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Bernanke's helicopter malfunction
Posted by on October 24, 2012
Veteran investor Marc Faber says western governments are buying time by printing money, but storing up problems for the future (read more)
Advent wins out in eastern European deal tussle
Posted by on October 24, 2012
Buyout firms both upped bids in battle to buy Polish retailer, but question marks remain over whether Mid Europa will bid for a minority shareholding (read more)
FN100 Most Influential Women: The Asset Managers
Posted by on October 24, 2012
Financial News has published its 2012 list of the most influential women in Europe's financial markets – here are the profiles of those working in asset management (read more)
Rajat Gupta sentenced for insider trading
Posted by on October 24, 2012
The former Goldman Sachs director became the most prominent figure caught in the push against insider trading (read more)
Credit Suisse enjoys advisory and FICC boost
Posted by on October 24, 2012
Swiss bank’s investment bank was smaller but more lucrative during the third quarter of this year – aided by stronger performance from advisory bankers and fixed income traders (read more)
Investment bank of the Week: UBS
Posted by on October 24, 2012
Two high-profile mandates worth almost $25bn combined are set to keep UBS’s capital markets and M&A bankers busy while they await news of further job cuts (read more)
Meet the men in charge of bonuses at Deutsche
Posted by on October 24, 2012
Michael Dobson, the chief executive of Schroders, was today named as one of the five members of Deutsche Bank’s new compensation panel (read more)
Funds arm outstrips advisory at Lazard
Posted by on October 24, 2012
Asset management unit contributed more in quarterly revenues than Lazard's advisory business for the first time since flotation, as the firm announces plans to target $125m in annual cost savings (read more)
FN100 Most Influential Women: The Regulators
Posted by on October 23, 2012
Financial News has published its 2012 list of the most influential women in Europe's financial markets – here are the profiles of those at the forefront of the regulatory debate (read more)
Fitch predicts return of dividend recaps
Posted by on October 23, 2012
The practice, which proved controversial during the boom era, is returning as private equity firms seek alternative ways of returning money to investors (read more)
'One-stop HFT shop' in European foray
Posted by on October 23, 2012
US broker Wedbush Securities, a major supplier of services to the high-frequency trading community, makes it first major push into Europe (read more)
Actuaries back Steve Webb's defined ambitions
Posted by on October 23, 2012
Trade body offers intellectual support to UK pensions minister's call for better pensions (read more)
Wall Street is rethinking commodity trading role
Posted by on October 23, 2012
Talks at Goldman and Morgan Stanley show regulation and slower markets are throwing a cloud over the business (read more)
UBS to cut 400 investment banking jobs
Posted by on October 23, 2012
This week's jobs cut will be spread evenly across North America, Europe and Asia (read more)
Head of specialist sales departs Deutsche Bank
Posted by on October 23, 2012
The head of specialist sales at the German bank, who previously managed one of the largest dedicated teams in Europe, has left the bank (read more)
Nasdaq OMX hit by five-year low in US equity trading
Posted by on October 23, 2012
Transatlantic exchange earned nearly three-quarters of total revenues in the third quarter from subscription and recurring fees (read more)
Former SocGen trader sentenced to three years in jail
Posted by on October 23, 2012
Court rules against Jérôme Kerviel and upholds order to repay former employer €4.9bn (read more)
IMA slates FSA's compensation fund redesign
Posted by on October 23, 2012
Trade body for the fund management industry criticises regulator's review of the consumer protection scheme as 'fundamentally flawed' (read more)
US futures trading to rebound after OTC shift
Posted by on October 23, 2012
Trading volumes in the US futures markets, which have endured a torrid 2012, could rebound in the first half of next year thanks to new rules pushing derivatives onto listed exchanges (read more)
French consultant moves into fund management
Posted by on October 23, 2012
Cedrus Partners is seeking to capitalise on eight years-worth of research into sustainable investing by launching a fund of SRI funds (read more)
Russian brokers go head-to-head in London
Posted by on October 23, 2012
Fast-growing Russian broker BCS adds chief regulatory officer for its fledgling international business as competition heats up to capture lucrative order flow between London and Moscow (read more)
NAPF Annual Conference 2012
Posted by on October 22, 2012
(read more)
UK study cautions on HFT rules
Posted by on October 22, 2012
A two-year study sponsored by the UK Treasury concludes high-frequency trading has 'several beneficial effects' and advises regulators to exercise caution (read more)
Foreign banks say no on US swaps
Posted by on October 22, 2012
Overseas banks have been complaining about regulations that would force them to register with US regulators (read more)
Stenham cools on Asia hedge funds
Posted by on October 22, 2012
Stenham Asset Management has turned its back on Asian hedge funds with launch of a long-only vehicle in the region (read more)
SVG reduces exposure to Permira
Posted by on October 22, 2012
Listed investor has sold a £90m stake in one of the private equity firm's funds as it seeks to focus on assets with 'stronger growth prospects' (read more)
FN100 Most Influential Women: Investment Banking
Posted by on October 22, 2012
Financial News has published its 2012 list of the most influential women in Europe's financial markets – here are the profiles of those working in investment banking (read more)
CME Europe exchange to target Asia-Pacific market
Posted by on October 22, 2012
The CME Group is one of several exchanges, including NYSE Euronext, Deutsche Börse and the LSE, which are attempting to make inroads into the Asia-Pacific markets (read more)
Swedish $1bn bond sale highlights north-south divide
Posted by on October 22, 2012
Kingdom of Sweden demonstrated the stark contrast in financial health between northern and southern Europe with the issuance of a dollar benchmark bond that was oversubscribed (read more)
Ex-Barclays trading head returns on the buyside
Posted by on October 22, 2012
The former head European equity trading at the UK bank has joined the macro hedge fund set up by one-time Nomura trader Steven Clark (read more)
Insurers move in amid ‘structural shift’ in property lending
Posted by on October 22, 2012
Law firm DLA Piper says insurance companies will increase their annual lending to property firms by as much as £1.4bn by 2017 (read more)
Liikanen advises UK to be 'compatible'
Posted by on October 22, 2012
Finnish bank governor Erkki Liikanen tells UK parliamentary commission that country should overhaul banking system in a compatible way to European Union (read more)
FN100 Women: On the front line of the regulatory debate
Posted by on October 21, 2012
Meet the women working on redefining financial regulation in an attempt to ward off another global market meltdown (read more)
Investors warm to European equities
Posted by on October 21, 2012
Confidence in the region’s shares has returned for the first time since the sovereign debt crisis began (read more)
Bats to target index providers amid benchmark debate
Posted by on October 21, 2012
The development would see volumes on alternative trading venues reflected in some of the industry’s main benchmarks for the first time (read more)
Sponsors suffer as tough fundraising market bites
Posted by on October 21, 2012
Private equity firms are showing signs that they are struggling to raise capital amid one of the toughest markets for a decade (read more)
Has Citi’s investment bank turned a corner?
Posted by on October 21, 2012
Just as its group chief executive exits, the bank’s securities and banking business is reviving. But don’t speak too soon (read more)
Rothschild’s glass half empty
Posted by on October 21, 2012
One of the grandest figures in the investment trust market, has cast doubts over the future of the £95bn industry (read more)
NYSE Euronext puts UK data centre under review
Posted by on October 21, 2012
The stock exchange is reviewing the operation of its two-year-old, multimillion-pound UK data centre, which covers the area of more than six football pitches (read more)
Mitsubishi seeds first US alternatives fund
Posted by on October 21, 2012
Mitsubishi Corporation is set to build its first large alternative investment manager in the US with hundreds of millions of dollars targeting shipping, aircraft, railway equipment leasing and commercial real estate (read more)
PPF’s 25% return puts industry rivals in the shade
Posted by on October 21, 2012
The PPF said that investment return was achieved by what it described as a sophisticated liability-hedging strategy (read more)
Ruffer delivers more of the profits magic
Posted by on October 21, 2012
In the year to March 31, profits rose from £77m to £108m, according to accounts filed at Companies House last week (read more)
London and New York fight to win technology flotations
Posted by on October 21, 2012
According to one London-based venture capitalist, at least 20 European tech companies are looking to list in London but regulation is said to be forcing firms across the Atlantic (read more)
Esma to investigate cross-sector risks
Posted by on October 21, 2012
The European Securities and Markets Authority is to begin publishing reports on trends, risks and vulnerabilities in European securities markets (read more)
UBS banker Guy Phillips to take on wealth management role
Posted by on October 21, 2012
A senior UBS banker is shifting focus to wealth management, as the bank itself makes the same move on a broad scale (read more)
SocGen warns on Credit Suisse leverage
Posted by on October 21, 2012
Societe Generale analysts put high leverage at Credit Suisse's investment bank into focus ahead of the Swiss group's third-quarter results (read more)
Chart of the Day: The debt boost for US banks
Posted by on October 21, 2012
FICC revenues across the US wholesale banks rose collectively by 56% on the same period last year and by 14% on the previous quarter (read more)
Equiduct bolsters sales team
Posted by on October 21, 2012
Europe's leading alternative retail platform adds to sales team in bid to spur growth (read more)
Partners Group makes mark in advisory
Posted by on October 21, 2012
Large private equity firms – including the likes of Blackstone Group and KKR – are diversifying the services they offer beyond traditional buyouts (read more)
LME picks MillenniumIT for surveillance boost
Posted by on October 21, 2012
Trade monitoring has moved up the agenda for the London commodities exchange amid the rise in electronic trading (read more)
25 Years On: Black Monday remembered
Posted by on October 18, 2012
Stock market veterans share their memories of the monumental crash of October 19, 1987 (read more)
UK committee calls for M&A powers for PRA
Posted by on October 18, 2012
Influential parliamentary body calls on government to hand the Prudential Regulatory Authority an explicit legislative mandate to approve major bank mergers and acquisitions (read more)
Trade of the Week: Wake up and trade the coffee
Posted by on October 18, 2012
Global coffee prices have tumbled in recent weeks as a better-than-expected harvest met with reduced demand from European coffee drinkers (read more)
Carlyle co-founder points to brighter PE future
Posted by on October 18, 2012
William Conway says that relations between buyout firms and investors 'have passed their nadir' (read more)
The truth about Pandit’s pay
Posted by on October 18, 2012
Commentary: Ex-Citi CEO didn’t make out as well as executive peers (read more)
Greg Smith: I saw Lloyd Blankfein naked
Posted by on October 18, 2012
Smith blindsided Goldman Sachs by publishing a highly critical op-ed on the day he quit (read more)
Rake calls for buyout firms to improve transparency
Posted by on October 18, 2012
The chairman of the group tasked with overseeing voluntary disclosure from private equity firms says that buyout industry risks tougher regulation if it fails to become more open (read more)
Europe leaders agree on banking supervisor
Posted by on October 18, 2012
European leaders agreed early on Friday to have a new supervisor for eurozone banks up and running next year (read more)
Schwarzman: Blackstone is in a 'mega cycle'
Posted by on October 18, 2012
The private equity giant had total inflows of $38bn in the last 12 months as underfunded public pension plans are forced to increase allocations to alternative assets (read more)
Chart of the Day: The post-Pandit bounce
Posted by on October 18, 2012
The sudden departure of the chief executive and lack of succession of planning has not harmed the company's share price (read more)
Moscow Exchange improves London trading access
Posted by on October 18, 2012
The Russian bourse has taken up space in a London data centre for the first time to offer faster trading from the capital (read more)
PE backer pulls the plug on Eladian Partners
Posted by on October 17, 2012
California-based venture backer decided to exit investment in high-frequency trading firm after disagreement over cost-cutting plan, Financial News has learned (read more)
RAC in £290m recap deal
Posted by on October 17, 2012
The Carlyle Group has taken a £290m dividend out of UK roadside assistance group RAC, mirroring the strategy employed by the private equity backers of rival breakdown services company the AA (read more)
Longstanding partner leaves Brummer
Posted by on October 17, 2012
One of seven owners of Brummer & Partners, Sweden’s largest hedge fund manager, has left after 13 years as a portfolio manager at the firm (read more)
New Citi CEO sets interim reporting structure
Posted by on October 17, 2012
William Mills will assume interim responsibility for operations in EMEA (read more)
Knight Capital CEO vows to rebuild value
Posted by on October 17, 2012
Thomas Joyce said the firm was open to exploring any and all strategic alternatives (read more)
Greg Coffey: Stellar trader or faded star?
