• The UK's markets regulator is pushing forward with a fast-track review of the way mutual funds are governed following the collapse of Neil Woodford’s firm last year, and expects to complete its work “in early 2020” Link https://t.co/eARo7bUKrO
    Financial News Thu 23 Jan 2020 11:00

    The UK's markets regulator is pushing forward with a fast-track review of the way mutual funds are governed following the collapse of Neil Woodford’s firm last year, and expects to complete its work “in early 2020”.

    The Financial Conduct Authority warned CEOs in the asset management industry they could expect scrutiny on the issue in an open letter published on 22 January.

    The watchdog...

  • Property of the Week: Riverside views in west London for £1.1m Link Via @MansionGlobal https://t.co/8tlrPFjuxY
    Financial News Thu 23 Jan 2020 11:00
  • Blackstone CEO says tackling climate change is ‘good economics’ — via @WSJ Link
    Financial News Thu 23 Jan 2020 10:55

    Blackstone chief executive Stephen Schwarzman said it is clear that the climate is changing, and businesses need to take action.

    “You can’t watch the news literally anywhere without seeing giant fires and storms happening on a regular basis,” Schwarzman said at a Wall Street Journal event at the World Economic Forum. “There’s little doubt that something very profound appears to be going on, and it ought to be addressed.”

    Climate...

  • Ardian targets bank lenders with €3bn private debt fund Link
    Financial News Thu 23 Jan 2020 10:55

    Ardian has raised €3bn for its latest private debt fund and has expanded its remit to more effectively compete with banks.

    The fund, which exceeded its €2.5bn target, will look to provide flexible and tailored financing to mid-market companies across Europe.

    The offering will now also include stretched senior debt “to capture more of the buyout...

  • HSBC corporate finance boss and Aramco banker steps down Link
    Financial News Thu 23 Jan 2020 10:55

    The co-head of corporate finance at HSBC, who recently helped lead the initial public offering of Saudi Aramco, is to leave after more than eight years in key roles at the top of its investment bank.

    Matthew Wallace has resigned and will be “pursuing other opportunities”, according to a note sent to staff by Greg Guyett, co-head of HSBC’s global banking and markets business.

    HSBC...

  • FCA expects to finish post-Woodford fund review within months Link https://t.co/KzuTBUdb5G
    Financial News Thu 23 Jan 2020 10:15

    The UK's markets regulator is pushing forward with a fast-track review of the way mutual funds are governed following the collapse of Neil Woodford’s firm last year, and expects to complete its work “in early 2020”.

    The Financial Conduct Authority warned CEOs in the asset management industry they could expect scrutiny on the issue in an open letter published on 22 January.

    The watchdog...

  • Lord Mandelson refuses to back any candidate in Labour leadership race Link via @MarketWatch https://t.co/WCmGjqRZxT
    Financial News Thu 23 Jan 2020 09:55

    Labour Party grandee Lord Mandelson is refusing to back any of the candidates in the party’s leadership race.

    The UK’s former secretary of state for trade and industry has waded into the Labour Party leadership contest, hinting the best candidate should come from the centre left of the party but declined to give his support to any one person.

    Speaking...

  • Barclays consultant named chair of crypto market trade body, @RyanJamesWeeks reports Link https://t.co/mW8en9t9e7
    Financial News Thu 23 Jan 2020 09:55

    A trade body set up to promote self-regulatory standards for the UK’s growing crypto-asset industry has appointed an adviser to Barclays’ investment bank as its next chair.

    Ian Taylor, who works as a contractor in interest rate modelling at Barclays' investment bank, took over the role on a part-time basis at the start of January. He replaces Iqbal Gandham, a managing director at the share trading platform eToro who had led the organisation since its launch in February 2018.

    ...
  • Opinion: Beware of falling unicorns - listed private equity has problems too Link https://t.co/JwDk4W34pb
    Financial News Thu 23 Jan 2020 09:55

    Problems in private equity get noticed when retail investors lose. The collapse of Neil Woodford’s firm, after the manager dabbled in unquoted investments, has focused many people’s attention.

