-
Analysts see Goldman, Morgan Stanley tempering payout requests
- Deutsche Bank must overcome Fed concerns about firm’s controls
Can large U.S. banks hand $170 billion to their shareholders in the next 12 months? Will a top European investment bank botch the first public stress test of its entire U.S. business?
The Federal Reserve will answer those questions and more when it posts results from the second and final stage of its 2018 stress test Thursday at 4:30 p.m. While investors got hints during the first stage last week, the central bank has repeatedly found ways to surprise in past reviews of banks’ risk management and proposed cash payouts…
Trump Backs Softer Restrictions on Chinese Investment
By · CommentsWASHINGTON — The Trump administration has backed off a plan to impose aggressive new restrictions on Chinese investment in the United States, opting instead to support a congressional effort that would expand the types of foreign deals that are subject to review.
President Trump said Wednesday that he supported a bipartisan push in Congress to broaden the authority of a government body that reviews foreign investments for security threats. The legislation would give the United States power to squelch a wider variety of investments from China, including minority stakes in American firms, joint ventures, and real estate transactions near military bases or other national security facilities…
OTPP and IMCO Beef Up Senior Ranks?
By · CommentsZiad Hindo was named chief investment officer of the C$189.5 billion ($142.7 billion) Ontario Teachers’ Pension Plan, Toronto, the plan announced Tuesday in a news release.
Mr. Hindo was senior managing director, capital markets at OTPP.
He replaces Bjarne Graven Larsen, who left the pension plan in April. Ron Mock, president and CEO, had served as interim CIO…
OTPP and IMCO Beef Up Senior Ranks?
-
Ken Chenault opens Danny Meyer’s Bay Room at 28 Liberty Street
- Jed Walentas, Holy Ghost! at Domino Park with tacos, bocce
The preview party for Domino Park started with some tough choices: watch the sun dapple on the East River as a train chugged over the Williamsburg Bridge, or hustle over to the Roberta’s stand for pizza; play bocce near a row of black gum trees; or queue up for an L train Lemonade.
Then a friendly person pointed out the wine cart where rose was being poured from a tap…
The real estate company that helps pay for Britain’s Queen Elizabeth says the country’s commercial property market is going through a “challenging” time.
The Crown Estate oversees property that the monarchy surrendered in 1760 in exchange for annual payments. The company beat its benchmark in the last financial year, “against a backdrop of a challenging and uncertain market,” Chief Executive Officer Alison Nimmo said in a briefing with reporters…
Britain’s Crown Estate Points to Challenging Property Market
Is Your Pension Cyber-Secure?
By · CommentsClaridge Israel, an investment firm founded by Stephen Bronfman and the Quebec Deposit and Investment Fund, is investing US$30 million ($38.7 million) in Cyberbit Ltd., a cybersecurity company based in Ra’anana, Israel.
Cyberbit, a subsidiary of the high-tech company Elbit Systems Ltd., was founded in 2015. It is described as a leading provider of cybersecurity training and simulations.
With this major new funding, Cyberbit will expand its sales and marketing, primarily in North America, boost product development and enhance customer and partner support, according to an announcement released on June 4…
One of President Donald Trump’s Park Avenue penthouses is on the market for $28.5 million, almost a third less than it was listed for five years ago.
The apartment, more than 7,000 square feet (650 square meters) spanning the 21st floor of 502 Park Ave., or Trump Park Avenue, has seven bedrooms and eight full bathrooms, according to a revised listing Wednesday on property website StreetEasy. It was listed for $40 million in 2013 before being pulled off the market, the site shows…
Trump Penthouse in NYC Vacated by Saudi Royal Gets 29% Price Cut
Remember when our pal The Mooch took that super-extended sabbatical from running his fund-of-funds Skybridge Capital in order to spend months waiting for a White House gig that lasted almost 11 days? And remember Premium Point Investments, the small fund that a few weeks ago got charged with mismarking securities for more than two years?…
Anthony Scaramucci Suing Hedge Fund For Ripping Him Off While He Wasn’t Paying Attention
S&P Global Ratings affirmed the U.S.’s sovereign credit score at AA+, the assessor’s second-highest grade, citing the country’s “diversified and resilient economy” while noting the impact of ongoing political wrangling on public finances.