Posted by on October 17, 2012
Opinion is divided on Moore Capital’s Greg Coffey, known as ‘the Wizard of Oz’, who yesterday told investors that he was bowing out of the industry (read more)
Investment banker of the Week: Laurence Grafstein - UBS's $600bn man
Posted by on October 17, 2012
Grafstein joined UBS as co-head of M&A in the Americas at the start of this month and has wasted little time making his mark (read more)
UK bank chairmen look to the future
Posted by on October 17, 2012
The chairmen of HSBC, Standard Chartered, Lloyds Banking Group, Royal Bank of Scotland and Barclays gathered to speak at the BBA's annual conference this week (read more)
FRM acquisition masks Man Group outflows
Posted by on October 17, 2012
The largest independent fund of hedge funds manager outside the US says the flow environment continues to be 'challenging' (read more)
Top Oxford investor slams private equity
Posted by on October 17, 2012
Sandra Robertson, head of Oxford University's £1.5bn endowment fund, attacks private equity fee culture and performance in a speech at the BVCA's annual conference (read more)
Fixed income fuels eight-fold profit surge at Morgan Stanley
Posted by on October 17, 2012
Chief executive hails rebound as evidence that clients have 're-engaged' after rating uncertainty (read more)
Smaller companies bear brunt of French FTT
Posted by on October 17, 2012
The French financial transaction tax has hit small cap stocks 'particularly hard', with average daily turnover in smaller companies falling 26% during August and September, according to Credit Suisse (read more)
Blackstone swings to profit on revenue rise
Posted by on October 17, 2012
The firm had significant inflows in the third quarter driving a 30% rise in assets to $204.55bn (read more)
Meet Bill Mills: Citi’s head of Europe, again
Posted by on October 17, 2012
The long-time Citigroup veteran led the bank’s expansion into Russia and eastern Europe during a previous stint as regional head (read more)
Defence: Adoboli probe uncovered other unauthorised trades
Posted by on October 17, 2012
Investigation into activities of the ex-UBS trader uncovered three other instances of unauthorised trading unconnected to him, a court has heard (read more)
Managers defy the fiscal cliff to buy shares
Posted by on October 16, 2012
The economic outlook is improving everywhere, but a territorial dispute with China is putting managers off Japan, according to BoAML's latest fund manager survey (read more)
Gas market stung by rapid traders
Posted by on October 16, 2012
The shift in natural gas trading shows how high-speed firms are changing markets well beyond stocks (read more)
FTSE deal prompts LSE management reshuffle
Posted by on October 16, 2012
Management changes announced today form part of the LSE's plans to more closely integrate FTSE within the wider exchange group and will see the FTSE chief join the exchange's executive committee (read more)
Meet the new BBA chairman: Sir Nigel Wicks
Posted by on October 16, 2012
The role of overseeing the embattled British Bankers’ Association has been given to a senior figure who mixes financial experience with strong political connections (read more)
BoE's Tucker calls for bankers to be paid in debt
Posted by on October 16, 2012
Bank of England deputy governor Paul Tucker today echoed an EU call for bankers to be paid in subordinated debt (read more)
New Citi chief takes up global quest
Posted by on October 16, 2012
Citigroup’s revenues have become more diversified geographically since Pandit took the reins of the business in 2007 (read more)
Pensions industry calls for help with QE
Posted by on October 16, 2012
The NAPF calls on government to relax funding standards, as one survey suggests 76% of pensions managers and trustees say quantitative easing has hurt their scheme's finances (read more)
EFSF five-year bond oversubscribed
Posted by on October 16, 2012
The European Financial Stability Facility priced a twice-oversubscribed transaction yesterday, underlining continued risk appetite in the European bond market (read more)
Susquehanna reports 66% UK profit jump
Posted by on October 16, 2012
ETF market maker is one of a number of firms to report bumper profits in the wake of last year's eurozone volatility (read more)
UBS exec outlines scale of $2.3bn trading loss probe
Posted by on October 16, 2012
An independent investigation into the unauthorised trading loss incurred by UBS in September 2011 analysed 2.4 million documents, conducted 170 interviews and looked at four million transactions, a London court heard (read more)
Greg Coffey to retire
Posted by on October 16, 2012
The star trader at Louis Bacon's Moore Capital is leaving the hedge fund industry, Financial News can reveal (read more)
BofA Merrill weighed down by litigation expenses
Posted by on October 16, 2012
US bank said it took a $1.6bn writedown over the third quarter of this year due to litigation expenses (read more)
Volcker at the UK banking standards inquiry
Posted by on October 16, 2012
The former Fed chairman and architect of the Volcker Rule is giving evidence to the UK commission on Banking Standards (read more)
Hintze cautious after 'too much of a good thing'
Posted by on October 15, 2012
The founder of the $11bn hedge fund manager CQS uses his latest investor letter to reverse the 'constructive' view on markets he has held for the last three years (read more)
Hedge fund radio star 'Dr Stu' joins Aquila
Posted by on October 15, 2012
The presenter of 'The Naked Short Club' will help the German alternatives firm to grow its institutional business internationally (read more)
Almost there
Posted by on October 15, 2012
The Dow Jones Industrial Average is in striking distance of an all-time high at 13,329 (read more)
JP Morgan's 12 is a lonely number
Posted by on October 15, 2012
The predicament facing banks is that they are not earning enough to justify their existence (read more)
BlackRock hits back in ETF war
Posted by on October 15, 2012
The biggest provider of exchange-traded funds in the US plans a raft of measures to better position itself in the increasingly competitive ETF market (read more)
HKEx chief looks for ‘lowest hanging fruit’
Posted by on October 15, 2012
The chief executive of the world’s second largest exchange – which beat rivals to the London Metal Exchange with £1.4bn bid – says it can seek internationalisation without a similar game-changing deal (read more)
Banks line up for Chinese tech float
Posted by on October 15, 2012
The planned IPO of social networking site YY on Nasdaq could break the deadlock of Chinese firms listing in the US (read more)
UBS CFO says $2.3bn trading loss 'adversely' hit relationships
Posted by on October 15, 2012
The most senior executive at the Swiss bank to give evidence so far in court case against Kweku Adoboli recounts how staff had to spend ‘significant amount of time’ explaining ‘the safety, strength and security’ of business (read more)
Telefónica's German IPO gathers pace
Posted by on October 15, 2012
The telecom company's initial public offering, set to be the biggest in Germany since 2007, starts bookbuilding tomorrow (read more)
Meet Michael Corbat: The new CEO of Citigroup
Posted by on October 15, 2012
The new chief executive of Citi cut his teeth in investment banking at the preeminent bond house of the 1980s, Salomon Brothers, but his career in business began while a student at Harvard (read more)
Goldman boosted by Investment & Lending turnaround
Posted by on October 15, 2012
Investment & Lending unit swing drives profits as US bank benefits from revenues rise in trading, advisory and underwriting work (read more)
Oslo Børs to buy Burgundy platform
Posted by on October 15, 2012
Proposed sale of alternative share trading platform heightens speculation that the fledgling sector faces a fresh round of consolidation (read more)
Icap launches credit information service
Posted by on October 15, 2012
The new service forms part of the interdealer broker's diversification away from the traditional voice-broking business (read more)
Jenkins criticism spurs buyside to enter bank debate
Posted by on October 14, 2012
Leading lights of asset management industry plan creation of formal discussion forum (read more)
US housing market products forecast to boom
Posted by on October 14, 2012
Rental securitisations could be on offer in months as sector shows signs of recovery (read more)
Banks are letting a good crisis go to waste
Posted by on October 14, 2012
Continued government intervention and regulatory interference mean lenders are still playing wait-and-see (read more)
Mounting venue losses spark fears of fresh consolidation
Posted by on October 14, 2012
Alternative trading platforms that came into being thanks to regulation five years ago, could be facing a round of consolidation (read more)
Nomura restructures investment banking teams
Posted by on October 14, 2012
Japanese bank shake-up aims to forge a 'clearing house for cross-border ideas' (read more)
Companies predict boom year for corporate bonds
Posted by on October 14, 2012
Volumes could beat 2009 record, according to Thomson Reuters survey (read more)
Iosco hunts world’s weakest regulators
Posted by on October 14, 2012
Global umbrella body for regulators aims to identify weaknesses in regimes (read more)
Boutiques trump brokers
Posted by on October 14, 2012
Further evidence emerged last week from Companies House filings that boutique advisory firms are managing to weather stormy financial markets better than agency brokers (read more)
Green continues to generate gold for Blood, Gore and Ferguson
Posted by on October 14, 2012
Profits rise at asset manager focused on 'sustainable capitalism' (read more)
Ex-RBS banker Mazzucchelli joins Harrods
Posted by on October 14, 2012
UK bank's former deputy chief of global banking and markets is among three financiers to join the board (read more)
Tradeweb launches 5,000-stock ETF platform
Posted by on October 14, 2012
Move is aimed at boosting liquidity in European marketplace (read more)
Aon piles on the fiduciary mandates
Posted by on October 14, 2012
A surge in US business wins has led to a two-thirds increase in total fiduciary business for consultant Aon Hewitt in the past year (read more)
Citi profits powered by trading surge
Posted by on October 14, 2012
Rising trading revenues at US bank helped to more than offset a drop in lending revenues in the third quarter as net underlying profits at the group's securities and banking division climbed by two-thirds (read more)
Nasdaq OMX market share slips in Nordics
Posted by on October 14, 2012
Exchange group suffers decline in market share in Scandinavian region – where it operates four stock exchanges – in contrast to other established European bourses (read more)
Barclays hires former L&G chief
Posted by on October 14, 2012
UK bank names the former chief executive of Legal & General as a non-executive director, as it looks to boost its financial oversight under a new chairman (read more)
Lord Turner warns of building ‘stability of the graveyard’
Posted by on October 11, 2012
