He is the Executive Sponsor OF RBC’s Vets Network ERG working closely with select veteran organizations in both New York and New Jersey. Mr. Thurlow serves as a member of the National Board of the All Stars Project, an afterschool development program for inner-city kids across 6 major cities in the U.S., including Jersey City, Newark and New York. He also serves as a member of the Advisory Board of the New Jersey City University (NJCU) School of Business and actively supports The Boys and Girls Club of Hudson County, both located in Jersey City. He also served from 2012 to 2015 as a member of United Technologies’ International Advisory Council. He is active with many philanthropic organizations, including as Chairman of Ste Justine Hospital’s Foundation since 2012. He has also accepted numerous pro bono assignments from municipal, provincial and federal governments, notably negotiating the return of Formula One racing to Canada.

• So also, away from just products to address AI, a lot of companies talked about addressing labor and capacity challenges with AI tools, which was a positive.
• A careful reading of relevant biblical texts, stimulated by the study of external resources, has led scholars to a general agreement that Israel did not take Canaan by means of a single, comprehensive, calculated plan of conquest.
• Now, you made the point as we think about the election that’s coming up.
• But that long, dark shadow of the global financial crisis, the GFC, you know, going back 2008, 2009, I think that was a real shadow that was cast over boards and management teams when they were looking at M&A, and I think there was a little bit more of a defensive mindset.

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It’s been, across the board, a very, very active market in the services world over the past several quarters. We’re seeing a very robust M&A market in the aerospace and defense markets right now. There’s probably three areas within aerospace and defense that are very active right now.

Michael serves as a senior ambassador of RBC Capital Markets, working closely with the investment banking team to build relationships with joshua rosenbaum rbc clients in Australia. Allison Szmulewicz is Chief Operating Officer of RBC Capital Markets with global responsibility for operations, transformation, as well as risk and control. In her role, she oversees the Capital Markets platform, ensuring  the delivery of a best-in-class experience for clients, while evolving constantly to meet business priorities and regulatory requirements in a dynamic and ever-changing environment.

How does the dealmaking environment look for 2025?

So all things, things will affect most of the industrial sector, but within that, we’re seeing really strong activity out of Aerospace and Defense. I think it stands to reason for everyone here, pretty intuitive that defense is strong, especially in the tech area, cybersecurity is kind of an ancillary business there. The aftermarket for commercial aerospace has also been strong after pent up demand from the pandemic. And I think, you know, probably the best thing I could say is, we’ve been doing a lot of M&A, there’s been a lot of public company M&A, there’s been private equity interest in the area. But as I, as I said before, it’s actually where the most active pocket for IPO activity, we’ve had two very successful IPOs in this space, as I mentioned before… So to me, that says a lot of better Aerospace and Defense. Industrial services, generally critical services related to infrastructure and the grid and other needs that businesses and people have, regardless of the macro economy, they tend to be pretty resilient, all weather businesses, so there’s always demand for those.

• Customers understand the tariff cost dynamics and pricing has been sticking as manufacturers have been addressing that issue.
• Andrew has held progressively senior roles across GRM and RBC over his 19 years with the bank.
• Kept it a stack every time and would make it right if you fell short.
• So if you have a business in these markets, now is an interesting time to contemplate a sale, because there’s a lot of strategic interest or buyer interest, whether it’s from corporates or from private equity firms.

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Based in Jersey City, New Jersey, Mr. Thurlow is responsible for all operational, control and administrative aspects of RBC’s U.S. Capital Markets businesses and has local management responsibility for all Technology, Operations and Functions groups. Mr. Thurlow is also the Chief Operating Officer for RBC U.S. Holdings LLC, RBC’s U.S. Intermediate Holding Company (IHC) in which he works closely with the IHC CEO and all U.S. business leaders in driving collaboration opportunities across our U.S. operations. Since October 2010, Michael Fortier is Vice Chairman, RBC Capital Markets. Prior to joining the Royal Bank of Canada, he had been active principally in the fields of banking, politics and law.