S&P kept a stable outlook on the rating and said in a statement that it expects positive and negative factors to be “balanced” over the next two years. The current ranking already factors in the effect of American political divisions on the government’s ability to address public finance pressures, it said…
S&P Affirms U.S. Rating, Expects Last-Minute Debt Fixes to Continue
The university’s endowment returns may lag the Ivy League average, but Wall Street’s elite make the school a fundraising powerhouse.
Three years ago, hedge fund billionaire John Paulson offered his alma mater, Harvard Business School, an enormous gift. Nitin Nohria, the school’s dean, responded in a way that would shock most other charitable organizations: Thanks, but we don’t need it. Instead, Nohria suggested that Paulson direct the money toward Harvard’s engineering school, according to people familiar with the exchange. So, in 2015, Paulson did just that, giving $400 million, a gift the university called its largest ever…
The sports-friendly Palo Alto, Calif., home of the technology veteran and dad of four boys has own ice hockey rink, golf green, climbing wall and ‘pizza room.’
Silicon Valley veteran Scott McNealy is listing his mega Palo Alto, Calif., estate for $96.8 million.
On over 13 acres, the property includes a roughly 28,000-square-foot, four-level main house. The home, which is partially built underground, contains a 4,700-square-foot gym with a climbing wall and locker room; a home theater; poker and billiards rooms; “pizza room” with a pizza oven and a disco with a dance floor and disco ball. There is also a safe room with panic buttons and a sliding Kevlar door, said Mr. McNealy, 63…
It’s one of the hottest areas in finance: persuading wealthy families that they’ll benefit from advice not just managing their money, but also on areas such as how to give to charity and preparing the next generation to take over the reins.
The reasons are obvious. North America has the biggest pool of rich peopleglobally with more than 200,000 people worth at least $20 million, according to Boston Consulting Group. The firm predicts at least $20 trillion of new financial wealth will be created over the next five years. What’s more, the ultra-high-net worth crowd are looking for more than robo-advisers or the latest ETFs, offering the opportunity for banks and advisers to earn fees…
Americans selling homes in the nation’s hottest market last year made enough to turn around and buy a place for cash — and still have spare change for a Tesla.
Sellers in San Jose, California, made a median gain of 54 percent on the homes they bought nine years earlier, the greatest price appreciation of three dozen markets in a report out Tuesday by real estate data provider Zillow. That translates to a profit of nearly $300,000, comfortably ahead of the current median U.S. home price of $215,000…
Where Americans Made the Most Money Selling Their Homes in 2017
Demand Rises for Furnished Rental Apartments
By · CommentsResidents embrace chance to avoid typical housing tasks, like dealing with the cable guy
Devon Patterson’s furnished apartment in a luxury Manhattan building came with mid-20th-century furniture, champagne flutes and a cocktail mixer along with dishes, sheets, towels and cable television.
“I can just enjoy New York and not feel locked in by my furniture, my cable and my internet,” said Mr. Patterson, a visual-effects production manager, on a long-term temporary stay in New York for work on a Disney movie…
-
Plans to target “growth stage” tech companies in Europe
- New fund is 40 percent larger than last one Highland raised
The venture capital firm that’s backed cyber-security startup Malwarebytes Inc. and file-hosting service WeTransfer has raised a 463 million-euro ($541 million) fund to invest in “growth-stage” European technology companies.
London-based Highland Europe has previously also invested in video-game developers, e-commerce platforms, and companies producing software for industrial businesses…
Europe Gets Another Giant VC Fund to Keep U.S. Investors at Bay
It’s Been a Rough 2018 for Many Quant Hedge Funds
By · Comments-
Manoj Narang loses biggest investor after posting losses
- Woodriff’s QIM tactical fund slumps 35% this year through May
Many quant hedge funds — young and old — are struggling to make money this year.
