Management Systems and Services Awards 2025

Home Awards Winner Announcements PRESS RELEASE; Global Finance Names The World’s Best Treasury & Cash Management Systems and Services Awards 2025

Global Finance has released the results for the 2025 World’s Best Treasury & Cash Management Systems and Services Awards. This program is part of the 25th annual World’s Best Treasury & Cash Management  Providers awards, and a full report on the entire survey will be published in the July/August 2025 print and digital editions and online at GFMag.com. 

Global Finance used a multi-tiered assessment process—which included entries from banks and providers and input from industry analysts, corporate executives, technology experts and independent research—to select the treasury & cash management systems and services. A variety of subjective and objective criteria were considered, including profitability, market share and reach, customer service, competitive pricing, product innovation and the extent to which organizations have successfully differentiated themselves from their competitors around core service provision.

“Driven by digital advancements and demand for visibility, the Treasury and Cash Management sector is rapidly evolving,” said Joseph Giarraputo, founder and editorial director of Global Finance. “Corporations seek integrated platforms with automation and AI, while financial institutions offer innovative solutions for efficiency and transparency. The Treasury and Cash Management Awards recognize those excelling in this changing landscape.”

The list of Global Finance’s World’s Best Treasury & Cash Management Systems & Services Awards 2025 follows.

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For editorial information, please contact Andrea Fiano, editor, [email protected]

Global Finance’s Transaction Banking Awards Ceremony 2025

On the morning of September 30, Global Finance will host its annual Transaction Banking Awards Ceremony at the Melia Frankfurt Hotel during the Sibos conference. Winning organizations will be notified about details in advance of the event.

About Global Finance

Global Finance, founded in 1987, has a circulation of 50,000 and readers in 193 countries and territories. Global Finance’s audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. Its website — GFMag.com — offers analysis and articles that are the legacy of 38 years of experience in international financial markets. Global Finance is headquartered in New York, with offices around the world. Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.

Logo Use Rights

To obtain rights to use Global Finance’s Award Logos, please contact Chris Giarraputo at: [email protected].

The unauthorized use of Global Finance Logos is strictly prohibited.

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L.A. emergency management funding, vital to Palisades recovery, remains static

Myriad calamities could hit the city of Los Angeles in coming years: Wildfires. Floods. Mudslides. Drought. And of course, the Big One.

Yet this month, L.A. leaders once again balked at dramatically increasing the budget of the city’s Emergency Management Department, even as the office coordinates recovery from the Palisades fire and is tasked with helping prepare for a variety of disasters and high-profile events, such as the 2028 Summer Olympics.

Facing a nearly $1-billion budget shortfall, the L.A. City Council voted 12 to 3 last week to pass a budget that rejected the funding increases requested by EMD leaders to hire more staffers and fix broken security equipment around its facility.

The only budgetary increase for EMD will come through bureaucratic restructuring. The department will absorb the five-person Climate Emergency Mobilization Office, which Mayor Karen Bass had slated for elimination in her initial proposal to trim the budget deficit.

The funding allotment for EMD — with an operating budget of about $4.5 million — puts the department short of similar big cities in California and beyond.

As a 2022 audit by then-City Controller Ron Galperin noted, San Diego ($2.46), Long Beach ($2.26) and San Francisco ($7.59) all spent more per capita on emergency management than L.A., which then spent $1.56 per resident. Whereas L.A. has a staff of roughly 30, New York, with more than double the population of L.A., has 200 people in its emergency management team, and Philadelphia, with a population less than half of L.A.’s, has 53.

The current leaders of EMD, General Manager Carol Parks and Assistant General Manager Jim Featherstone, had specifically requested funding this spring to build an in-house recovery team to better equip the city for the Palisades recovery as well as future disasters.

“We are one of the most populous and at-risk jurisdictions in the nation, if not in the world,” Featherstone told the L.A. City Council’s budget committee April 30. “I won’t say negligent, but it’s really not in the city’s best interest to [not] have a recovery capability for a disaster similar to the one we just experienced.”

Zach Seidl, a spokesperson for Bass, pushed back against the idea that EMD’s funding level would hamper the Palisades fire recovery or preparation for the Olympic Games and 2026 World Cup.

“During a difficult budget year, Mayor Bass focused on emergency management to keep Angelenos safe — that absolutely includes ensuring EMD has continued staffing and resources,” Seidl said in a statement. “We will continue to push forward with one of the fastest recovery efforts in state history.”

Councilmember Traci Park — who represents the Palisades — was among the trio on the City Council who opposed the budget that passed last week, citing insufficient funding for public safety as one of her main objections.

“It’s inevitable that we are going to have another disaster, and we still won’t be prepared. We’ll be in the same position we were before,” said Pete Brown, a spokesperson for Park, who decried cuts to EMD and a lack of resources for the Police and Fire departments.

