• Pot and politics — thoughts on life from Goldman Sachs's 2019 summer interns Link https://t.co/de36g5H9U4
    Financial News Wed 18 Sep 2019 13:20

    They want a second referendum on Brexit, are scared of data theft and think artificial intelligence will have a more profound global impact than climate change: meet your typical Goldman Sachs intern.

    The US investment bank released the findings of its annual survey of almost 1,800 interns on September 18. Respondents were quizzed on a range of topics, from family life and career development to diversity and the legalisation of cannabis.

    Sixty per cent said they expect to start their own business in their lifetime, while more than a third (38%) intend to pursue another degree.

  • Schroders adds responsible investments chief for credit funds Link
    Financial News Wed 18 Sep 2019 12:40

    UK asset manager Schroders has recruited its first head of sustainable credit investments, as fund managers buff their responsible-investment credentials in hopes of winning more cash from younger, ethics-conscious savers.

    The £444bn firm has recruited Saida Eggerstedt, a former head of corporates and financials at German group Deka Investment, who specialises in sustainable investment strategies in credit fund management.

    Eggerstedt...

  • RT @SamuelAgini: LSE calls in JPMorgan to fend off £32bn Hong Kong bid Link
    Financial News Wed 18 Sep 2019 12:05

    The London Stock Exchange has drafted in bankers from JPMorgan to help it fend off Hong Kong Exchanges and Clearing’s £31.6bn bid.

    Dwayne Lysaght, JPMorgan’s co-head of mergers and acquisitions in Europe, the Middle East and Africa, and Edmund Byers, co-head of its UK business, have joined the roster of LSE advisers, according to people familiar with the matter.

    The...

  • UK fund fees among the lowest in Europe, and still falling Link
    Financial News Wed 18 Sep 2019 11:50

    The UK’s move to ban adviser commissions on sales of mutual funds in 2013 has led to British-based investment funds becoming some of the cheapest in Europe, with prices still falling six years on.

    But the country still lags behind the best-value fund markets in the world, led by the US, Australia and the Netherlands. Separately, many funds that are sold into the UK from other countries are not dropping in price in the same way.

    According...

  • LSE calls in JPMorgan to fend off £32bn Hong Kong bid, writes @SamuelAgini Link
    Financial News Wed 18 Sep 2019 11:30

    The London Stock Exchange has drafted in bankers from JPMorgan to help it fend off Hong Kong Exchanges and Clearing’s £31.6bn bid.

    Dwayne Lysaght, JPMorgan’s co-head of mergers and acquisitions in Europe, the Middle East and Africa, and Edmund Byers, co-head of its UK business, have joined the roster of LSE advisers, according to people familiar with the matter.

    The...

  • They want a second referendum on #Brexit are scared of data theft and think artificial intelligence will have a more profound global impact than climate change: meet your typical Goldman Sachs intern... Link
    Financial News Wed 18 Sep 2019 11:30

    They want a second referendum on Brexit, are scared of data theft and think artificial intelligence will have a more profound global impact than climate change: meet your typical Goldman Sachs intern.

    The US investment bank released the findings of its annual survey of almost 1,800 interns on September 18. Respondents were quizzed on a range of topics, from family life and career development to diversity and the legalisation of cannabis.

    Sixty per cent said they expect to start their own business in their lifetime, while more than a third (38%) intend to pursue another degree.

  • Goldman Sachs asked its interns about life: here’s what they said Link
    Financial News Wed 18 Sep 2019 11:00

    They want a second referendum on Brexit, are scared of data theft and think artificial intelligence will have a more profound global impact than climate change: meet your typical Goldman Sachs intern.

    The US investment bank released the findings of its annual survey of almost 1,800 interns on September 18. Respondents were quizzed on a range of topics, from family life and career development to diversity and the legalisation of cannabis.

    Sixty per cent said they expect to start their own business in their lifetime, while more than a third (38%) intend to pursue another degree.

  • UK launches security probe into Advent’s Cobham takeover Link
    Financial News Wed 18 Sep 2019 09:15

    The UK government has ordered an investigation into the £4bn acquisition of defence manufacturer Cobham by US private equity firm Advent International on national security grounds.