Manoj Narang, who started his hedge fund last year, saw his biggest investor, JPMorgan Chase & Co.’s asset management unit, pull its money. Renaissance Technologies, the world’s most profitable hedge fund, is trailing its benchmark in one fund this year through mid-June. Jaffray Woodriff, who runs Quantitative Investment Management, lost 35 percent in his tactical aggressive fund this year through May…
Litigation Finance: The In-House Perspective
By · CommentsIn recent years, we have seen litigation finance transform from a nascent financial product into an important and thriving fixture of the legal industry. Building on previous research, Lake Whillans recently surveyed in-house attorneys at a wide range of companies, including those at more than 140 Fortune 1000 (or larger) corporations. They found that over a quarter of respondents from corporate legal departments have firsthand experience with litigation finance, and approximately 70% declared that they would consider using litigation for future matters.
The results of the survey are a clear indicator that litigation funding has gained significant traction in the legal departments of the most coveted Biglaw clients…
-
Southern California Edison files request with state reglators
- California governor wants 5 million zero-emission cars by 2030
Edison International’s Southern California Edison utility is looking to spend another $760.1 million on expanding electric car-charging networks as the state works to get more emissions-free vehicles on the road.
Edison said Tuesday that it had filed a plan with state regulators to support the installation of 48,000 charging ports over four years. SoCalEd already won $343 million from regulators to help build out the networks necessary to charge medium- and heavy-duty electric vehicles…
Edison Wants to Spend $760 Million on EV Charging in California
Hedge Fund Managers See Echo of Past Crashes in Markets
By · Comments-
Coffey, Clark join managers warning a crisis is brewing
- ‘The ghosts of 2000 are upon us,’ Coffey tells investors
The ranks of hedge fund managers expecting impending market chaos are growing.
Greg Coffey, the former star manager at Moore Capital Management who started trading at his own firm this year, is comparing the turmoil in May to the end of dotcom bubble in 2000. Horseman Capital Management’s Russell Clark, one of the most bearish hedge fund managers in Europe, invoked memories of the financial crisis of 2008 in a letter to clients…
-
Firm’s pay plan received support of about 1-in-4 shareholders
- Risks tied to opioid distribution considered in pay design
McKesson Corp. cut Chief Executive Officer John Hammergren’s pay by about 10 percent following a shareholder revolt spurred by claims about the health-care firm’s alleged role in the nation’s opioid crisis.
The International Brotherhood of Teamsters led a vote-no campaign in 2017 against the firm’s executive pay plan after accusing the drug distributor of aggravating the opioid epidemic. Last year’s pay package received 26.6 percent support, the second-lowest to date and among the worst of S&P 500 companies…
-
First close of planned $40 billion pool is among largest ever
- Alternative investment firm sees big potential in the sector
Thirteen months after unveiling a gigantic pledge from Saudi Arabia’s sovereign wealth fund, Blackstone Group LP is nearing a first close of $5 billion for its inaugural infrastructure fund, according to people familiar with the matter.
The fundraising, expected to be finalized this week, is slightly behind schedule but will mark the biggest initial close for a first-time fund across any alternative investment strategy after SoftBank’s $100 billion Vision Fund and the China Structural Reform Fund, according to Preqin. The data exclude funds with a single close…
Irish Banks Are Poised to Face Increased Capital Demand
By · Comments-
Counter cyclical buffer set at zero since introduction
- Cental bank decision expected to be made within next 10 days
Irish banks are set to be forced to hold more capital to cope with a future economic downturn, according to a person familiar with the matter.
The country’s central bank is leaning toward increasing the so-called counter cyclical capital buffer from zero percent in coming months, according to the person, who asked not to be identified as the information is not yet public. The bank could announce an increase within the next 10 days, when the latest buffer review is due to be published, though no final decision has been taken…
-
New round of financing could help with expansion: Liqid CEO
- Family Office of Quandt family, Holtzbrinck among investors
Berlin-based robo adviser Liqid Investments GmbH has hired Rothschild & Co to help it find new investors in London as it mulls expanding to other countries.
