• Wilson has managed Grinnell College’s endowment since 2013
• He was previously a trader at Barclays, Bank of America

Washington University in St. Louis named a portfolio manager with trading experience to run its $8 billion endowment, the latest among several wealthy schools to fill these top investment jobs.

Scott Wilson, 41, is expected to start his new position in December, according to Eric Upin, the private school’s interim chief investment officer and managing director of Makena Capital Management…

Washington University Hires Scott Wilson to Run $8 Billion Fund

• Proposals could prevent city from losing future IPOs, he says
• HKEX wants third exchange that would allow such structures

Mark Mobius has given his blessing to a new venue that would permit dual-class shares.

Hong Kong Exchanges & Clearing Ltd.’s plan that would allow dual-class companies to list at a bourse away from the city’s main exchange “is probably the answer,” said Mobius, executive chairman at Templeton Emerging Markets Group.

• Irish investment fund funneled $1.1 billion to Madoff’s scam
• Several related funds moved European cash to the Ponzi scheme

The Irish investment fund that helped open a floodgate of European cash for Bernard Madoff’s bogus securities firm in the early 1990s agreed to pay $687 million to victims of the fraud to resolve a trustee’s lawsuit — the biggest settlement in the case in six years.

The deal was struck with Dublin-based Thema International Fund Plc, part of a web of offshore entities linked to Austrian banker Sonja Kohn, an old friend of Madoff’s, and the Benbassat family of Swiss investment professionals. They gave Madoff vital access to cash as his Ponzi scheme began to lose steam, the trustee, New York attorney Irving Picard, has said…

• Highest concentration of shadow loans is in Liaoning: UBS
• UBS’s Jason Bedford analyzed 237 Chinese banks for report

The highest concentration of shadow loans in China is to be found in its slowest-growing province, a study by UBS Group AG shows.

The value of shadow loans extended by regional banks in Liaoning, in the northeastern rust-belt region, amounted to 95 percent of total lending in 2016, according to estimates provided to Bloomberg by UBS analyst Jason Bedford.

• U.S. cites Malaysian news report of shooting of A.G.’s driver
• Jho Low doesn’t want civil forfeiture cases placed on hold

Possible witnesses to the alleged looting of billions of dollars from 1Malaysia Development Bhd are too scared to talk to U.S. investigators because they fear retaliation, according the Federal Bureau of Investigation.

Some people in “certain foreign countries” already assisting the criminal probe are concerned for their safety, while others say it’s too dangerous to cooperate, according to an FBI request to keep the names of its informants secret from the alleged masterminds of the 1MDB conspiracy…

WUHAN, China — Throughout much of China’s economic rise over the past three decades, one Chinese official quietly played a pivotal role in pushing an embrace of free markets.

That official, an urbane central bank official named Zhou Xiaochuan, is widely expected to retire soon. His replacement may be unwilling or unable to follow in his footsteps, leaving uncertain whether China will tackle problems that could threaten its growth…

China’s Reformist Central Banker Could Be a Tough Act to Follow

Carlyle Group LP was exonerated in a lawsuit tied to the collapse of a mortgage fund from 2008, avoiding $1 billion in damages sought by the pool’s liquidators.

Billionaire Chief Investment Officer Bill Conway and other Carlyle entities acted in the best interests of Carlyle Capital Corp. during the 2008 financial crisis and the fund’s insolvency was due to an unforeseen liquidity crunch, the Royal Court of Guernsey ruled Monday…

Carlyle Avoids $1 Billion Payout Tied to 2008 Bond Fund Collapse

• Washington state tax break deemed to not have been prohibited
• Airbus may still include Boeing tax incentives in broader case

Boeing Co. won a round in a long-running U.S. trade dispute with the European Union over government backing for the planemaker and competitor Airbus SE.

The World Trade Organization’s appellate body overruled a lower-level finding that $8.7 billion in tax incentives awarded by Washington state to Chicago-based Boeing for the development of the 777X jetliner constituted the most serious transgression of subsidy restrictions. The appellate body isn’t making a recommendation in the dispute, it said Monday in a statement…

• Lenders required to submit survey to HKMA, people say
• Checks on loans to conglomerates stepped up in recent weeks

The Hong Kong Monetary Authority has asked banks in the city for details of their loans to HNA Group Co. and Dalian Wanda Group Co., according to people familiar with the matter.

Lenders were required to submit a survey to the city’s de facto central bank providing information such as total credit extended and outstanding loans to the two companies, said the people, who asked not to be identified as the information isn’t public. Checks on lending to Chinese conglomerates were stepped up in recent weeks, one of the people said…

• Investors continue to shun early October bills in danger zone
• Lawmakers push back on coupling debt ceiling with Harvey aid

Members of Congress return from summer recess Tuesday with the eyes of bond traders squarely upon them. Among their pressing tasks: increase America’s borrowing authority and prevent an unprecedented default.