    The move comes just two days after Advent received overwhelming shareholder approval for the deal to acquire one of UK’s oldest aerospace and defence companies.

    Andrea...

  • UK government launches security probe into Advent's takeover of Cobham Link from @LinaSaigol
    Financial News Wed 18 Sep 2019 09:10

    The UK government has ordered an investigation into the £4bn acquisition of defence manufacturer Cobham by US private equity firm Advent International on national security grounds.

    The move comes just two days after Advent received overwhelming shareholder approval for the deal to acquire one of UK’s oldest aerospace and defence companies.

    Andrea...

  • Fund managers double down on the US — via @MarketWatch Link
    Financial News Wed 18 Sep 2019 08:25

    Even as US stocks push ever closer to record territory, with recession fears swirling and some big rotation out of popular stocks, fund managers are buying America more than they have in over a year.

    That’s according to the September Bank of America Merrill Lynch fund manager survey that published Tuesday. It showed that allocation to US equities soared 15 percentage points to a net 17% overweight, the biggest monthly increase since June 2018, making it the most-preferred region amongst global managers.

    ...
  • Private equity firms spend more on fewer UK deals Link
    Financial News Wed 18 Sep 2019 08:25

    The number of private equity firms’ acquisitions in the UK has fallen 12% in the year to September as buyers await Brexit resolution, but buyout shops have spent more money across the country.

    The number of deals in the UK has fallen to 274 in the 12 months to September, down from 311 a year earlier, according to a report from law firm Mayer Brown.

    There...

  • Opinion: More rate cuts won’t save the economy — in fact they’re making it worse Link https://t.co/NgwBcE94n9
    Financial News Wed 18 Sep 2019 08:20

    The real (inflation-adjusted) yield on ten-year US treasuries is currently zero, and has been extremely low for most of the past eight years. Outside of the United States, meanwhile, 40% of investment-grade bonds have negative nominal yields.

    And most recently, the European Central Bank further reduced its deposit rate to -0.5% as part of a new package of economic stimulus measures for the eurozone.

  • Influential former Berkshire pension fund chief dies Link
    Financial News Wed 18 Sep 2019 08:20

    Nick Greenwood, the former manager of the £2bn Berkshire Pension Fund and an influential voice in UK public-sector pensions investment, has died after a short illness.

    Greenwood, who was in his early sixties, led the council pension scheme for eleven years until last May, when the Berkshire fund joined up with two others as part of the ongoing consolidation of the UK’s public-sector retirement funds.

    After...

  • A senior executive at Deutsche Bank’s so-called bad bank is set to depart just two months into the German lender’s move to wind down hundreds of billions of euros of unwanted assets — @paultclarke reports Link
    Financial News Wed 18 Sep 2019 08:20

    A senior executive at Deutsche Bank’s so-called bad bank is set to depart just two months into the German lender’s move to wind down hundreds of billions of euros of unwanted assets.

    Andrew Morgan, an equities trader who has held numerous top jobs in London during more than 15 years at Deutsche, is leaving the company, according to a person with knowledge of the move.

    He was...

  • Influential former Berkshire pension fund chief dies Link
    Financial News Tue 17 Sep 2019 16:44

    Nick Greenwood, the former manager of the £2bn Berkshire Pension Fund and an influential voice in UK public-sector pensions investment, has died after a short illness.

    Greenwood, who was in his early sixties, led the council pension scheme for eleven years until last May, when the Berkshire fund joined up with two others as part of the ongoing consolidation of the UK’s public-sector retirement funds.

    After...

  • The Fintech Files: Your weekly roundup of the latest developments in financial tech and innovation from @RyanJamesWeeks. Today: Decrypting the crypto price Link https://t.co/oiaxzBfDES
    Financial News Tue 17 Sep 2019 15:09

    Welcome to The Fintech Files, your weekly roundup from FN’s fintech correspondent Ryan Weeks, keeping you up-to-date with the latest developments in financial tech and innovation.

    Decrypting the crypto price

    Given how avidly crypto enthusiasts track the price of bitcoin and other digital assets, one might imagine the reliability of those...