Chairman of the UK's Financial Services Authority gave his fourth and final speech at the City Banquet at Mansion House as head of the regulator (read more)
Trade of the Week: Winter sets gas investors all aglow
Posted by on October 11, 2012
Warnings from US energy agencies that a colder winter will see a rise in spending on natural gas than last year sparked a short sharp rally in futures prices this week (read more)
Silver anniversary approaches for Black Monday
Posted by on October 11, 2012
A new piece of analysis argues that the subsequent recovery shows why investors should keep calm and carry on when crashes happen (read more)
Fixed income helps JP Morgan move on from Whalegate
Posted by on October 11, 2012
The US bank opened the third-quarter reporting season for Wall Street's biggest firms with its first results since reorganising its business and implementing a raft of senior management changes over the summer (read more)
M&A bankers rue $500m in missed fees
Posted by on October 11, 2012
The collapse of the proposed BAE Systems-EADS tie-up is just the latest in a long line of withdrawn deals that merger and acquisitions specialists have had to endure (read more)
How the EU could spend its Nobel Peace Prize winnings
Posted by on October 11, 2012
The European Union would need to win the prize for 541,495 years in a row in order to finance its flagship bailout fund (read more)
Direct Line shines on trading debut
Posted by on October 11, 2012
The UK insurer, which listed this week, has delivered the biggest pop for a UK company of its size since the IPO of William Hill over a decade ago (read more)
JP Morgan's third quarter net up 34%
Posted by on October 11, 2012
JP Morgan's third-quarter earnings rose 34% as the bank saw revenue rise and its provision for credit losses fall. The results beat analyst expectations (read more)
RBS looks to exit asset protection scheme next week
Posted by on October 11, 2012
RBS is in talks with regulators and the UK Treasury over exiting the Asset Protection Scheme (read more)
Du Toit and Majedie take top prizes at FN awards
Posted by on October 10, 2012
Smaller firms more than held their own against larger rivals at the eleventh annual Financial News Awards for Excellence in Institutional Asset Management, Europe, last night (read more)
Pictet strategist fears for the eurozone
Posted by on October 10, 2012
Yves Bonzon, investment chief at wealth adviser Pictet, worries the eurozone is turning Japanese (read more)
Pimco's Gross buys Italian and Spanish bonds
Posted by on October 10, 2012
The world's biggest bond fund cut holdings of US Treasury bonds in September for a third month (read more)
Three-quarters of companies 'will need longer to pay off pension deficits'
Posted by on October 10, 2012
The UK's regulator for the sector says funding plans have been blown off course by QE and low bond yields (read more)
JP Morgan chief financial officer to exit post
Posted by on October 10, 2012
The word is that Doug Braunstein will move back to his old stomping ground, the investment bank (read more)
Victorious Hendrik du Toit bangs emerging markets drum
Posted by on October 10, 2012
Investec Asset Management chief executive last night became the first head of an emerging markets firm to scoop the top prize at the annual FN awards (read more)
BlueMountain raises $1.4bn for illiquid credit
Posted by on October 10, 2012
The credit investor has persuaded clients to lock in their money for five years – a rare achievement at a time when greater liquidity is high on the agenda in the wider hedge fund community (read more)
Investment bank of the Week: Deutsche Bank
Posted by on October 10, 2012
The German bank is leading the initial public offering of European real estate firm PointPark Properties (read more)
Aim listing looms for troubled Rangers FC
Posted by on October 10, 2012
The Scottish football club has mandated investment bank Cenkos to lead its £20m listing on London's junior stock market (read more)
Liquidnet eyes more HFT-free tie-ups with exchanges
Posted by on October 10, 2012
The provider of institutional-only trading platforms is marketing itself to European exchanges as an 'HFT-free pool of liquidity' (read more)
Government discord derails massive European merger
Posted by on October 10, 2012
A deal to create the world's biggest aerospace company, three months in the making, died in a three-minute phone call (read more)
UBS exec says investigation was 'focused on Mr Adoboli'
Posted by on October 10, 2012
Chief operating officer for the securities division in the investment bank yesterday gave evidence for a second day at Southwark Crown Court (read more)
BofA Merrill names new London chairman of financial services
Posted by on October 10, 2012
Henrietta Baldock, who runs Bank of America Merrill Lynch’s financial institutions group in London, is to become chairman of the operation (read more)
BofA Merrill gives Hume-Kendall new Europe role
Posted by on October 9, 2012
US bank has given one of its senior bankers a newly-created role in Europe to focus on relationship-building within the region (read more)
UBS exec details extent of 'fictitious' trade probe
Posted by on October 9, 2012
A senior executive at UBS's investment bank who was last year handed the task of investigating 'tens of thousands of trades' booked by Kweku Adoboli, has told a London court that at least half were 'fictitious' (read more)
Larry Fink: How to restore confidence in the financial markets
Posted by on October 9, 2012
The mutual fund industry has stiffly opposed SEC efforts to reform money market funds. That doesn't instill the sort of trust we need. (read more)
EU clearing houses results reflect tough environment
Posted by on October 9, 2012
The earnings figures of EuroCCP and EMCF highlight the difficulties facing the European clearing industry (read more)
Oriel Securities deputy chief departs
Posted by on October 9, 2012
Deputy chief executive Paul Thompson has left the mid-tier broker after it appointed a new chief executive last month (read more)
Jenkins urges buyside to join bank regulation debate
Posted by on October 9, 2012
Robert Jenkins, a member of the Bank of England’s Financial Policy Committee and former chairman of the IMA, warns of continued risk of leverage in the banking sector (read more)
Bankers finally get a bit of love from Londoners
Posted by on October 9, 2012
Maybe the tide of popular opinion against bankers is turning. Well, in South Kensington anyway (read more)
Banks analysts upgrade FICC estimates
Posted by on October 9, 2012
An improvement in trading conditions has led JP Morgan analysts to upgrade forecasts for the third quarter as investment banks approach reporting season (read more)
Morgan Stanley appoints new equities COO
Posted by on October 9, 2012
The role of chief operating officer has come to the fore as banks wrestle to re-engineer their sales and trading business (read more)
Redemption threat looms large over European utilities
Posted by on October 9, 2012
Current market conditions are favourable for European utilities but peripheral issuers are most at risk of a funding squeeze should the sovereign crisis worsen (read more)
Questions remain over impact of relaxed capital rules
Posted by on October 9, 2012
Analysts have questioned whether a temporary relaxing of capital requirements for the UK's banks, announced by the FSA today, will boost lending (read more)
Adoboli trial focuses on ‘genesis of umbrella’
Posted by on October 8, 2012
Former UBS trader’s defence team suggests an account allegedly used to hide profits and losses from unauthorised trading was born from a spreadsheet sent by a former colleague (read more)
Goldman fined by options exchanges over order marking
Posted by on October 8, 2012
The settlement comes at a time of renewed scrutiny over whether some traders are getting unfair advantages (read more)
Bear Stearns reunion at BMO
Posted by on October 8, 2012
Ex-members of Bear Stearns' convertible bonds desk have reunited at the Canadian investment bank (read more)
Investment banks: too big to shrink
Posted by on October 8, 2012
Balance sheets have continued to swell over the past few years, with potentially dangerous consequences (read more)
Giant Greek deal masks slow restructuring market
Posted by on October 8, 2012
Blackstone and Lazard top the global rankings for completed distressed debt and bankruptcy activity by virtue of their involvement in the giant Greek debt exchange (read more)
Winton profits rise on 65% asset growth
Posted by on October 8, 2012
David Harding's managed futures firm saw profits increase by almost a quarter last year, as it took in more net new money than any other European hedge fund manager (read more)
McKinsey calls for change in bank culture
Posted by on October 8, 2012
Capital and costs must be better managed within the global banking industry, according to the consultancy, with bankers' pay top of the agenda (read more)
Axa Private Equity appoints new debt co-head
Posted by on October 8, 2012
The Paris-headquartered private equity firm is looking to raise an extra €500m for its latest private debt fund on the back of an expected increase in investment opportunities (read more)
European banks head stateside with bond issues
Posted by on October 8, 2012
Yankee market reopens for the European financial sector following ECB's expressions of support last month (read more)
Budget cuts hit hedge funds' trading desks
Posted by on October 8, 2012
Hedge funds are moving aggressively to cut costs on their trading desks, according to research from Greenwich Associates (read more)
Revenues rise at special situations broker
Posted by on October 8, 2012
The UK subsidiary of United First Partners, the broker co-founded by Financial News Rising Star Stephane Mardel, grew revenues to more than £6m in 2011 (read more)
RBS Asia-Pac futures chief joins Icap
Posted by on October 8, 2012
Interdealer broker Icap has taken on a futures market veteran from Royal Bank of Scotland as it continues to build its listed derivatives business (read more)
Russian billionaires may sell stake in BP venture
Posted by on October 8, 2012
The move aims to give the billionaires more options if their partner in TNK-BP, UK-based oil giant BP, sells its half of the joint venture to state-controlled Russian oil company OAO Rosneft (read more)
Banks caught in accounting limbo
Posted by on October 7, 2012
Delayed new standards for valuing assets are stopping lenders shrinking their balance sheets (read more)
Nomura’s fixed-income sales star in talks over future
Posted by on October 7, 2012
Ex-Goldman banker who gained notoriety after a US Senate committee report on the financial crisis, is in talks over his future with the Japanese bank, Financial News can reveal (read more)
Management fees bounty boosts buyout executive pay
Posted by on October 7, 2012
Moves by some of Europe's biggest private equity firms are likely to ingnite fresh concerns over fees (read more)
New tower looms large in Europe as HFT firm triples revenues
Posted by on October 7, 2012
Profits more than doubled last year at secretive trading firm Spire Europe (read more)
Transatlantic gap opens up in equities trading pay
Posted by on October 7, 2012