“As part of our current financing round, we might bring one or two family offices from other European countries on board in order to help us to also offer our digital asset management outside Germany in the future,” Christian Schneider-Sickert, CEO and co-founder of the company, said in an interview with Bloomberg…
-
Lombard Odier sees value while ANZ expects junk to trade wider
- Asia junk bond spreads blow out to highest in nearly 2 years
Asian junk bonds have sold off amid defaults and concerns over refinancing risks, dividing veterans on where the $121 billion market is headed.
Spreads on the region’s high-yield dollar notes have widened to the highest in nearly two years, according to a Bloomberg Barclays index. The threat of a trade war and rising interest rates have added to concerns after recent defaults by China Energy Reserve & Chemicals Group Co. and Hsin Chong Group Holdings Ltd. For investors like Lombard Odier (Singapore), the selloff has increased the securities’ appeal…
In an era of hyper-affluence, JPMorgan and Credit Suisse cater to a super-exclusive class.
America’s last Gilded Age had its “List of 400”: the people said to be worthy enough, or at least rich enough, to climb the pinnacles of high society.
Today, in an age of affluence not even the Astors and Vanderbilts might have imagined, there is something closer to a List of 55…
It’s Billionaires at the Gate as Ultra-Rich Muscle In on Private Equity
-
‘If we do nothing, we will largely bleed dry,’ Singh says
- Axon’s Dinakar Singh calls alleged fraud ‘astonishing theft’
Two high-profile hedge funds accused one of India’s biggest real estate developers of defrauding its foreign investors out of as much as $1.5 billion, potentially one of the largest private equity scams ever.
IREO Management engaged in a billion-dollar criminal conspiracy involving shadow companies, dumped documents and “astonishing theft,” according to Axon Capital and Christopher Hohn’s Children’s Investment Fund Foundation…
Hedge Funds Alleging $1.5 Billion Fraud Fear They’ll `Bleed Dry’
-
WTI long and short positions fall slightly ahead of OPEC meet
- Unclear how much more supply will be poured into the market
In the lead up to OPEC’s meeting last week, investors were playing a waiting game.
Hedge fund wagers on the direction of crude prices barely budged, and an obscure decision on Friday didn’t do much to dispel the uncertainty. While prices jumped with the adoption of a smaller-than-expected production increase, it’s still unclear how much more supply will be poured into the market, and which countries will be responsible for it…
Well, that rally didn’t last long.
It look less than one trading day for the Turkish currency to erase gains fueled by President Recep Tayyip Erdogan’s election victory on Sunday. And bonds reversed a rally before the vote to send yields back toward record highs…
Turkish Assets Are Back to Square One Before Erdogan’s Next Move
-
China cuts reserve requirement, weakens yuan; EM assets fall
- Italian assets drop as support for League party solidifies
Escalating trade tensions sent U.S. stocks to the steepest drop since early April, as President Donald Trump’s threats of more protectionism against major partners were met with Chinese and European vows of retaliation.
The S&P 500 Index fell 1.4 percent, though comments from National Trade Council Director Peter Navarro brought the measure back from losses that topped 2 percent. The Dow Jones Industrial Average closed below its 200-day moving average. Selling was heaviest in tech shares, with the Nasdaq 100 Index sinking 2.2 percent…
Private polls—and a timely ‘concession’ from the face of Leave—allowed the funds to make millions off the pound’s collapse.
At 10 p.m. on June 23, 2016, Sky News projected the words “IN OR OUT” across the top of a London building as an orchestral score ratcheted up the tension. “In or out—it is too late to change your mind,” declared Adam Boulton, the veteran anchor, seated in a makeshift studio across from Big Ben. “The polls have closed in the U.K.’s historic referendum on EU membership.” Election nights are major productions for British broadcasters, but Brexit was bigger, with Sky viewers watching worldwide.
-
Paper says home prices make Fed policy look easier than it is
- Advocacy group will present findings to Bostic on Thursday
Federal Reserve Bank of Atlanta President Raphael Bostic will hear the case for excluding housing from measures of consumer prices that the U.S. central bank targets when he meets this week with Fed Up, an advocacy group focused on monetary policy.