He then held roles at Deutsche Bank and Rothschild before joining RBC in 2006 to lead our infrastructure, transport and utilities team in Australia. In 2012, he was appointed as Head of Investment Banking Asia-Pacific and then chief country officer Head for RBC Capital Markets Australia in 2015. Dominic Hudson leads our investment banking sector, product and country teams across Europe and APAC, and is a member of the RBC Capital Markets Operating Committee. As SVP, Global Head of Market & Counterparty Credit Risk within Group Risk Management, Andrew is responsible for the enterprise-wide oversight and governance of market, counterparty credit, and liquidity risk as well as global model risk management and validation.

Charting momentum in Industrials M&A Transcript

And I was reflecting on this because it’s a little bit of a change in sentiment from defense maybe in the 2000 and 10s to offense today. But that long, dark shadow of the global financial crisis, the GFC, you know, going back 2008, 2009, I think that was a real shadow that was cast over boards and management teams when they were looking at M&A, and I think there was a little bit more of a defensive mindset. And I think that shadow, I won’t say it’s completely gone, but it’s a lot it’s a lot narrower, it’s a lot paler. And part of this is just, you could go look at the management teams and boards, and you could see that a lot of the people that were in those seats, you know, eight or nine, and they’re gone. And this is just the human element, that if the people have turned over, there’s been a transition. And by the way, no one is saying people should forget what happened during the GFC.

Acquisition as a tool for growth

Before Citi, Allison managed the client marketing team at Lazard Frères Asset Management, where she created high volume client materials and played a key role in launching the firm’s first online client offering. Well when you think back to roughly a year ago, when we last had a sit down post our annual industrials conference in terms of the state of the world, as I was reflecting on this, there’s been significant progress. You know, at that time, we’re talking September, October of 2023 you had a 10 year that was at 5%, you had very stubborn inflation, you kind of had a macro backdrop, the likes of which most people hadn’t seen in their professional careers. It’s still more, I’d say, a corporate environment than a private equity environment, but private equity is increasingly active. We have a world where I’ll speak for RBC specifically, we’ve actually done two great IPOs in the sector, both in Aerospace And Defense, lower and StandardAero.

We talked about it last year, there being a pent up demand for deals, both in terms of new transactions and in terms of exiting from existing deals. And that’s continued to be the theme, I would say, if I look at it, you know, there was an abnormal amount of private equity exit activity from the second half of ‘20 into all of ‘21 those 18 months were the most we’ve seen in a long period in history, I believe. We’ve seen some decent activity in terms of new entries. And so there’s starting to be somewhat of a constructive LBO market, although I would say we’ve seen green shoots, and we’ve been participants in it, but it’s also early days.

During the 40 years the Jewish people wandered in the wilderness, Joshua served as a faithful aide to Moses. Of 12 spies sent to scout out Canaan, only Joshua and Caleb had confidence in God, and only those two survived the desert ordeal to enter the Promised Land. Against overwhelming odds, Joshua led the Israelite army in its conquest of the Promised Land. He apportioned the land to the tribes and governed them for a time.

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As the Chief Risk Officer for RBC Capital Markets, Andrew and his team are responsible for driving strong risk governance practices aligned with enterprise standards, promoting a strong risk culture and providing risk insights and understanding to the business. Andrew is a member of the Group Risk Management and Capital Markets Operating Committees. Bobby Grubert is the Head of AI and Digital Innovation for RBC Capital Markets. In this role, Bobby leads the firm’s end-to-end AI and digital innovation strategy to deliver transformative client solutions, drive scale and accelerate adoption across the firm to enable the Capital Markets business to compete in a digital world. He is responsible for embedding AI-driven technologies and capabilities as core drivers of client value and revenue growth with tangible commercial and measurable outcomes.

And you look at their share price performance and their current valuations, I think that reflects investor bullishness in the markets. Just to bifurcate the markets in between commercial and defense. On the commercial side, it’s been a very strong season. The summer season is typically the highest grossing season for the airlines, momentum has grown over this peak season, with July demand reaching about 4% or 5% growth. That trend appears across all regions and is particularly evident in the international travel market, which strengthened significantly over the summer. The RBC North America commercial supplier index is up about 42% year over year.