Sales and trading bonuses have fallen up to 30% in a year, but the pain has been far greater in Europe than the US (read more)
Overthrowing the tyranny of targets
Posted by on October 7, 2012
Bankers of the world, unite! Throw off the shackles of your P&L! (read more)
Investment banks: too big to shrink
Posted by on October 7, 2012
Balance sheets have continued to swell over the past few years, with potentially dangerous consequences (read more)
Tax haven conundrum stalls venture capital rules
Posted by on October 7, 2012
Proposed regulation governing Europe’s venture capital community has hit a delay over a debate about tax havens (read more)
The making of Moelis & Co
Posted by on October 7, 2012
The independent advisory house, established just over five years ago, has come a long way in a short time (read more)
Towers wins £100m hedge fund mandate
Posted by on October 7, 2012
Consultancy's latest mandate comes from the £1.5bn Willis Pension Scheme (read more)
M&A activity to decline further
Posted by on October 7, 2012
Just one in four companies expects to pursue an acquisition over the next 12 months, according to the bi-annual Ernst & Young Capital Confidence Barometer (read more)
Managers suffer vertigo over US fiscal cliff
Posted by on October 7, 2012
Investors are finding it hard to know which way to jump over the US elections. Their worst fear is a war between a newly elected President and Congress (read more)
USS ends Capital’s 14-year contract
Posted by on October 7, 2012
The £34bn pension fund has dropped its largest external manager (read more)
Project Chardonnay leaves acidic taste for Plus shareholders
Posted by on October 7, 2012
The company's new board is probing 'significant' payments made to advisers and staff related to the sale of part of its business to Icap (read more)
Ex-prop trader rejoins JP Morgan at new-look CIO
Posted by on October 7, 2012
Ben Ashby left the bank in 2007 but is returning in a senior research role at its recovering chief investment office (read more)
Barclays’ key moves in Ricci reshuffle
Posted by on October 4, 2012
Rich Ricci, the chief executive of Barclays’ corporate and investment bank, has carried out his first change since taking over in June (read more)
Investment Bank of the Week: Rothschild in Russia
Posted by on October 4, 2012
Independent advisory firm has added another major Russian deal to its shelf of tombstones, after the owners of TNK-BP employed the bank to help it buy out UK oil giant's stake (read more)
Terra Firma asks for new trial over EMI
Posted by on October 4, 2012
The private equity firm lost a case two years ago alleging that it was duped by Citigroup into buying the music company (read more)
International wealth drives UK management hires
Posted by on October 4, 2012
The spotlight on wealth management continues with a number of high profile hires and the latest in a string of acquisitions (read more)
New shuffle at JP Morgan
Posted by on October 4, 2012
Barry Zubrow, a trusted lieutenant of JP Morgan chief executive James Dimon, is expected to give up his job as regulatory affairs chief (read more)
Profits rise at Moore Capital in Europe
Posted by on October 4, 2012
The London arm of Louis Bacon's hedge fund firm Moore Capital delivered a near 50% rise in profits last year, according to results just published at Companies House (read more)
Trade of the Week: Iranian currency crisis
Posted by on October 4, 2012
The Iranian rial plummeted by as much as a quarter this week, but trading the currency’s misfortunes is difficult for investors (read more)
Ex-junior UBS trader says Adoboli was ‘unfriendly’
Posted by on October 4, 2012
Three former colleagues of ex-UBS trader accused of rogue trading, have given evidence this week (read more)
Bats and Morgan Stanley share spoils at FN awards
Posted by on October 3, 2012
Bats Chi-X Europe and Morgan Stanley continued their winning streaks with three awards each at Financial News's annual prize-giving gala for trading excellence in London last night (read more)
ETF investors shift to eurozone recovery play
Posted by on October 3, 2012
Exchange-traded funds focused on peripheral European countries gained traction in September, with both Spanish and Italian ETFs reporting inflows as investors began to bet on a eurozone recovery (read more)
UK retail fund sales hit post-Lehman low
Posted by on October 3, 2012
Fund flows for August paint a worrying picture for the fund-management industry (read more)
Kraft Foods trades cancelled in latest glitch
Posted by on October 3, 2012
The cancellations are the latest problem as investors and regulators look at how US stock markets work (read more)
FN Rising Star lands Cinnober CEO role
Posted by on October 3, 2012
Swedish vendor appoints Veronica Augustsson, named as one of Financial News' Rising Stars in Trading and Technology, as its new chief (read more)
Balarkas: Emotion and politics are 'distorting' regulatory debate
Posted by on October 3, 2012
The trading industry needs to raise the quality of debate on regulation, which is veering into dangerous and emotive territory, warns the former Instinet Europe chief (read more)
Rothesay Life profits double on Paternoster acquisition
Posted by on October 3, 2012
Goldman Sachs's pensions insurer reports strong figures for 2011 and expects a pickup in its market towards the end of this year (read more)
Banking revenues boom in Southeast Asia
Posted by on October 3, 2012
Investment banks have been strengthening their operations in the region, where fees have hit an all-time high for the year to date (read more)
Barclays plans shake-up as regulatory pressure grows
Posted by on October 3, 2012
Three senior executives are to leave Barclays, as the UK bank announces plans to create regional heads to help drum up business around the globe in the face of increasing regulatory pressure (read more)
Vanguard drops MSCI amid fee war
Posted by on October 2, 2012
Index provider's share price fell as much as 30% yesterday on fears that other ETF providers may follow Vanguard's example (read more)
Large companies expect big costs of financial reform
Posted by on October 2, 2012
The cost of complying with financial reforms could run to many millions for the big firms, finds a new survey (read more)
Putin makes push for partnership but old fears remain
Posted by on October 2, 2012
The Russian leader has urged corporate leaders and investors to make long-term investments despite corruption fears (read more)
Rare banknotes under auction
Posted by on October 2, 2012
(read more)
EU pension review provokes more criticism
Posted by on October 2, 2012
The Commission's latest consultation has garnered 117 responses, most of which attack its proposals (read more)
Bill Gross's bond fund lured $2.8bn new cash in September
Posted by on October 2, 2012
The world's biggest bond fund has outperformed 91% of its rivals this year (read more)
Lansdowne launches long-only fund for Davies and Roden
Posted by on October 2, 2012
The launch of the new fund reflects the increasing convergence between hedge funds and traditional asset management (read more)
Wells Fargo rise stands out in 2012
Posted by on October 2, 2012
San Francisco-based bank has been one of the few success stories in investment banking in 2012 (read more)
Marex drafts in ex-UBS investment banking head as CEO
Posted by on October 2, 2012
Top-level hire comes as fast-growing commodities broker's ranks have swelled from 180 to 600 in two-and-a-half years (read more)
Liquidnet takes knife to European business
Posted by on October 2, 2012
The provider of buyside trading platforms is fighting to contain costs amid the global drought in equities trading (read more)
Lazard banker launches chemicals boutique
Posted by on October 1, 2012
Natrium Capital joins a small number of boutique advisers serving the $4 trillion chemicals sector (read more)
JP Morgan accused of fraud
Posted by on October 1, 2012
The case is the first from a law enforcement group formed to pursue alleged wrongdoing in the financial crisis (read more)
Built to win
Posted by on October 1, 2012
Barron's argues that Goldman Sachs shares could rise at least 25% within a year (read more)
French broker appoints first independent director
Posted by on October 1, 2012
Exane Limited, the UK subsidiary of the French broker, has hired legal veteran Laurie Adams as its first independent board director (read more)
London & Capital courts foreign wealth
Posted by on October 1, 2012
The fund manager has created a new immigration division aimed at high-net-worth individuals and families seeking investor visas (read more)
The art of bad bank management
Posted by on October 1, 2012
Despite all of their bright and talented staff – or perhaps because of them – most investment banks are notoriously badly managed. But there are encouraging signs that this is beginning to change (read more)
Goldman Sachs files lawsuit over derivatives contract
Posted by on October 1, 2012
The European subsidiary of the Wall Street bank has brought a £2.6m lawsuit against Videocon, a manufacturer of television components and mobile phones (read more)
Amid soft returns, hedge funds return to roots
Posted by on October 1, 2012
The industry will split between 'managers who are playing to win and those who are playing not to lose' (read more)
Webcast today: Time to take the plunge in emerging markets
Posted by on October 1, 2012
Financial News today hosts a debate on the growth of asset management in developing economies... (read more)
Ex-Adoboli colleague breaks down in court
Posted by on October 1, 2012
Former UBS trader John Hughes weeps as he concludes a week of questioning as a witness in the criminal trial against ex-colleague Kweku Adoboli (read more)
FSA targets governance and free float rules
Posted by on October 1, 2012
The UK regulator has published a consultation paper into the UK IPO market, bringing free float rules into the spotlight, a move that has been attacked by investors (read more)
UK banks face dual ring-fencing headache
Posted by on October 1, 2012
European banking reform proposals from Erkki Liikanen could lead to fresh uncertainty for the UK's banks, say City of London lawyers (read more)
Markit headcount jumps by a third
Posted by on October 1, 2012
The UK data and index provider enjoyed a 14% rise in revenues for 2011 as it continued its ambitious growth-by-acquisition strategy (read more)
Meet the first banker in eight years to become Lord Mayor
Posted by on October 1, 2012
Roger Gifford, a former SG Warburg banker, is to become the next Lord Mayor of the City of London (read more)
Co-head of buyouts leaves Wellcome Trust
Posted by on October 1, 2012
Francesca Carega, co-head of absolute return and buyouts at the high-profile private equity investor, last year appeared on FN's list of Europe’s most influential women in finance (read more)
Milne resurfaces at benchmarking start-up
Posted by on October 1, 2012
The former head of post-trade services at the London Stock Exchange has become the chief executive of a firm that plans to bid to become the next administrator of Libor (read more)
Barclays joins top M&A fee earners
Posted by on October 1, 2012