The group will present a paper on U.S. housing inflation by Dean Baker, co-founder of the Center for Economic and Policy Research, a Washington think tank. Baker argues in the paper that the widening gap between inflation in the housing sector and the rest of the economy gives central bankers a misleading impression of how tight monetary policy really is…
It’s the only place to find this beef in the U.S.
Don Wagyu, the first restaurant in New York devoted solely to Wagyu beef sandwiches, is located on South William Street in Manhattan’s Financial District, a five-minute walk from the New York Stock Exchange. When it opens on June 27, there will be three sandwiches (or sandos) on offer in the 1,000-square-foot space. Each is made from a different prized wagyu beef. The cheapest, made from a hybrid of Japanese and American cows, Washugyu, will cost about $25. On the other end of the spectrum is the A5 Ozaki, all sourced from a single farm in Japan. That sandwich will cost around $185.
-
Sector Zen fund has delivered 188% return over past 12 years
- Fund has benefited from takeovers of Panahome, Hitachi Koki
An Oslo-based hedge fund’s love for unloved Japanese stocks has proved a winning passion for more than a decade.
“Our model is good at identifying companies that shouldn’t be listed,” Trond Hermansen, who manages Sector Zen with analyst Lars Solberg, said in an interview. “We’d like to invest in companies that don’t have high returns today but have a lot of cash and easily could have high returns going forward.”…
-
Power-sector debt emerges as biggest risk for Indian banks
- Lenders said to plan to manage some power plants to cut losses
Deep in the jungles of eastern India lies an abandoned power plant, a warning symbol for the $38 billion of additional bad loans which are about to engulf the country’s banks.
Like many of India’s power stations, the Jharkhand project had all the markings of success when a group led by State Bank of India lent about $700 million five years ago to build it. There’s abundant coal and water in the area, a rail track was set to run through the premises, and its promise of 1,080 megawatts of electricity was alluring in a country that faces persistent power shortages and blackouts…
-
Cheng’s Goshawk to buy Dublin-based Sky Leasing from investors
- Boom in global air travel fueling demand for leased planes
Hong Kong’s billionaire Cheng family, best known for its Chow Tai Fook Jewellery Group, is expanding its aviation business with the purchase of an aircraft leasing firm in Ireland.
Goshawk Aviation Ltd., owned by Chow Tai Fook Enterprises Ltd. and NWS Holdings Ltd., agreed to buy a unit of Sky Aviation Leasing International L.P. that has grown into a $3 billion business, according to a June 21 statement from investment groups selling the asset. The deal, whose value wasn’t disclosed, is subject to regulatory approvals and set to close in the third quarter…
-
Lender to spin off wealth management, mortgage-broking units
- Bank’s misconduct helped spark inquiry into financial industry
Commonwealth Bank of Australia’s new Chief Executive Officer Matt Comyn has embarked on a massive overhaul of the scandal-plagued lender, announcing plans to spin off its wealth management and mortgage-broking businesses.
The asset management, wealth advisory and Aussie Home Loans units will be placed into a new company known as CFS Group to be listed on the Australian stock exchange, the Sydney-based bank said in a statement Monday. It will also conduct a review of its insurance arm, including a potential sale…
The metro area has been divided into ever smaller pieces segregated by race and class. If Stockbridge splits up, the poorer parts will be left with $15.5 million of debt.
As Vikki Consiglio tells it, a new Georgia law that has alarmed Wall Street had its genesis two years ago, with a birthday dinner for her husband in Atlanta’s Buckhead neighborhood, at a steakhouse in a graceful, brick-paved complex of high-end furniture stores and designer boutiques. “A light just went off,” she says.
German firm joins rivals such as Nike, Under Armour on shopping corridor
German sportswear-maker Puma SE has signed a lease deal to open a flagship store on Manhattan’s Fifth Avenue shopping corridor, creating a marquee location that will be the first of its kind for the company in North America.