Investors have already been shunning Treasury bills that come due in early October, just in case there’s no solution by the Sept. 29 deadline that Treasury Secretary Steven Mnuchin has deemed “critical” for Congress to act. That’s even as he and other members of the Republican leadership have reiterated that they will undoubtedly raise the debt ceiling…

• Norway’s sovereign wealth fund holds 1.3% of world’s stocks
• Fund says global trade may have reached an ‘inflection point’

The man running the world’s biggest sovereign wealth fund says there’s every indication that global trade is suffering from something more serious than a temporary slowdown.

Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, as the fund is known, says the heyday of cross-border trade is probably behind us…

Norway’s $980 Billion Fund Reveals Bleak View on Global Trade

• Haitong’s Freyre-Sanders says new rules to level playing field
• MiFID II will split payments for trading and research services

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Haitong International Securities Group Ltd., a unit of China’s second-largest brokerage, is among the firms rushing to capitalize on regulations that could upend the global trading business.

The company is ramping up its foray into electronic execution, betting that the MiFID II overhaul of financial-services rules will help it compete with the world’s biggest algorithmic traders. Haitong International nearly tripled the size of its trading team over the past 12 months and hired Andrew Freyre-Sanders, a former JPMorgan Chase & Co. executive, to lead its push into markets including the U.S. and Japan…

• Firm cites dividend management at growing, $92 billion fund
• Increase comes as large money managers compete on low cost

Pimco Income Fund, the fastest-growing actively managed U.S. mutual fund, is raising fees at a time most money managers are racing to slash costs paid by investors.

The $92 billion fund will increase its fees 5 cents per $100 on Oct. 2 for most share classes, according to a filing Thursday, bringing expenses for the institutional-class shares to 50 cents per $100. The change in supervisory and administrative fees is attributed in part to the cost of managing dividends for the growing fund, which has about 5,500 securities in numerous countries and currencies, said Pacific Investment Management Co. spokesman Michael Reid…

• Approach intended to spur quick action to avoid U.S. default
• Request for $5.95 billion aid package may come Friday

President Donald Trump is considering attaching an increase in the U.S. debt limit to an initial $5.95 billion disaster aid funding request for Hurricane Harvey, two administration officials said, a move aimed at lowering the risk of an unprecedented default.

The White House request, which could come as soon as Friday, would include $5.5 billion to the Federal Emergency Management Agency and the remainder to the Small Business Administration. The request is being prepared primarily to cover funding demands through the Sept. 30 end of the federal fiscal year, according to the officials, who described the matter on condition of anonymity…

• Puerto Rico sets out to revive itself with money from the east
• Plans for a theme park of regional delights to woo investment

Over the years, Puerto Rico has wooed visitors and investors with beaches, sun, tax breaks and splashy public works. Now the Caribbean island wants to add an outpost of Chinese culture, complete with graceful pavilions and regional cuisine.

• Central bank funding to stop panic from spreading in industry
• Measure comes after regulator steps in to rescue Bank Otrkitie

Russia’s slow-motion banking crisis claimed its biggest victim yet, forcing the central bank to provide support for other lenders to prevent panic from spreading.

Bank Otkritie FC, a month removed from being Russia’s biggest private lender, was taken over by a government-backed fund set up by the central bank to consolidate the sector. The move will place at least 75 percent of the bank in state hands and could wipe out subordinated debt holders. The rescue prompted the central bank to provide funding to other banks to contain the crisis…

• PBOC using increasingly complex tools to manage money market
• Market volatility shows effort isn’t always flawless

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While some of the biggest central banks are agonizing over changing direction, the People’s Bank of China is working hard to stay right where it is.

Amber Baldet is convincing JPMorgan Chase and other institutions that change is good.

In 2014, when it became clear that advances in machine learning and artificial intelligence were reshaping finance, executives at JPMorgan Chase & Co.pulled together their best engineers and told them, “Figure this out.” Among them was Amber Baldet, then a 31-year-old vice president for technology. “I started in machine learning, but I kept putting my hand up to say, ‘I know about ­blockchain,’?” she says…

The Digital Banking Executive Securing Your Money With Blockchain

• Banking regulator to question culture, governance at lender
• Bank also faces disclosure inquiry, potential class-action

The fallout from the Commonwealth Bank of Australia’s money-laundering scandal widened, with the banking regulator launching an inquiry into the lender’s culture and governance.

The nation’s biggest lender is already facing a court case from the financial crime agency alleging it breached money-laundering and terrorism financing laws more than 50,000 times, an investigation into its disclosure practices by the securities regulator and a potential class-action suit…

Australia’s Biggest Bank Faces Second Probe

• President has threatened to shut down government without funds
• Mexico reinterates it won’t pay for the wall in any way

President Donald Trump on Sunday renewed his pledge to make Mexico pay for the construction of a border wall between the U.S and Mexico, days after threatening to trigger a government shutdown if congressional Republicans don’t include funding as they tackle a spending bill due Sept. 30…

Trump Repeats Making Mexico Pay for Wall as He Seeks Funding

• Rivals press hard to break FICO’s lock on scoring credit risk
• Fannie Mae and Freddie Mac are skeptical of benefits of change

The FICO credit score is as ubiquitous as it is crucial in getting a mortgage.

