European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Brookfield offers 220p/share in cash for Just Group via scheme, valuing the UK annuity provider at £2.4bn — a 75% premium and 1.1x Tier 1 capital.</li>
<li>The deal strengthens Brookfield’s UK pension risk platform, leverages its global asset engine, and provides Just with growth capital, operational scale, and improved investment capabilities.</li>
<li>With high deal certainty and limited regulatory risk, the 3.5% gross spread offers an 8.5% annualised return by January 2026, presenting a compelling event-driven arbitrage opportunity.</li>
</ul>


Brookfield offers 220p/share in cash for Just Group via scheme, valuing the UK annuity provider at £2.4bn — a 75% premium and 1.1x Tier 1 capital.
The deal strengthens Brookfield’s UK pension risk platform, leverages its global asset engine, and provides Just with growth capital, operational scale, and improved investment capabilities.
With high deal certainty and limited regulatory risk, the 3.5% gross spread offers an 8.5% annualised return by January 2026, presenting a compelling event-driven arbitrage opportunity.


Brookfield-Just Group: Clean UK Life Deal, 8.5% Annualised Return to Jan 2026

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the June 2026 index rebal event.</li>
<li>Our latest estimates suggest there could be two regular changes for F100 and one regular change for F250 during the June 2026 rebal.</li>
<li>We see two M&amp;A-related intra-review changes for the F250 index after the rebal event.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the June 2026 index rebal event.
Our latest estimates suggest there could be two regular changes for F100 and one regular change for F250 during the June 2026 rebal.
We see two M&amp;A-related intra-review changes for the F250 index after the rebal event.


Quiddity Leaderboard F100/F250 Jun26: Two F100 and One F250 Changes; Two Months till the Base Date

<ul>
<li>The March 2026 index review results for the F100 and F250 indices were announced yesterday after LSE market close.</li>
<li>There will be two index changes for F100 and two separate index changes for F250. </li>
<li>The announced results were in line with our final expectations discussed here (<a href="https://www.smartkarma.com/discussion/243825" target="_blank" rel="noopener">link</a>).  </li>
</ul>


The March 2026 index review results for the F100 and F250 indices were announced yesterday after LSE market close.
There will be two index changes for F100 and two separate index changes for F250. 
The announced results were in line with our final expectations discussed here (link).  


Quiddity F100/F250 Mar26 Results: All Expected ADDs/DELs Correct; One High Impact ADD

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the March 2026 index rebal event.</li>
<li>We see one M&amp;A-related intra-review change for the F100 index in the next week.</li>
<li>Our latest estimates suggest there could be one regular change each for the F100 and F250 indexes during the March 2026 rebal.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the March 2026 index rebal event.
We see one M&amp;A-related intra-review change for the F100 index in the next week.
Our latest estimates suggest there could be one regular change each for the F100 and F250 indexes during the March 2026 rebal.


Quiddity Leaderboard F100/F250 Mar26: Ashtead DEL Soon; 2 Weeks to Base Date

Jpmorgan Claverhouse It / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the March 2026 index rebal event.</li>
<li>We see two M&amp;A-related intra-review changes for the F250 index prior to the March 2026 rebal. Both are likely to happen in the next two weeks.</li>
<li>Our latest estimates suggest there could be <em>no</em> regular changes for the F100 and F250 indexes during the March 2026 rebal which follows.</li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 in the run-up to the March 2026 index rebal event.
We see two M&amp;A-related intra-review changes for the F250 index prior to the March 2026 rebal. Both are likely to happen in the next two weeks.
Our latest estimates suggest there could be no regular changes for the F100 and F250 indexes during the March 2026 rebal which follows.


Quiddity Leaderboard F100/F250 Mar26: Two High-Impact Intra-Review ADDs

United Kingdom

Just Group PLC provides financial services. The Company specializes in de-risking solutions, retirement income products, mortgages, financial advice, and guidance services to individual customers, financial intermediaries, corporate clients, and pension scheme trustees. Just Group serves customers worldwide.

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Just Group PLC (JUST LN)

Brookfield-Just Group: Clean UK Life Deal, 8.5% Annualised Return to Jan 2026

Brookfield's £2.4bn bid for Just Group offers strategic logic, low-risk execution, and an 8.5% annualised return — a rare, clean arbitrage setup in...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Jun26: Two F100 and One F250 Changes; Two Months till the Base Date

We see two F100 changes and one F250 change so far. We have a little over two months to the base date and changes could happen until then.

Afridi Reyal

Quiddity F100/F250 Mar26 Results: All Expected ADDs/DELs Correct; One High Impact ADD

March 2026 index review results for F100 and F250 indices were announced in line with expectations. Schiehallion is a big impact name to trade.

Afridi Reyal

Quiddity Leaderboard F100/F250 Mar26: Ashtead DEL Soon; 2 Weeks to Base Date

Yesterday (3rd March) was the base date for the March 2026 rebal event. The index changes will be confirmed after market close today. I have...

Afridi Reyal

Quiddity Leaderboard F100/F250 Mar26: Two High-Impact Intra-Review ADDs

We expect Henderson Far East Income (HFEL LN) to be the intra-review F250 replacement for Dowlais (DWL LN). Ashtead Group (AHT LN) is set to be...

Afridi Reyal

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Brookfield-Just Group: Clean UK Life Deal, 8.5% Annualised Return to Jan 2026

Brookfield's £2.4bn bid for Just Group offers strategic logic, low-risk execution, and an 8.5% annualised return — a rare, clean arbitrage setup in...

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/F250 Jun26: Two F100 and One F250 Changes; Two Months till the Base Date

We see two F100 changes and one F250 change so far. We have a little over two months to the base date and changes could happen until then.

Afridi Reyal

Quiddity F100/F250 Mar26 Results: All Expected ADDs/DELs Correct; One High Impact ADD

​March 2026 index review results for F100 and F250 indices were announced in line with expectations. Schiehallion is a big impact name to trade.

Afridi Reyal

Quiddity Leaderboard F100/F250 Mar26: Ashtead DEL Soon; 2 Weeks to Base Date

Yesterday (3rd March) was the base date for the March 2026 rebal event. The index changes will be confirmed after market close today. I have...

Afridi Reyal

Quiddity Leaderboard F100/F250 Mar26: Two High-Impact Intra-Review ADDs

We expect Henderson Far East Income (HFEL LN) to be the intra-review F250 replacement for Dowlais (DWL LN). Ashtead Group (AHT LN) is set to be...

Afridi Reyal

March 2026 index review results for F100 and F250 indices were announced in line with expectations. Schiehallion is a big impact name to trade.