Puma is taking a three-level, 24,000 square-foot space at 609 Fifth Ave. at 49th Street, according to SL Green Realty Corp., the real-estate investment trust that owns the building. The real-estate investment trust has launched a redevelopment that will include double-height storefronts that wrap around…
Banks May Be Using Lehman-Style Trick to Disguise Debt
By · Comments-
Debt may be within limits just four times a year, BIS says
- Repo allows banks to deflate balance sheets at reporting time
Banks may be disguising their borrowings in a way similar to that used by Lehman Brothers Holdings Inc., with debt ratios falling within limits imposed by regulators just four times a year.
Lenders use repurchase agreements — known as repos — to massage down their assets as reporting dates approach, typically as quarters end, the Bank for International Settlements said in its Annual Economic Report. The practice boosts leverage ratios — the ratio between capital and so-called leverage exposures — allowing banks to report them as being in line with regulatory requirements, it said…
Why $39 Billion of Stocks Traded in One Second on Friday
By · CommentsThis year’s rebalancing of FTSE Russell’s indexes affected billions of dollars
A record 1.2 million shares worth more than $39 billion traded in less than a second on Friday during Nasdaq’s closing auction. The reason: the end of this year’s rebalancing of FTSE Russell’s widely followed stock indexes.
There are $9.2 trillion pegged to Russell U.S. benchmarks, dwarfing the $29.5 billion linked to the Dow Jones Industrial Average, which made headlines last week by ejectingGeneral Electric Co. after more than a century…
Why $39 Billion of Stocks Traded in One Second on Friday
-
Shareholder ‘wolf packs’ pooling together: Alvarez & Marsal
- Its research suggests activists are targeting bigger companies
Activist investors are targeting bigger companies in Europe with those in the U.K. most at risk of intervention and more shareholders teaming up to force change, according to Alvarez & Marsal Inc.
The average market capitalization of a predicted target company has risen to $17.6 billion from $16.5 billion in a September report, the restructuring consultant said after analyzing 1,715 firms. The 6.7 percent increase compares with a gain of just 1.3 percent for the U.K. FTSE All Share Index over the same period, A&M said…
-
Of the total, 500 billion yuan is for debt-equity swaps
- 200 billion yuan is for smaller banks to lend to small firms
China’s central bank will cut the amount of cash some lenders must hold as reserves, unlocking about 700 billion yuan ($108 billion) of liquidity, as it seeks to control leverage and support smaller companies.
The required reserve ratio for some banks will drop by 0.5 percentage point, effective July 5, the People’s Bank of China said on its website. That’s the day before the U.S. and China are scheduled to impose tariffs on each other, and the cut should help companies affected by deteriorating relations between the world’s two largest economies…
Russian Lenders Need Western Money, Top Banker Says
By · CommentsSuccess depends on how Moscow build relations with the outside world
ST. PETERSBURG—To fix Russia’s broken banks, the Kremlin needs improved relations with the West and to regain access to foreign capital.
This is according to Mikhail Zadornov, a former finance minister and the man now in charge of cleaning up some of Russia’s biggest private banks, which went bust and required a 2.6 trillion ruble ($40 billion) bailout last year. That is equivalent to 16% of Russia’s federal budget this year…
-
Abax Global aims to raise funds focused on China lending
- Shadow banking crackdown has led to rising demand for funding
China’s crackdown on shadow banking is leaving otherwise-healthy companies starved of funding, says Abax Global Capital, which is looking to plug the gap.
The manager of debt and private equity funds, which counts Morgan Stanley as a shareholder, aims to raise money from investors later this year and lend more in China, according to Michael Wang, managing partner and president. Any such fundraising would likely exceed $235 million, the size of Abax’s last U.S. dollar fund, he says…
-
Tough stance said to have reluctant support from Mnuchin
- Possible approach would be two-track CFIUS review process
The Treasury Department is planning to heighten scrutiny of Chinese investments in sensitive U.S. industries under an emergency law, putting Washington’s trade war with Beijing on a potentially irreversible course.
Under the plan, the White House would use one of the most significant legal measures available to declare China’s investment in U.S. companies involved in technologies such as new-energy vehicles, robotics and aerospace a threat to economic and national security, according to eight people familiar with the plans…
The Supreme Court’s decision on Thursday to give states broader authority to collect taxes on e-commerce sales — even if the retailers have no presence in those jurisdictions — knocked the stock prices of many prominent online sellers.