The UK bank has for the first time climbed into the top five revenue rankings for M&A advice over the first nine months of a year, according to Thomson Reuters and Freeman Consulting (read more)
BNY Mellon takes control in Germany
Posted by on October 1, 2012
The custody bank has seized the opportunity to buy the half share of German fund manager, WestLB Mellon Asset Management, that it does not already own (read more)
Ministers call Brussels to heel on regulation
Posted by on September 30, 2012
Six member states of the EU, including Germany and the UK, have openly criticised the European Commission for ignoring advice on a new regulation (read more)
Former Chi-X Europe chief creates new start-up
Posted by on September 30, 2012
Alasdair Haynes has founded a new trading venue that will compete head-on with the platform he used to run (read more)
Private equity titans consider IPO market return
Posted by on September 30, 2012
Bankers say buyout trio lining up IPOs of European assets over next six months (read more)
Gulf investment starts to make sense
Posted by on September 30, 2012
The region suffered more than most after the credit crunch. But its weaknesses could become its strengths (read more)
German private equity prepares for hit from AIFMD
Posted by on September 30, 2012
Germany’s private equity market could be sharply curtailed by proposed rules that observers fear will set a dangerous precedent across Europe (read more)
Syntegra eyes steep valuation for Moleskine
Posted by on September 30, 2012
Moleskine is best known for its notebooks that were popular with the 'lost generation' of Parisian-based writers and artists such as Ernest Hemingway (read more)
Benchmark maths generates endless rise in high pay
Posted by on September 30, 2012
New research suggests remuneration committees' reliance on peer group benchmarking will lead to ever higher pay (read more)
Sunrise scores further hires from rivals
Posted by on September 30, 2012
The London broker's ranks of approved persons have grown 7% in three months (read more)
Companies tap the private bond market
Posted by on September 30, 2012
Unusually positive sentiment has put 2012 on track to be a boom year (read more)
‘Shadow banking’ label could deter financing
Posted by on September 30, 2012
Allianz Global Investors chief warns asset managers could decide against offering much-needed financing to avoid shadow banking rules (read more)
Godfrey becomes a Marathon man
Posted by on September 30, 2012
Former M&G global emerging markets manager Michael Godfrey will join Marathon Asset Management in December (read more)
JP Morgan takes capital markets fee crown
Posted by on September 30, 2012
The Wall Street firm came top in the capital markets fee rankings for the first nine months of this year, according to Thomson Reuters (read more)
Court hears ex-Adoboli colleague complained of trading limits
Posted by on September 30, 2012
John Hughes, a former colleague of Kweku Adoboli, today gave evidence for a fourth day at Southwark Crown Court (read more)
Ex-Deutsche banker among four charged in FSA insider dealing probe
Posted by on September 30, 2012
The UK's markets watchdog has charged four men with insider dealing as part of an ongoing investigation into financial fraud being conducted with the Serious Organised Crime Agency (read more)
Wheatley concludes Libor is 'broken' but 'not beyond repair'
Posted by on September 27, 2012
Government-backed review concludes scandal-hit rate can be saved – but any attempt at manipulation should become a criminal offence (read more)
Former SAC manager joins CQS
Posted by on September 27, 2012
A former portfolio manager at the London office of US hedge fund SAC Capital is trading long/short equities at Michael Hintze's $11.6bn firm (read more)
NYSE to use Twitter and Facebook for trading imbalances
Posted by on September 27, 2012
The embrace comes as many investors use social medis in their daily news diets (read more)
Barclays opens precious metals vault In London
Posted by on September 27, 2012
The Bank of England, HSBC and JP Morgan Chase are the only other banks with their own vaults in London (read more)
People in the news this week
Posted by on September 27, 2012
(read more)
Investment bank of the Week: BofA Merrill Lynch
Posted by on September 27, 2012
The last week of September has been particularly busy for Bank of America Merrill Lynch and its US investment-grade bond team, led by Jim Probert (read more)
Libor tender puts focus on data providers
Posted by on September 27, 2012
A number of commercial organisations including FTSE, Bloomberg, Thomson Reuters, Markit and stock exchanges are likely to scrap it out for control of the international benchmark (read more)
Wheatley saves bond markets from confusion
Posted by on September 27, 2012
Market participants relieved industry spared complicated and costly renegotiation of existing bond contracts (read more)
Cap rules could prompt LSE/LCH 'restructure'
Posted by on September 27, 2012
The Anglo-French clearinghouse expects its regulatory capital requirements to rise by up to €375m under new rules (read more)
Marquee deals echo in private equity's 'ghost town'
Posted by on September 27, 2012
The value of financial sponsor buyouts in the third quarter hit a post-crisis high, but the number of deals – a closely-watched gauge of market momentum – remained in the doldrums (read more)
IMA balks at 'overly specific' pay rules
Posted by on September 27, 2012
The Investment Management Association does not want the buyside subjected to the same prescriptive pay rules as banks (read more)
PE prepares for US bank divestment wave
Posted by on September 27, 2012
An analysis of regional US banks part-owned by private equity firms has concluded that sell-offs are likely (read more)
Equity ETFs march forward
Posted by on September 27, 2012
Equity exchange-traded funds continue to grab market share at the expense of traditional mutual funds (read more)
Bank of America settles with pension funds for $2.4bn
Posted by on September 27, 2012
US bank settles class-action lawsuit over its 2009 acquisition of Merrill Lynch and agrees to subject future M&A decisions to special board committee (read more)
Energy replaces tech in US IPO pipeline
Posted by on September 26, 2012
Energy and power has become the sector with most deals in the US initial public offering pipeline as the stream of high-profile internet offerings dries up (read more)
HSBC close to senior broking hire
Posted by on September 26, 2012
The UK bank, which Financial News reported in March was set to make a push into corporate broking, is close to making its first significant appointment to that team (read more)
Ex-Credit Suisse banker arrested in UK
Posted by on September 26, 2012
The former global head of the Swiss bank's structured credit trading unit was taken into custody (read more)
Onex London team seal first deal
Posted by on September 26, 2012
The Canadian buyout firm is planning to triple the size of its London team after agreeing a deal to buy a German plastics manufacturer (read more)
Heidi Miller: Women on Wall Street need to ask for more
Posted by on September 26, 2012
Ex-head of JP Morgan's international business says women need to make sure they get credit for their work (read more)
FPC urges UK banks to raise capital
Posted by on September 26, 2012
The UK body with interim responsibility for maintaining financial stability, discusses the possibility of making specific recommendations on timing and quantity of bank capital raisings (read more)
Trade of the Week: Hog futures bring home the bacon
Posted by on September 26, 2012
The price of hog futures on CME rose this week after a rise in wholesale feed prices in the US stoked fears of a pig shortage (read more)
Citi wins Rotork broking mandate
Posted by on September 26, 2012
The US bank edges closer to securing 20 FTSE 250 clients after being named as joint corporate broker to a UK manufacturing group (read more)
Apax replaces departing healthcare chief
Posted by on September 26, 2012
The private equity firm appoints a new co-head of healthcare to replace Khawar Mann, who is leaving this week (read more)
Invesco forges Indian joint venture
Posted by on September 26, 2012
The mutual fund manager has bought 49% of Indian financial services group Religare Asset Management in a bid to build up its distribution network in the subcontinent (read more)
Adoboli defence says former colleagues 'stabbed him in the back'
Posted by on September 26, 2012
Defence team today told a court they would attempt to show that Kweku Adoboli's former colleagues acted like three musketeers who turned on him when he confessed to carrying out unauthorised trades (read more)
Esma publishes long-awaited clearing guidelines
Posted by on September 26, 2012
Market participants are looking for clarity on which derivatives contracts will be subject to clearing and which types of collateral will be accepted by clearing houses (read more)
Goldman settles charges it violated muni pay-to-play rules
Posted by on September 26, 2012
The SEC settlement was the first ever involving in-kind campaign contributions and municipal securities (read more)
Regulators get stuck into asset managers
Posted by on September 25, 2012
The UK regulators plan to be more intrusive, stamping down on business models and products, which they deem a threat to clients and markets (read more)
Citigroup hedge fund spin-out hires Morgan Stanley veteran
Posted by on September 25, 2012
The move will reunite former Morgan Stanley colleagues at one of this year's most anticipated launches, Financial News can reveal (read more)
Profits surged for China operations of foreign banks in 2011
Posted by on September 25, 2012
The growth in total net profit at the China operations of 33 foreign banks outstripped local firms last year (read more)
Nasdaq product head departs for start-up
Posted by on September 25, 2012
The bourse’s European head of product management has left the firm to launch his own financial technology consultancy (read more)
Adoboli 'told off' over 2010 trading limit breach
Posted by on September 25, 2012
A former colleague of Kweku Adoboli reported the ex-UBS trader for improper trading practices almost one year before multi-billion dollar losses were revealed (read more)
The many lives of Goldman's partners
Posted by on September 25, 2012
The Wall Street giant will announce the latest additions to its elite ranks in the coming months. For many, the rise to partner will represent a career pinnacle, and for others, a springboard to bigger things (read more)
Diversity buffers LSE against European headwinds
Posted by on September 25, 2012
The London Stock Exchange says its focus on non-cyclical businesses is helping to offset the impact of tough trading conditions on its traditional revenue streams (read more)
Regulatory clarity buoys electronic swaps at Icap
Posted by on September 25, 2012
The world’s largest interdealer broker said final clarity on new rules affecting the derivatives market had helped spur trading volumes on its fledgling swaps platform (read more)
Live webcast today: Is small beautiful in asset management?