    But concerns with the asset class go beyond individual rogue managers or poorly structured funds. At the heart of the matter is the question: How can unquoted investments be valued consistently?

    The...

  • One corner of the IPO market is booming: blank-cheque companies Link via @barronsonline https://t.co/6JgFLPKIfo
    Financial News Thu 23 Jan 2020 09:55

    Some big-name initial public offerings last year were panned for not having a profitable business. Yet more than a quarter of the offerings were of companies with no business at all — by design.

    These were special purpose acquisition companies, or SPACs, also known as “blank-cheque companies.” Their goal is to raise money from public and private investors and then identify an acquisition target and buy it, typically within two years. SPACs raised $13.6bn in 59 IPOs last year.

    ...
  • RT @RyanJamesWeeks: Management reshuffle at crypto market trade body Link via @FinancialNews
    Financial News Thu 23 Jan 2020 08:40

    A trade body set up to promote self-regulatory standards for the UK’s growing crypto-asset industry has appointed an adviser to Barclays’ investment bank as its next chair.

    Ian Taylor, who works as a contractor in interest rate modelling at Barclays' investment bank, took over the role on a part-time basis at the start of January. He replaces Iqbal Gandham, a managing director at the share trading platform eToro who had led the organisation since its launch in February 2018.

    ...
  • USS to offer individual savers access to private markets — @Fanfaronade reports Link
    Financial News Wed 22 Jan 2020 15:40

    The Universities Superannuation Scheme, the UK’s biggest pension fund, has opened its £1bn defined contribution section up to private market assets — a rare move that could spur further interest in off-market investments.

    USS said that, from next month, the investment remit of its DC funds would expand “to include an allocation to private markets”. It had “developed a solution” to achieve this “with no extra cost to members or to their employers”, the scheme added.

    ...
  • USS to offer individual savers access to private markets — @Fanfaronade reports Link https://t.co/PxrWf1HAJb
    Financial News Wed 22 Jan 2020 15:20

    The Universities Superannuation Scheme, the UK’s biggest pension fund, has opened its £1bn defined contribution section up to private market assets — a rare move that could spur further interest in off-market investments.

    USS said that, from next month, the investment remit of its DC funds would expand “to include an allocation to private markets”. It had “developed a solution” to achieve this “with no extra cost to members or to their employers”, the scheme added.

    ...
  • Morgan Stanley’s prime brokerage architect Portogallo to retire — via @WSJ Link
    Financial News Wed 22 Jan 2020 14:30

    Morgan Stanley executive Rich Portogallo, who helped build the bank’s prime brokerage business into a Wall Street powerhouse, is retiring after 34 years at the firm, according to an internal memo circulated Wednesday.

    Portogallo joined Morgan Stanley in 1986 as one of the first employees of the firm’s then-fledgling prime brokerage business, and over the next two decades helped it become a top competitor, catering to hedge funds and other big trading customers as he rose through the ranks.

    ...
  • ICYMI: HSBC shakes up team of bankers covering asset managers Link
    Financial News Wed 22 Jan 2020 13:50

    HSBC has refreshed the leadership of its team of bankers serving its biggest investment management and central banking clients.

    The reshuffle is the latest move by the UK lender to reshape its global banking team under Greg Guyett, the division’s head.

    HSBC has named Simon Derrick and Michael Ellam co-heads of its institutional client group,...

  • Goldman Sachs is looking to open a new office for its technologists outside London, following similar moves by a number of large rivals in the UK in recent years Link
    Financial News Wed 22 Jan 2020 13:45

    Goldman Sachs is looking to open a new office for its technologists outside London, following similar moves by a number of large rivals in the UK in recent years.

    The US investment bank has appointed property agents to explore locations in Birmingham and Manchester, according to a person familiar with the matter.

    Property website React News,...

  • Citi M&A boss to stay on as head of UK’s takeover watchdog Link
    Financial News Wed 22 Jan 2020 12:44

    Simon Lindsay, the senior Citigroup dealmaker, will stay on in his role as head of the UK’s takeover watchdog for another two years.