“We got a horrible taste of what it’s like when we are not prepared,” Brown said, “and despite all of that, we haven’t learned a lesson from it, and we are doing the same thing.”

Rick Caruso, the developer whom Bass defeated in the 2022 mayoral race, called both the budget proposal put forward by Bass and the spending plan approved by the City Council “a blatant display of mismanagement and bad judgment,” expressing incredulity over the rationale for EMD’s funding level.

“We are in an earthquake zone. We are in a fire zone. Come on,” Caruso said in an interview.

Seidl, Bass’ spokesperson, disputed that L.A. had not learned from the Palisades fire and emphasized that the spending on emergency management included “continued and new investments” in EMD as well as the city’s police and fire agencies.

Emergency management experts, audits commissioned by the city and EMD’s current leadership have warned that the department lacked the staff and funding to accomplish its mandate in one of the nation’s most disaster-prone regions.

“That department could be the world leader in emergency management, and it could be the standard for the rest of the country, but with a third of the staff and a tenth of the budget that they need, that’s not possible,” said Nick Lowe, an independent emergency management consultant and the president and chief executive of CPARS Consulting.

The general manager of EMD and an agency spokesperson did not respond to written questions last week about the approved budget.

In recent public statements, Parks disclosed that her budget requests this year received opposition and appeared to have been whittled down.

She told the Ad Hoc Committee for L.A. Recovery in March that she had sought 24 more staffers at EMD, but that officials under the city administrative officer balked at her request.

Featherstone, who is now coordinating the Palisades fire recovery, said Parks’ requests received “a qualitative negative response,” and suggested that there was a lack of understanding or appreciation of the import of EMD’s role.

“There was a qualitative opinion not in favor of Ms. Parks having these positions and people who aren’t emergency managers opined about the value or the worth of these positions,” Featherstone said.

Parks said she scaled her request down “given the city’s current fiscal situation,” adding, “I need a minimum of 10” more positions. In a memo, Parks said these 10 positions would cost about $1.1 million per year.

When Bass unveiled her budget proposal, those 10 additional positions were not included; EMD remained at roughly 30 positions, similar to previous years, which costs about $7.5 million when pensions, healthcare and other expenses are included. Bass’ budget proposal touted that she was able to preserve all of EMD’s positions while other departments faced steep staff and funding cuts.

Both Parks and Featherstone had argued for the creation of a designated, in-house recovery team, which EMD has lacked. When the Palisades fire broke out in January, EMD had no person assigned full-time to recovery and instead had to move its limited staff onto a recovery unit. Bass also retained Hagerty Consulting, a private firm, to boost EMD and provide instant expertise on a yearlong contract for up to $10 million, much of which Bass’ spokesperson said is reimbursable by the Federal Emergency Management Agency.

Still, Featherstone has told the City Council that, since L.A. had no in-house recovery expertise, the need to train and create an in-house team has occupied much of the initial Palisades fire recovery effort.

Phasing in an in-house recovery and reconstruction division with 10 staffers would cost an additional $1.5 million next year, according to a memo prepared by the city administrative officer. Hiring an additional 21 staffers to prepare for the Olympics and other major events would cost nearly $3 million.

Parks also requested $209,000 to repair the video system at the emergency operations center, saying the lack of surveillance cameras posed a threat to city employees.

“Multiple incidents have occurred where the safety and security of the facility have been compromised without resolution due to the failing camera system,” Parks wrote in a budget memo submitted this spring.

The request for funding for replacement cameras was also denied.

L.A. officials have long been warned that EMD lacks resources. The 2022 audit by Galperin, the former city controller, found that L.A. provided less emergency management funding than peer cities, and that the COVID-19 pandemic “strained EMD resources and staffing, causing several existing preparedness programs to lag behind, likely impacting the City’s readiness for future emergencies.”

An after-action report on EMD’s handling of COVID-19, authored by Lowe, the emergency management consultant, found that the agency was “undervalued and misunderstood, underfunded, and demoralized.” Parks took over as general manager after the time period covered by Lowe’s report.

The lack of training and funding became apparent at a budget hearing in April 2024. Councilmember Katy Yaroslavsky asked Parks directly at the meeting: “With your current budget, are you able to staff your [emergency] response centers 24/7 during emergencies?”

“The answer is no,” Parks said. “If there are multiple days that the emergency operations center needs to be activated, we do not have enough staff.”

During the Palisades fire, EMD said it had to bring in additional emergency management officials from other cities to sustain the emergency operations center around the clock.

Lowe said L.A. leaders had failed to recognize EMD’s role within the broader public safety infrastructure of the city.

“I’m not sure at a political level that the city understands and appreciates emergency management and the purpose of the department, and that trickles down to the budget and the size of the department,” Lowe said.

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