Posted by on September 25, 2012
Financial News today hosts an animated debate on the growth of boutique asset managers... (read more)
Lazard's 'rock star' added to emerging markets bill
Posted by on September 24, 2012
The head of the firm's Paris office, once described as a 'rock star of finance', will lead a new unit focused on the French and English speaking countries of sub-Saharan Africa (read more)
US corporate bond tally to top $100bn in September
Posted by on September 24, 2012
Spetember US corporate bond issuance has only been more than $100bn twice before (read more)
Deutsche Bank mark 2.0
Posted by on September 24, 2012
Earlier this month, the German bank outlined a new vision for its corporate banking and securities arm; the aim: to change the culture, put an end to ‘mission creep’ and embrace the advent of technology (read more)
Ten suggestions to clean up UK banking
Posted by on September 24, 2012
The 492-page file of written evidence to the Parliamentary Commission on Banking Standards offers insight into how the UK's banks are viewed by fund managers, university professors, think-tanks and bankers themselves (read more)
UBS equities chief recalls Adoboli had 'head in his hands'
Posted by on September 24, 2012
Kweku Adoboli was embarrassed but spoke 'coherently' as he explained his trading positions to the bank's global cash equities head last year, a court has heard (read more)
Winton backs China's first managed futures fund
Posted by on September 24, 2012
David Harding's firm has signed a joint venture with Shanghai-based Fortune SG, targeting Chinese investors (read more)
History is not on Nomura’s side in Asia
Posted by on September 24, 2012
League table slide and anti-Japanese protests pose risks to ‘Asia’s global investment bank’ (read more)
Doughty Hanson head leaves amid restructure
Posted by on September 24, 2012
The co-head of the private equity business – who had been mooted as a future head of the UK buyout firm – has left the company in the wake of a management overhaul and ownership rejig (read more)
BBA to give up setting Libor rate if review recommends it
Posted by on September 24, 2012
The trade organisation could give up its responsibility for setting the number in the wake of the fixing scandal (read more)
Mifid II: a lesson in European politics
Posted by on September 24, 2012
For those on the sharp end of the Parliament's Mifid text, there are two worrying dynamics at play in Europe, report lobbyists (read more)
Goldman's partner pool: A new global economic indicator
Posted by on September 24, 2012
There is a clear correlation between the number of partners Goldman Sachs admits to its illustrious partnership pool, and the state of the global economy (read more)
Market taps corporate cash for collateral
Posted by on September 23, 2012
European market infrastructure providers are eyeing corporate balance sheets as the industry-wide 'scramble' to secure liquid financing intensifies. (read more)
Buyout firms circle Robeco
Posted by on September 23, 2012
Private equity firms are battling to buy asset manager Robeco from parent Rabobank, which put it up for sale in May (read more)
Gleacher Shacklock revenues rise for third straight year
Posted by on September 23, 2012
The results can be seen as evidence of the relative resilience of independent advisory firms in a challenging market (read more)
Life (and contributions) after the City
Posted by on September 23, 2012
The industry is often called a ‘brain drain’. But Deighton’s post-Goldman career shows it works both ways (read more)
Private equity firms rush in to raise fresh capital
Posted by on September 23, 2012
PAI Partners and CVC Capital Partners are among almost 80 firms set to start raising new funds in the next three months (read more)
Bankers warn of clashes with ECB over role as super-regulator
Posted by on September 23, 2012
One debt capital markets banker specialising in providing advice to bank treasury departments on capital issuance said the effects could be felt most keenly in the area of capital ratios (read more)
Deutsche Bank mark 2.0
Posted by on September 23, 2012
Earlier this month, the German bank outlined a new vision for its corporate banking and securities arm; the aim: to change the culture, put an end to ‘mission creep’ and embrace the advent of technology (read more)
Kelly exits Credit Suisse
Posted by on September 23, 2012
Kelly is the latest in a series of bankers leaving private equity-related positions on financial sponsors desks in Europe as the number of deals shrink (read more)
Fuhr remains magnet for ex-BlackRock colleagues
Posted by on September 23, 2012
The former head of products at BlackRock’s ETF business iShares, has joined Deborah Fuhr’s research boutique ETFGI (read more)
Warsaw exchange strengthens surveillance
Posted by on September 23, 2012
The largest securities market in eastern Europe is overhauling its trading surveillance and monitoring tools ahead of rules that will clamp down on market abuse (read more)
LSE spies opportunity in race to provide Peruvian upgrade
Posted by on September 23, 2012
The LSE’s MillenniumIT unit is among a handful of vendors in talks with the Peruvian exchange, which plans to install a new trading platform early next year (read more)
Ernst & Young chases infrastructure business
Posted by on September 23, 2012
Financial services firm has hired two industry heavyweights to run the new 30-strong division (read more)
Eurozone Watch: Spain set for test results
Posted by on September 23, 2012
Spain is set to become the focus of attention in Europe once again this week, with an important survey of the health of its banking system due for publication (read more)
Ex-Morgan Stanley derivatives chief strikes out on his own
Posted by on September 23, 2012
Bill Templer, formerly global co-head of listed derivatives at the US bank, has formally launched his own futures market consultancy (read more)
Goldman may cut its next private equity pool size by half
Posted by on September 20, 2012
Mega firms have looked to raise smaller funds since the buyout industry’s boom days (read more)
People in the news this week
Posted by on September 20, 2012
(read more)
Trade of the Week: A weakening yen
Posted by on September 20, 2012
An expansion of Japan's quantitative easing programme this week offered a brief fillip for traders going short on the yen (read more)
JP Morgan custody arm tops fund accounting rankings
Posted by on September 20, 2012
JP Morgan has beaten last year’s victor BNP Paribas to top spot in R&M’s annual survey of fund accounting and administration services (read more)
Hedge funds waive fees for charity
Posted by on September 20, 2012
A new investment trust from JP Morgan Cazenove is in the pipeline that will invest in blue-chip managers and donate 1% a year to charity, Financial News can reveal (read more)
Investec’s King turns bullish on equities
Posted by on September 20, 2012
Max King, one of the market's more pragmatic commentators, says that now is the time to buy equities (read more)
Adoboli boss tells of ‘anger’ over unbooked trade
Posted by on September 20, 2012
John Di Bacco, the UBS banker who supervised the London-based ETF team from April 2011, took the stand today in the trial of Kweku Adoboli (read more)
Getco profits boosted by Chi-X Europe investment
Posted by on September 20, 2012
Profits at the European division of high-frequency trading firm Getco jumped last year on the back of a $30m gain from an investment – understood to be a stake in Chi-X Europe (read more)
TUI Travel turns to Barclays and BofA in broker rejig
Posted by on September 20, 2012
The FTSE 250 travel company has dropped corporate brokers Deutsche Bank and Jefferies after five years (read more)
Investment Bank of the Week: Credit Suisse
Posted by on September 20, 2012
The Swiss bank this week cemented its position at the top of the Emea bookrunner rankings thanks to a long-standing relationship with Russia's Sberbank (read more)
Isda plots path through regulatory jungle
Posted by on September 20, 2012
The trade body for the $650 trillion OTC derivatives market is creating four new committees to help steer its members through regulatory changes (read more)
Metals and mining veteran set for JP Morgan exit
Posted by on September 19, 2012
The former head of metals and mining at JP Morgan Cazenove, who helped broker the 2005 joint venture between the US firm and the venerable UK broker, is set to leave the bank (read more)
Franklin Templeton snaps up fund of hedge funds manager K2
Posted by on September 19, 2012
The deal, which is the latest example of consolidation in the struggling fund of funds sector, was done for no up-front cash (read more)
To love or not to love (bankers)
Posted by on September 19, 2012
The City has boosted London's status and economy for years, but the financial crisis has left the industry vilified in some quarters. A forthcoming debate will ask whether London should love its bankers (read more)
Have your say: Financial News launches ETF Snapshot Survey 2012
Posted by on September 19, 2012
FN gauges the opinion of investors in exchange-traded funds on how, why and when they use ETFs (read more)
Nasdaq defends Facebook IPO compensation proposal
Posted by on September 19, 2012
The SEC could take until 2013 to decide on the plan (read more)
Chart of the Day: Long-short ratios
Posted by on September 19, 2012
The ratio of securities available to lend versus those actually out on loan has reached an all-time high, suggesting that regulatory uncertainty and market volatility are continuing to spook hedge funds (read more)
Bondholders fire salvo in mortgage brouhaha
Posted by on September 19, 2012
A powerful group of about 20 bondholders took action against Wells Fargo and Morgan Stanley (read more)
Bank of America ramps up job cuts
Posted by on September 19, 2012
Bank of America is planning to cut 16,000 jobs by the end of the year. If the cuts are made, the lender will likely lose its title as US banking's largest employer (read more)
Plus sells derivatives arm to former exec
Posted by on September 19, 2012
The UK’s junior exchange operator completes the sale of its remaining trading platform to the executive previously responsible for running it (read more)
A ghoulish approach to pay disclosure
Posted by on September 19, 2012
As is often the case with investment banks, one of the biggest problems in the debate on remuneration is the issue of transparency (read more)
Top futures exchanges agree to algo testing rules
Posted by on September 19, 2012
An agreement with an industry lobby group could pave the way for new revenue streams at Europe's largest exchanges (read more)
Adoboli defence says trader at risk of 'burn-out'
Posted by on September 19, 2012
Southwark Crown Court today heard how former UBS trader often stayed later than 5.30pm – and that his ETF trading desk referenced Star Wars in emails (read more)
Berenberg promoted as heavyweights drop down Talanx IPO roster
Posted by on September 19, 2012
German insurer hopes it will be a case of third time lucky as it announces new plans for an initial public offering and re-jigs the banks on the deal (read more)
D-day at Nomura as Europe bankers discover their fate
Posted by on September 19, 2012
The Japanese bank is in the process of a $1bn cost-cutting exercise that will heavily impact its staff in Europe and the US (read more)
Jefferies toasts impressive trading gains
Posted by on September 19, 2012
New York investment bank delivers a strong set of results for its third quarter, which included a significant year-on-year boost in trading revenues across both fixed income and equities (read more)
Fund managers head back to Europe
Posted by on September 18, 2012
The looming prospect of political deadlock over the US budget has replaced the euro debt-crisis as investors' top worry, according to the latest Bank of America Merrill Lynch survey (read more)
Goldman Sachs names new finance chief
Posted by on September 18, 2012
Current CFO David Viniar has spent his whole 32-year career at the firm (read more)
Hedge fund manager strikes out alone
Posted by on September 18, 2012
The former Zadiq portfolio manager believes his ‘consistently positive’ approach to the euro crisis is starting to pay off (read more)
Meet Harvey Schwartz: Goldman's CFO-elect
Posted by on September 18, 2012
The global co-head of securities has risk management high on the agenda as he prepares to fill the shoes of David Viniar, the longest-serving financial chief of a major Wall Street firm (read more)