Yet it had a relatively muted effect on the biggest one, Amazon.
Shortly after the 5-4 decision in the case, Quill Corporation v. North Dakota, was released, shares of online retailers fell. Here’s where they were trading on Thursday:
China’s Property Market Most at Risk of a Cash Squeeze
By · Comments-
Sector saw biggest deterioration in cash flows: rating company
- Without monetary easing, defaults to rise, asset manager says
A mad scramble by Chinese property developers to build up their land banks is taking its toll on the industry’s creditworthiness, with builders singled out as having the highest risk of default as channels of credit tighten.
The Bloomberg Default risk model, which tracks metrics including share performance, liabilities and cash flow, shows a 0.87 percent average probability that builders will renege on its obligations in the next 12 months. While the proportion may look small, it’s triple the likelihood of delinquency in the technology industry. About three-quarters of developers have seen their default risk climb over the past year, Bloomberg data show…
-
Legislation would increase scrutiny of foreign investment
- Funds attracted record amounts, much of it from overseas
U.S. private equity firms are raising record amounts of money in the global market. Congress could derail their gravy train.
In the name of national security, lawmakers are debating a bill that would tighten scrutiny of investments from other countries. An industry group that includes Blackstone Group LP, Apollo Global Management LLC and Carlyle Group LP is turning up the heat on Capitol Hill to minimize any possible damage…
Private Equity Giants Take On Congress With Billions on the Line
If you’re a homebuyer in Manhattan, your life just got easier. For sellers, it’s another story.
The number of homes listed for sale in the borough jumped 17 percent last month from a year earlier — the biggest annual increase in data going back to 2010, according to StreetEasy, which reported 9,720 properties on the market at the end of May. The sharpest rise was on the Upper East Side, with a 20 percent surge in listings…
Manhattan Home Inventory Surges, But Buyers Aren’t Interested
Marc Mezvinsky, whose children’s grandparents have won the popular vote in U.S. presidential elections three times, is something of a Wall Street seeker. Like many sons of two congresspeople who major in religious studies and philosophy at Stanford, he tried the banking thing out for a while. But eight years at Goldman Sachs has a way of wearing on a guy, and so he decided to give the private equity thing a try. After marrying the daughter of a former president and then-current Secretary of State and future president, however, Mezvinsky decided to strike out on his own in yet another new field, hedge funds. That didn’t take, either, mostly because he and his partners lost most of their investors’ money, and that West Wing office he had his eye on went to Jared Kushner. So after a few months on the couch with the kids, Mezvinsky chose to reinvent himself one more as a venture capitalist, joining Social Capital as vice chairman, where he would be charged with making Social look less like a VC shop…
-
Manager to spend hundreds of millions of dollars on shares
- His Rittenhouse Hill apartments in Philly have jumped in value
While Bill Ackman has suffered losses as a Wall Street stock picker, he’s thrived as a Philadelphia landlord.
The hedge fund manager personally holds a majority stake in Rittenhouse Hill, a luxury apartment complex that’s one of the largest in Philadelphia, according to a May regulatory filing that first disclosed his ownership. The property, with about 625 units, has jumped in appraised value since he teamed up with the Pestronk brothers to buy it in 2011…
-
Governor says BOE needs to adapt to changes in global economy
- New framework will allow central bank to take on greater risk
Mark Carney said the Bank of England needs to adapt to the unprecedented changes in the global economy and the financial system as he unveiled another overhaul of the institution’s powers.
Under a new framework outlined Thursday, the U.K. Treasury will pump 1.2 billion pounds ($1.6 billion) of capital into the BOE, which in turn will have the ability to take on greater risk if it needs to act to keep the banking system — and the economy — on an even keel…
On Friday, while exploring the possible significance of a tweet from Dealbreaker favorite (and man who knows that Gary Cohn has itsy bitsy girly hands) Charlie Gasparino, we asked a simple, but important question:
What the fuck happened to Steve Mnuchin?!