Now, an odd-bedfellows alliance is out to break FICO’s lock and allow scores from rival companies.

At stake, proponents say, is credit access for as many as 35 million consumers whom FICO doesn’t evaluate, especially blacks and Hispanics with scant borrowing histories…

There’s One Mortgage Monopoly the U.S. Government Wants to Keep

• Rate on Oct. 12 bills up by 10bps in two days as value drops
• Move is due to a combination of debt ceiling, budget fears

For investors already anxious about the debt ceiling, recent comments from President Trump are doing little to allay their concerns.

The rate on Treasury bills maturing Oct. 12 jumped by as much as 5 basis points Thursday, the largest intraday move since March, after Trump blamed Congress’s inability to increase America’s borrowing authority on the Republican leaders in a series of tweets. The bills, which mature around the time when Treasury is estimated to run out of money unless lawmakers extend or suspend the statutory limit on the nation’s borrowing, are currently trading at 1.17 percent…

• Yellen, Draghi to take center stage at Jackson Hole gathering
• Oil trades below $48 as Hurricane Harvey heads toward Texas

Asian stocks opened mixed and Australian bonds fell as investors await comments from central bankers meeting at Jackson Hole and as political wrangling continues in Washington.

Equity benchmarks were higher in Tokyo, while Australia’s main gauge declined. The yen was little changed and the dollar held onto gains against most peers. Crude traded below $48 a barrel as a storm strengthened into a hurricane aimed at Texas…

Caution Rules Asian Markets as Central Banks Meet: Markets Wrap

An unexpected decline in sales of previously owned U.S. homes last month to the lowest level since August 2016 indicates rising prices and lean inventories are impeding faster growth in the housing market, National Association of Realtors data showed on Thursday. The July figure was depressed by weakness in the Midwest and Northeast.

• Yields of CCC-rated countries drop amid hunt for returns
• Investors pushed down risk scale to Mongolia, Ukraine, Belarus

As recently as 1999, investors seeking a 6 percent yield on a government bond could have bought 10-year U.S. Treasuries. These days they can’t even get that from Mongolia.

Central-bank bond buying has compressed yields in developed markets to unprecedented levels, pushing investors further down the risk spectrum in a hunt for higher returns. Yields on Mongolian dollar bonds maturing in 2021 fell below 6 percent for the first time on record late last month after dropping 3.5 percentage points this year…

• Andreessen Horowitz partner, JavaScript founder are advisors
• Venture capital firm Runa Capital among other investors

Mark Cuban wants in on the cryptocurrency boom even if it turns out he’s right that bitcoin is in a bubble.

Cuban is investing in 1confirmation, a fund that plans to raise $20 million to invest in blockchain-based companies, the tech billionaire said in an interview. Venture capital firm Runa Capital is among other investors, and its technical advisors include Andreessen Horowitz board partner Balaji S. Srinivasan and programming language JavaScript founder Brendan Eich…

Bitcoin Skeptic Mark Cuban to Invest in Cryptocurrency Fund

A growing number of key congressional Republicans are considering a controversial maneuver that would allow for about $450 billion of tax cuts without offsets, according to four congressional aides familiar with the discussions.

Under the proposal, the GOP would not account for things like expiring tax breaks when gauging the budgetary impact of tax legislation — giving tax writers more room for cuts. Senate budget and tax panels are discussing the move to a “current policy” baseline — instead of the standard “current law” baseline — said the people who asked not to be identified because the discussions are private. The chief House tax writer, Kevin Brady, also signaled openness to the approach last month, saying it would lead to deeper tax cuts…

• Strategists predict 8% appreciation in stock gauge by June
• They like South Korea, Russia; cautious on Mexico, India

It’s not too late to ride the emerging-market equities bandwagon. From economic expansion to corporate earnings and capital expenditure, everything points to their overtaking developed peers through the middle of next year, according to Credit Suisse Group AG.

A benign trajectory for profit growth should spur the MSCI Emerging Markets Index about 8.3 percent higher from current levels, reaching 1150 by the end of June, according to strategists at the Swiss bank. The gauge has already notched an 18-percentage point increase over its developed counterpart over the past year and a half…

• Quantedge gained 6.8% in July on stocks, commodities, forex
• Fund has gained 995% since inception in October 2006

The fund, which uses quantitative models to bet on global macro themes, added 6.8 percent in July, helped by bets on commodities, equities and currencies, according to a newsletter obtained by Bloomberg News, which didn’t elaborate on specific trades. The performance makes the Singapore-based fund the best-performing in the world this year among quant rivals with more than $1 billion in assets, according to data provider Eurekahedge Pte.