Lockhead departs BofA Merrill amid private equity exodus
Posted by on September 18, 2012
Bankers serving the private equity industry in Europe are being hit by a slowdown in dealflow in the sector (read more)
CME to launch swap futures contract
Posted by on September 18, 2012
The world’s largest futures exchange is aiming to capitalise on the shift of the swaps market towards electronic trading (read more)
FIG bankers back in the mix with Direct Line IPO
Posted by on September 18, 2012
Goldman Sachs, Morgan Stanley and UBS have called on bankers both old and new to help with the listing of the RBS-owned insurer, a rare deal for UK FIG bankers this year (read more)
Soros drops out of Forbes rich list top 10
Posted by on September 18, 2012
Average net worth of Forbes 400 rich list members is the highest in at least a decade (read more)
Accountant raised concerns on 'strange' Adoboli exposures
Posted by on September 18, 2012
Southwark Crown Court has heard recordings between accountant and former UBS trader accused of $2.3bn unauthorised trading loss (read more)
Trading chief exits RBC
Posted by on September 18, 2012
Departure of global electronic trading co-head is the latest in a series of high-level exits from the Royal Bank of Canada's trading business this year (read more)
Most Influential Women in Investment Banking 2012
Posted by on September 17, 2012
(read more)
Hands: it's a 'buyers' market' for Europe
Posted by on September 17, 2012
The chairman of Terra Firma says the global recovery is stalling and that private equity is unlikely to emerge from the gloom before the decade's end (read more)
Ex-Nomura trader assembles team for hedge fund launch
Posted by on September 17, 2012
A former senior proprietary trader will be joined by six former Nomura colleagues at his new hedge fund firm LindenGrove Capital (read more)
Nearly 150 protesters arrested on Occupy Wall Street anniversary
Posted by on September 17, 2012
Police officers on horseback and riot gear limited access to Wall Street (read more)
Investment banking doth protest too much
Posted by on September 17, 2012
There is a sense of déjà vu and whiff of self-interest about the industry’s stubborn resistance to reform of the OTC derivatives markets (read more)
Threadneedle pulls back in wake of South Africa disputes
Posted by on September 17, 2012
Violent protests at mines in the country have been a factor in the UK fund manager's decision to reduce its holdings there (read more)
Chenevix-Trench to take a break at Sloane Robinson
Posted by on September 17, 2012
The move is one of several changes that the hedge fund firm hopes will 're-position and re-energise' its product offering (read more)
LSE makes play for collateral management market
Posted by on September 17, 2012
The LSE's move to expand its settlement house into a collateral management platform marks the latest chapter in Xavier Rolet's broader strategy to transform the iconic London bourse (read more)
ITG sets up European sellside business
Posted by on September 17, 2012
The US agency broker is bringing its AlterNet brand to Europe in a move that will target sales to the sellside, amid pressure on brokers to diversify (read more)
Former BoE deputy set for Morgan Stanley role
Posted by on September 17, 2012
The former deputy governor for financial stability at the Bank of England has become the second non-executive director at Morgan Stanley's European business (read more)
Investment banks set for Q3 boost
Posted by on September 17, 2012
JP Morgan predicts a year-on-year increase in IB revenues in the third quarter, with strong debt issuance and trading volumes offsetting the traditional seasonal slowdown (read more)
Global equities duo swaps Majedie for Marathon
Posted by on September 17, 2012
Majedie Asset Management suffers rare departures as the fund managers behind its global equities strategy head for a rival (read more)
Eurozone Watch: Spain worries weigh on yields
Posted by on September 17, 2012
Sentiment reverses as Spain’s deputy prime minister questions the timing of a bailout (read more)
Buyout firms plan debt-funded dividend drive
Posted by on September 16, 2012
Investors balk at return of controversial practice of recapitalising through the issue of high-yield bonds (read more)
Deutsche Bank takes knife to corporate finance
Posted by on September 16, 2012
German bank cuts several high-profile bankers with managing directors said to bearing the main brunt (read more)
Where are Lehman’s European bankers four years on?
Posted by on September 16, 2012
New research shows less than half of the US firm's London bankers are no longer FSA-registered four years after its collapse (read more)
Buyside laments over-the-counter liquidity drought
Posted by on September 16, 2012
Dealers cutting back on marketmaking activity has left OTC liquidity in 'dire state', figures warn (read more)
Pressure grows to scrap ‘Scargill’ pension ruling
Posted by on September 16, 2012
Towers Watson calls for judicial review of 1984 court decision that has influenced trustees investment strategies for a generation (read more)
Bradley departs JP Morgan amid fears of ‘Christmas bloodbath’
Posted by on September 16, 2012
Managing Director is among a string of senior bankers with private equity-related positions to have left so far this year (read more)
Dark pool chiefs exit Icap
Posted by on September 16, 2012
Departures come after the interdealer-broker closed its pan-European multilateral trading facility BlockCross (read more)
Former Nomura traders reunite at hedge funds
Posted by on September 16, 2012
LindenGrove Capital and Occitan Capital Partners build investment teams with former senior colleagues from bank (read more)
EU Council proposes trading tape tender
Posted by on September 16, 2012
Move marks latest effort to end five-year spat over how trading data is reported and aggregated (read more)
ETFs to resume sky-high trajectory
Posted by on September 16, 2012
BlackRock chairman Larry Fink expects assets in the sector to nearly double to beyond $3 trillion in 2015 (read more)
Warning: equity markets are circling the drain
Posted by on September 16, 2012
Public markets are becoming dysfunctional but the proposed solutions could send them into a death spiral (read more)
FN Investment Banker of the Year Shortlist
Posted by on September 16, 2012
(read more)
Rees earmarks equities for investment at StanChart
Posted by on September 16, 2012
The head of wholesale banking at Standard Chartered is looking to build on steady profits in its corporate finance division this year (read more)
BofA Merrill strengthens clearing controls
Posted by on September 16, 2012
General clearing members are upgrading their risk management infrastructures to ensure they have full visibility on their clients' trading activity (read more)
Investment Banker of the Week: JP Morgan’s Melissa Smith
Posted by on September 13, 2012
Head of high-grade corporate debt capital markets for Emea – and a former ballerina – helps lift US bank to top European corporate DCM bookrunner rankings (read more)
People in the news this week
Posted by on September 13, 2012
(read more)
Goldman scales back junior analyst program
Posted by on September 13, 2012
Aspiring bankers are finding a path to the industry closed as Goldman Sachs does away with two-year post-college contracts (read more)
Assets jump at Renaissance Africa fund
Posted by on September 13, 2012
Renaissance Asset Management, the fund management firm focused on emerging and frontier markets, reports a nearly 30% rise in assets in its sub-Saharan Africa Ucits fund last month (read more)
Crown Prosecution sets out case against Adoboli
Posted by on September 13, 2012
Former UBS trader was today accused of being a 'gambler' whose unauthorised trades caused 'chaos and disaster' when they were discovered a year ago (read more)
NYSE to pay $5m penalty to SEC
Posted by on September 13, 2012
The case marks the first time the SEC has ever brought a case that resulted in a penalty against an exchange. (read more)
Wheatley and Gensler team up for Libor review
Posted by on September 13, 2012
Martin Wheatley, the chief executive designate of the UK Financial Conduct Authority, is to co-chair a new task force looking into financial market benchmarks with the chairman of the US Commodity Futures Trading Commission (read more)
Canary Wharf Group continues diversification push
Posted by on September 13, 2012
The developer behind the financial district in London’s Docklands continues its aim to diversify away from traditional focus on investment banks (read more)
New rules add to basis risk fears
Posted by on September 13, 2012
Proposed regulation will make it more expensive to trade over-the-counter derivatives, according to analysts and buyside firms (read more)
RBS to proceed with Direct Line IPO
Posted by on September 13, 2012
Direct Line begins IPO process despite fears over equity markets and Talanx's pulled listing (read more)
Ex-Fidelity chief returns with global role at T Rowe
Posted by on September 12, 2012
A former chief executive at Fidelity Worldwide Investment, who left the industry a year ago, has returned to succeed the flamboyant Todd Ruppert at the US asset manager (read more)
Perruccio to step down from Hermes
Posted by on September 12, 2012
Matteo Dante Perruccio is stepping down from Hermes' fund of hedge funds arm, after building a $2.3bn business in challenging market conditions (read more)
Invesco hires three top managers from Standard Life
Posted by on September 12, 2012
Leading members of an Edinburgh fund manager's market-leading GARS team have left to set up a new multi-asset group at London rival (read more)
Rescue of failed buyout looks unlikely
Posted by on September 12, 2012
Sun Capital lost €200m, Oaktree Capital and SVP not interested, leaving rescue hopes for former buyout-backed German mail-order retailer Neckermann 'dwindling' (read more)
Peter Cummings accuses FSA of 'tokenism' after fine and ban
Posted by on September 12, 2012
Former chief executive of HBOS' corporate division hits back at UK regulator after receiving $500,000 fine and ban from taking senior roles in finance (read more)
Reshuffles continue at JP Morgan
Posted by on September 12, 2012
Mike Cavanagh and Daniel Pinto are to divide the investment banking unit between banking and market and investor services (read more)
Relationships rewarded in $18.4bn 'BEADS' tie-up
Posted by on September 12, 2012
Four of the seven advisers named on the proposed blockbuster merger between BAE Systems and EADS are independent advisory houses, with a number of the bankers involved laying claim to long-standing associations (read more)
JP Morgan keeps London at heart of CIB reshuffle
Posted by on September 12, 2012
Six London-based bankers will occupy prominent roles in JP Morgan's new-look corporate and investment bank, which is being recast into two divisions (read more)
Lyxor gets physical in ETF U-turn
Posted by on September 12, 2012
Lyxor, which has hitherto defended its synthetic-only policy, has announced that it will now offer physical exchange-traded funds (read more)
Trade of the Week: The German blank cheque
Posted by on September 12, 2012
A German court’s approval of the ECB’s sovereign bond-buying scheme yesterday saw immediately lower peripheral borrowing costs (read more)
UK fund heavyweights join IMA board
Posted by on September 12, 2012
The trade body for the UK's £4.2 trillion fund management industry welcomes a clutch of high-profile names to its top ranks after reshuffling its board (read more)
Technology Crossover Ventures launches in London
Posted by on September 12, 2012
Regulatory reforms in Europe could provide fertile ground for investment in the financial technology sector (read more)
Rothschild head returns to HM Treasury
Posted by on September 11, 2012
John Kingman, the former chief executive of UKFI, has returned to the public sector after two-and-a-half years at Rothschild (read more)
Towers Watson asks managers to calm down
Posted by on September 11, 2012
Roger Urwin, head of global content at consultant Towers Watson, has called on more managers to devise portfolios suitable for long-term investors, now that investors which use them are beating the index by two percentage points a year (read more)
Ashmore scoops up Aviva's stake in Chinese joint venture
Posted by on September 11, 2012
The emerging markets-focused fund manager has seized a rare opportunity to move into China's domestic mutual-funds industry (read more)