It was just a month ago when Steve somehow managed to do what Cohn’s “dainty” hands couldn’t: lasso the bucking protectionist bronco that is Peter Navarro…
Steve Mnuchin Is Suffering In Silence, Wiping Away Tears With Dollar Bills Bearing His Signature
Brexit Pain Hits London Housing
By · CommentsPrices drop for a 10th month as decision to leave EU erodes demand
House prices in the U.K. capital declined for a 10th month in June, according to property website Rightmove Plc. While values continue to rise in most of the country, demand for homes in London has been particularly hit by the decision to leave the European Union. Conditions are “clearly challenging” for sellers in the south of Britain, Rightmove Director Miles Shipside said…
Brexit Pain Hits London Housing
-
iShares EM dollar bond ETF had record inflows on June 20
- Move is a flip from 2017, when local currency debt was hot
Call off the panic in emerging-market dollar bonds.
On June 20, a trader dumped about $321 million of the VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, leaving investors wondering if the exchange-traded fund, and the underlying debt, was about to tank. Meanwhile, buyers bolstered the iShares J.P. Morgan USD Emerging Markets Bond ETF, or EMB, triggering a record $413 million of inflows on the same day…
EM Dollar Debt Attracts Buyers After Trader Dumps Local Bond ETF
From its now-famously disastrous community banking business to its almost equally-embroiled-in-scandal consumer lending business to its don’t-forget-us-we-can-fuck-up-too investment bank, there’s nary a corner of the sprawling and crumbling edifice that is Wells Fargo that hasn’t been brought low or done something to merit a Congressional hearing. As of March, that includes its two high-net-worth brokerage units, Wealth Brokerage Services and Private Client Group. But, Tim Sloan & co. wonder, why have two businesses making potentially improper investment advice when one would suffice?…
Wells Fargo Wealth Management Businesses Bank’s Latest Gut Renovations
Job prospects, savings, safety nets, life expectancy—the data show just how bad a mess they face.
Lately I’ve been losing track of how old everyone is. Friends, co-workers and family members are resisting middle age with vigorous exercise, careful diets and regular doctor visits. Even when 50-year-olds look like they’re 50, they often dress or party as if they’re still in their twenties.
Our capacity to fetishize youth never ceases to amaze. But while older Americans definitely want to look like younger folks, they certainly don’t want their finances. That’s because the wealth gap between generations keeps widening, and their children’s future is beginning to look ugly…
-
Hong Kong Central takes top spot for third consecutive year
- Firms leasing prime space in Midtown South pay more than ever
The rent is due, the rankings are out and it’s another year at the top for Hong Kong, the most expensive office market in the world.
Occupancy costs — which include rent, local taxes and service charges — for the city’s notoriously pricey Central district are 30 percent higher than in London’s West End, which took the No. 2 spot in a survey by CBRE Group Inc. of prime office real estate in the first quarter…
Entity controlled by George Feldenkreis will acquire shares for $27.50 each; deal valued at $437 million
Perry Ellis International Inc. agreed to go private in a deal valued at $437 million, four months after George Feldenkreis, the founder and former executive chairman, made a bid for the apparel company.
A newly formed entity controlled by Mr. Feldenkreis will acquire the Perry Ellis shares for $27.50 each. The offer represents a premium of 21.6% to the company’s share price Feb. 5, the last day before the proposal from Mr. Feldenkreis…
Perry Ellis Agrees to Go Private After Bid From Former Executive Chairman
Mexico’s Billionaire Coppel Family Plans $2 Billion IPO
By · Comments-
Morgan Stanley and BofA said picked as global coordinators
- Offering would be largest since 2012 IPO of Santander Mexico
Mexico’s billionaire Coppel family hired Morgan Stanley and Bank of America to lead an initial public offering of its conglomerate Grupo Coppel, according to people with knowledge of the matter.
Coppel, which operates department stores, banks and a pension fund in Mexico, is seeking to raise as much as $2 billion, said the people, who asked not to be identified because the plans aren’t public. That would make it the largest Mexican IPO since the local unit of Banco Santander offered shares in 2012…