☕️ Probe Schmobe

Good morning.

Ted certainly Pick-ed his moment to downplay the suite of regulatory probes currently being faced by Morgan Stanley, shrugging off the investigations by no less than four federal US bodies into how the bank monitors the background of its wealth management clients. The freshly minted CEO said the matter isn’t new, and that the bank has been focused on its processes for a “good while.”

It was a sage time to address the investigations, as the bank topped Q1 expectations with a 14% increase in first-quarter profits, while its wealth management division saw net new assets reach approximately US$95 billion, well ahead of expectations for US$62 billion…(coincidence? I think not).

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Market movers

Shares in Star Entertainment took a battering during trading on Tuesday, falling over 14% to close at $0.42, as news emerged from the casino group’s second day of the public hearings in its second NSW inquiry. During the hearings, the inquiry heard Star had difficulty in delivering completed milestones within timeframes for its remediation plan, and that the casino required continuing supervision. Special manager at the group Nicholas Weeks said: “At this point in time, I think the casino needs continuing supervision whether that's me or somebody else.” Monday’s hearing heard that the Star’s chair and former CEO has been plotting to oust Weeks during his tenure.

The quick sync

• Etoro’s 32 million global investors are about to become eligible for ASX voting rights. (Capital Brief)

• Fed chief Jerome Powell says US inflation is taking longer than expected to reach 2% target. (Financial Times)

• Woodside investors are ramping up pressure on the energy giant’s lack of climate ambition ahead of its AGM next week. (Capital Brief)

• BofA, Morgan Stanley and BNY Mellon post mixed first quarter earnings. (Capital Brief)

• BHP will need to expand a gas-fired power station to rely on until 2053, as its iron ore division will consume seven times more power due to fleet electrification. (AFR)

M&A

• Macmahon Holdings to acquire Decmil at 30¢ a share, approved by Decmil board. (AFR)

• Vista Equity Partners is eyeing up Sydney-based CriticalArc for a potential $58.4m acquisition. (AFR)

• Pet O set to acquire part of PETstock business after Jarden-led sale. (The Australian)

• UBS pushes Iress as a takeover target amid interest from Thoma Bravo. (AFR)

• Deal for Energy and Minerals Group's stake in Coronado to Sev.en in doubt. (The Australian)

• BlackRock plans to sell stake in battery storage assets via Goldman Sachs, potentially worth $500m. (The Australian)

Capital Markets

• Roc Partners plans to raise $500m for new fund. (AFR)

• Fiutur, spun off from Xpansiv, seeks financing via a convertible note deal. (AFR)

• Windlab seeks $1b debt for Gawara Baya wind farm, engages ICA Partners. (AFR)

• Hellyers Road, Australia's oldest whisky distillery, opens a $4.8m equity raise on OnMarket. (AFR)

• Jarden's NZ banking arm posts first profit of NZ$18.4m for the 12 months to March 31. (AFR)

• Macquarie Tech raises $100m for Sydney data centre acquisition from Keppel DC REIT. (BNA)

VC

• Sumday secures $5.3m seed funding led by NYC's Planeteer Capital, supporting climate goal tracking. (AFR)

• Bygen raises $2.6m in Series A, backed by Breakthrough Victoria and VCs like Alberts Impact Ventures. (Startup Daily)

• WA's PlanCare secures $2.5m in seed round extension from Purpose Ventures. (Startup Daily)

• MGA Thermal secures $5.7m for thermal energy storage system, with backing from existing and new investors, totalling $28.8m in funding. (Smart Company)

• Diversity Atlas secures a $6m bridge round led by Gener8 VC, aiming to expand globally. (Startup Daily)

• Vitadrop secures $3.17m in pledges for upcoming capital raise on VentureCrowd. (Capital Brief)

People moves

• Rampersand appoints two new partners, Taryn Pieterse and Andrew Poesaste, ahead of 'golden decade' for VC. (Capital Brief)

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The watercooler