  • Equities specialist leaves Deutsche’s ‘bad bank’ after two months, writes @paultclarke Link
    Financial News Tue 17 Sep 2019 14:59

    A senior executive at Deutsche Bank’s so-called bad bank is set to depart just three months into the German lender’s move to wind down hundreds of billions of euros of unwanted assets.

    Andrew Morgan, an equities trader who has held numerous top jobs in London during more than 15 years at Deutsche, is leaving the company, according to a person with knowledge of the move.

    He was...

  • .@jpmorgan to open new hi-tech home in Glasgow Link https://t.co/BJT9QmJUQE
    Financial News Tue 17 Sep 2019 12:34

    JPMorgan has unveiled plans for new offices in Glasgow that will allow it to increase headcount in Scotland’s largest city by more than a third.

    The US bank already employs around 2,000 people in Glasgow and said in a statement that the 13-storey building will give it space for an extra 700 staff in the city.

    Lori Beer, global chief information...

  • Now confirmed: EBA leader appointed next CEO of banking body Afme, writes @nellmooney Link
    Financial News Tue 17 Sep 2019 10:19

    The executive director of the European Banking Authority has been named as the next chief executive of the Association for Financial Markets in Europe, the voice of banks in the region.

    Afme confirmed the hire of Adam Farkas in a statement on September 17. News of his likely appointment had earlier been reported by Sky News.

    Farkas, a Hungarian...

  • EBA leader in talks to become CEO of banking body Afme Link
    Financial News Tue 17 Sep 2019 10:04

    The executive director of the European Banking Authority is in advanced talks to become the next chief executive of the Association for Financial Markets in Europe, the voice of banks in the region.

    Adam Farkas is a frontrunner for the chief executive role, according to a person familiar with the matter. The news was first reported by Sky News.

    Farkas,...

  • Aquis moves closer to profitability ahead of battle for IPOs Link
    Financial News Tue 17 Sep 2019 10:04

    Aquis Exchange, the stock trading venue founded by City veteran Alasdair Haynes, moved closer to profitability in the first half ahead of its plan to start competing for company listings.

    Revenues rose by more than 160% year-on-year to £3.4m over the period, helping Aquis to narrow net losses from £3.2m to £621,000, according to a September 17 statement.

    Analysts...

  • Review: Hustlers finds perfect victim in greedy bankers, writes @morrisdave Link https://t.co/9j5W1fVVgL
    Financial News Tue 17 Sep 2019 08:24

    Movie:  Hustlers

    Striptease artists and bankers have more in common than just, well, spending a lot of time in strip clubs. Hustlers exposes the similarities between sex workers and financiers, but the based-on-a-true-story tale falters when writer-director Lorene Scafaria tries too hard to make it into a simple morality play.

    Destiny (Constance...

  • An audience with L’Oréal CEO Jean-Paul Agon: The boss of the world’s biggest beauty maker on Brexit, the US-China trade war and M&A Link https://t.co/6uKJpU7kI9
    Financial News Tue 17 Sep 2019 08:24

    If the UK plunges into a Brexit-induced recession, the boss of the world’s largest cosmetics company has ensured that Brits will still look good.

    Jean-Paul Agon, chief executive and chairman of L’Oréal, has launched Project Brexit, a twin-tracked contingency plan to stockpile lipstick and eyeliner in UK warehouses.

    He has also brokered a deal...

  • WeWork expected to postpone IPO amid investor pushback — via @WSJ Link
    Financial News Tue 17 Sep 2019 08:24

    WeWork’s parent is expected to postpone its initial public offering after investors questioned how much the company is worth and raised concerns about its corporate governance.

    The shared-workspace company — which had planned to begin a roadshow to market the shares as early as Monday ahead of a trading debut next week — is likely to shelve the offering until at least next month, people familiar with the matter said.

    The...

  • ICYMI: London defies #Brexit to tighten grip on global trading Link
    Financial News Tue 17 Sep 2019 08:24

    London has tightened its grip on global trading activity, increasing its lead in currency markets and reclaiming its crown in interest-rate derivatives — statistics that will help assuage fears that Brexit is already taking its toll on the City as a global financial centre.

    The Bank for International Settlements’ latest survey of currency and derivatives trading underlined the importance of the UK’s role in global finance at a time when the City is braced for a potential no-deal Brexit at the end of next month.

    ...
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