    Lindsay, who is Citi’s head of UK mergers and acquisitions, has been on secondment at the Takeover Panel since April 2018, when he took over as director-general from Rothschild banker Crispin Wright.

    He will now...

  • Mark Barnett’s performance and liquidity worries mount with £1bn net outflows — @Fanfaronade reports Link
    Financial News Wed 22 Jan 2020 12:29

    Funds run by Mark Barnett, the successor to Neil Woodford at Invesco, suffered outflows of at least £1bn in the final quarter of 2019 despite an uptick in performance, raising doubts he has done enough to quell investor fears about his strategy.

    Estimates from Morningstar, the funds analyst, suggest the three funds run by Barnett — Invesco Income, High Income and UK Strategic Income — had £1bn of net outflows between the end of September and the end of December.

    ...
  • Goldman Sachs looks outside London for new tech home Link
    Financial News Wed 22 Jan 2020 12:19

    Goldman Sachs is looking to open a new office for its technologists outside London, following similar moves by a number of large rivals in the UK in recent years.

    The US investment bank has appointed property agents to explore locations in Birmingham and Manchester, according to a person familiar with the matter.

    Property website React News,...

  • Xavier Rolet stands down as CEO of Hintze’s CQS after one year — Former LSE boss will remain with the $20bn investment firm as an adviser on strategy and client development Link
    Financial News Wed 22 Jan 2020 11:14

    Xavier Rolet, the former head of the London Stock Exchange, is standing down as chief executive of Sir Michael Hintze's investment firm CQS after little more than a year.

    CQS said in a statement that Rolet will remain with the firm as an adviser to focus on strategy and client development. A person familiar with the matter said Rolet had taken the decision to step back for personal reasons.

    Serge...

  • Xavier Rolet stands down as CEO of Hintze’s CQS Link
    Financial News Wed 22 Jan 2020 10:59

    Xavier Rolet, the former head of the London Stock Exchange, is standing down as chief executive of Sir Michael Hintze's investment firm CQS after little more than a year.

    Rolet joined CQS in mid-January 2019 to help lead the firm's next stage of growth. The appointment was a coup for CQS, with Rolet a well-known and respected name in City trading circles.

  • Ex-UBS rogue trader Adoboli seeks $6m for Ghana bond venture — report Link
    Financial News Wed 22 Jan 2020 10:24

    Kweku Adoboli, the former UBS trader whose rogue derivative bets cost the bank billions and led to him being deported from the UK, is seeking $6m for a new securitisation venture in Ghana.

    The 39-year-old wants to create a platform for packaging mortgages into securities that can be bought and sold by investors, according to a Bloombergreport, and is seeking funding for technology and to help the business gain accreditation.

    Adoboli...

  • RT @shrutitripathi6: If JPMorgan chief Jamie Dimon is hit by a bus tomorrow, Daniel Pinto will almost certainly be his immediate replacemen…
    Financial News Wed 22 Jan 2020 10:19
  • Private equity groups have been averse to investing in Italy for several years as the economy faltered and political tensions kept them at bay Link https://t.co/OUi8Z2Yof0
    Financial News Wed 22 Jan 2020 08:54

    Private equity groups have been averse to investing in Italy for several years as the economy faltered and political tensions kept them at bay.

    Now, armed with an overflowing warchest and attracted by a vast pool of family-owned businesses ripe for buyouts they are returning to the neglected southern European country.

    Italy’s return to positive...

  • ICYMI: The top 50 rainmakers in European M&A Link https://t.co/rn6n6jWFY9
    Financial News Wed 22 Jan 2020 08:49

    The co-head of European mergers and acquisitions at JPMorgan has topped a 2019 ranking of dealmakers in the region — a year when the total value of transactions fell but a handful of mega-deals kept bankers busy.

    Dwayne Lysaght, who was promoted to lead JPMorgan’s M&A division for Europe, the Middle East and Africa alongside Dirk Albersmeier in January last year, leads a list of the top 50 European M&A bankers provided exclusively to Financial News by data provider MergerLinks (see full list below).

    ...
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