Rothschild multi-manager business hires CEO
Posted by on September 11, 2012
The Crédit Agricole veteran tells Financial News he plans to lead a move from a one-size fits all model towards a customised approach (read more)
Investors hungry for broader Latin America focus
Posted by on September 11, 2012
Investors want private equity funds to turn their gaze beyond Brazil to Latin America's other economies (read more)
Ex-Gartmore dealing chief departs special situations broker
Posted by on September 11, 2012
Gartmore's former head of dealing and chief operating officer leaves niche broker as it embarks on next phase of growth (read more)
Exponent pushes Ambassador to new heights
Posted by on September 11, 2012
Private-equity backed UK theatre group posts 60% rise in operating profits after bringing ‘retail discipline’ to the West End (read more)
Court allows Germany to ratify bailout fund
Posted by on September 11, 2012
German court resists attempt to delay ratification of European Stability Mechanism and fiscal pact (read more)
Sir David Walker opens parliamentary inquiry with focus on pay
Posted by on September 11, 2012
The Barclays designate-chairman tells new parliamentary commission on banking that 'standards have slipped in a grave way' in the City of London (read more)
Deutsche outlines diet plan for investment bank
Posted by on September 11, 2012
The co-chief executives of Deutsche Bank's corporate banking and securities arm put the focus on costs and capital consumption as the German bank targets greater efficiency (read more)
BofA Merrill's Deutsche Post trade highlights danger of blocks
Posted by on September 11, 2012
The US bank is nursing a multi-million euro hit on an unsuccessful block trade of shares in Deutsche Post and may be holding about €300m of unwanted stock (read more)
German court provides relief in 'decision fortnight'
Posted by on September 11, 2012
Positive ruling on legality of bailout fund comes five days after the European Central Bank outlined its support for troubled peripheral states (read more)
Revamped LSE model sparks bullish outlook
Posted by on September 11, 2012
Barclays and Citi analysts urge London Stock Exchange investment despite global drought in the capital markets (read more)
Fund managers resist shadow banking label
Posted by on September 11, 2012
Two trade bodies for the investment management industry are fighting back against regulatory efforts to classify their financing activities as 'shadow banking' (read more)
Peter Cummings accuses FSA of 'tokenism' after fine and ban
Posted by on September 11, 2012
Former chief executive of HBOS' corporate division hits back at UK regulator after receiving $500,000 fine and ban from taking senior roles in finance (read more)
RBS pension fund sells down £2bn of equities
Posted by on September 10, 2012
The £22bn fund - one of the UK's biggest - is the latest to reduce its exposure to volatile stock markets (read more)
Hudson River revenues soar in Europe
Posted by on September 10, 2012
New York-based HFT reports stellar European revenues for 2011, a year in which specialist trading groups capitalised on the extreme market volatility in the region (read more)
AHL struggles to regain momentum after hiring spree
Posted by on September 10, 2012
AHL is struggling to regain momentum and find the right structure for the large number of hires it made (read more)
A global tipping point for Goldman Sachs
Posted by on September 10, 2012
The all-American investment bank has passed an important milestone that points to the future of the industry (read more)
Bond managers dip into riskier debt on ECB bond-buying plan
Posted by on September 10, 2012
US bond investors are buying risky European government bonds in the wake of a new European Central Bank bond-buying plan to ease financial tensions in struggling eurozone countries (read more)
Moody's remains negative on UK banks
Posted by on September 10, 2012
Moody's warned that ratings for UK banks could be subject to further downgrades as lenders wrestle with disappointing economic growth (read more)
Top Deutsche staff face five-year bonus wait
Posted by on September 10, 2012
German bank has set out how it intends to be at the forefront of cultural change in banking as the two co-chief executives recalibrate strategic goals (read more)
BlackRock fined £9.5m for post-MLIM failures
Posted by on September 10, 2012
Financial Services Authority says fund manager failed to properly protect client money for three-and-a-half years after the 2006 acquisition of Merrill Lynch Investment Managers (read more)
Investors return to peripheral financials
Posted by on September 10, 2012
Spanish and Italian banks are benefiting from the return of risk appetite to the bond market following further disclosure of the ECB’s intervention plan (read more)
PE investors enjoy first positive cash flow since boom
Posted by on September 10, 2012
A return of the controversial practice of dividend recapitalisations has helped investors in the industry enjoy positive cash flows for the first time since 2007 (read more)
Hill exits senior healthcare role at BofA Merrill
Posted by on September 10, 2012
The departure of Rupert Hill comes just weeks after Alexis de Rosnay quit his job as co-head of healthcare investment banking at the US firm (read more)
JP Morgan sponsors duo reunite at Jefferies
Posted by on September 10, 2012
Private equity specialist joins up with former colleague at Jefferies as investment bank picks up financial sponsors business (read more)
Fee growth fuels soaring profits at Aspect
Posted by on September 10, 2012
The computer-driven hedge fund firm is going from strength to strength, with performance in 2011 above its high-water mark throughout the year (read more)
UBS whistleblower gets $104m
Posted by on September 10, 2012
The IRS awarded tax whistleblower and former UBS banker Bradley Birkenfeld $104m for providing information about secret offshore accounts held by US taxpayers (read more)
FN 40 Under 40 Asset Management Rising Stars 2012
Posted by on September 9, 2012
This is the second FN 40 Under 40 Rising Stars of Asset Management, Financial News’ editorial pick of the brightest up-and-coming men and women in the industry (read more)
AHL struggles to regain momentum after hiring spree
Posted by on September 9, 2012
AHL is struggling to regain momentum and find the right structure for the large number of hires it made (read more)
Fears raised over EU benchmark probe
Posted by on September 9, 2012
Industry associations have raised concerns over a European Union proposal to hand the provision of financial benchmarks over to public bodies (read more)
Romney dwarfs Obama in private equity fundraising stakes
Posted by on September 9, 2012
Mitt Romney, the US Republican Party’s presidential candidate, has received disproportionately large campaign donations from the buyout industr (read more)
Goldman Sachs overhauls junior staff structure
Posted by on September 9, 2012
Goldman Sachs has launched a sweeping reorganisation of its analysts and associates in Europe, doing away with country-based and sector-based teams (read more)
A global tipping point for Goldman Sachs
Posted by on September 9, 2012
The all-American investment bank has passed an important milestone that points to the future of the industry (read more)
Investment banks need a total redesign
Posted by on September 9, 2012
Banks claim that they are ‘client focused’. Their structures suggest they are anything but (read more)
Barclays reconnects with ex-Protium team members
Posted by on September 9, 2012
Barclays has done a new deal with a firm run by ex-bankers involved in a 2009 saga that attracted regulatory criticism (read more)
Profile: Europe’s Mifid architect takes on the world
Posted by on September 9, 2012
A career spent in the fractious world of EU politics was the perfect sandbox for Iosco’s new secretary-general. FN talks to David Wright (read more)
Bats in talks with FSA over exchange licence
Posted by on September 9, 2012
Bats Chi-X Europe, the region’s largest share-trading platform, is seeking official exchange status from the UK’s Financial Services Authority (read more)
Grübel re-emerges as potential debt adviser
Posted by on September 9, 2012
Oswald Grübel, the former UBS chief executive, is standing by to advise Jack DiMaio’s financial boutique Mead Park Management (read more)
Santander consolidates legacy defined pension schemes
Posted by on September 9, 2012
Santander UK has consolidated seven legacy pension funds into a single master scheme ahead of IPO (read more)
Schroders admits defeat as property fund struggles
Posted by on September 9, 2012
UK asset manager Schroders has told investors in one of its European property funds that it is unlikely to achieve the return it promised (read more)
Buyout firms face another bleak winter
Posted by on September 9, 2012
European buyouts, already suffering a record period of decline, are expected to suffer for a further three months (read more)
Euro corporate bond issuance at record high
Posted by on September 9, 2012
Last week was the busiest on record for issuance of euro-denominated corporate debt, according to HSBC (read more)
The Kweku Adoboli trial: The cast of characters
Posted by on September 9, 2012
The trial of the former UBS trader accused of causing the largest unauthorised trading loss in UK history formally begins today – here we outline the main players in the upcoming trial (read more)
Top investors become fund kingmakers
Posted by on September 9, 2012
Investors including Partners Group, Pantheon and AlpInvest Partners, wield significant influence over the potential success of a fundraising (read more)
Trade of the Week: Smartphone wars
Posted by on September 6, 2012
A poorly received smartphone launch – and a spoiler from fierce rival Apple – spelt bad news for Nokia shares this week (read more)
Q&A with David Knox: New CEO at Oriel Securities
Posted by on September 6, 2012
Financial News talks to the former head of research at JP Morgan Cazenove, named chief executive of Oriel Securities yesterday, about operating in 'the most challenging market conditions in the last 25 years' (read more)
People in the news this week
Posted by on September 6, 2012
(read more)
JP Morgan hires head of 'whale' unit
Posted by on September 6, 2012
Craig Delany is the third executive this year to lead the division that suffered a giant loss (read more)
Glencore adjourns meeting to approve merger
Posted by on September 6, 2012
The commodities titan this morning adjourned its extraordinary shareholder meeting to vote on a merger with Xstrata, citing a new development overnight (read more)
Wall Street dials up its bond investors
Posted by on September 6, 2012
Morgan Stanley and Goldman Sachs for the first time held conference calls targeting fixed-income investors (read more)
Equity commissions slump 25% in three years
Posted by on September 6, 2012
A sharp fall in trading commissions threatens to force more job cuts at European banks, according to a new survey (read more)
JP Morgan: ‘Investment banking has never been stronger’
Posted by on September 6, 2012
Jes Staley and Jamie Dimon tell analysts that JP Morgan is committed to the universal banking model and that its investment bank is here to say (read more)
Electronic traders look to 'twinkling' Asian markets
Posted by on September 6, 2012
Korea, Taiwan and India are catching the eye of electronic trading firms as increasing regulatory scrutiny and dwindling volumes rock Western markets, according to research house (read more)
Critics close to blocking EU pensions reforms
Posted by on September 6, 2012
The Dutch pensions minister, Henk Kamp, is leading a group that could kill the EU's unpopular proposals with just a few more votes (read more)
Costeletos lands at DMC Partners
Posted by on September 5, 2012
The former co-head of Europe at private equity firm TPG Capital - one of the best-known names in European private equity - has joined a vehicle set up by the former co-head of global securities at Goldman Sachs (read more)
Introducing Megabank:The regulators' worst nightmare
Posted by on September 5, 2012
At a time when EU officials are doing their utmost to make banks slim down their bloated balance sheets, analysts have done the unthinkable and imagined what life would be like if European banks merged into a megabank (read more)
New turn in brokerage fight
Posted by on September 5, 2012
Morgan Stanley and Citigroup are battling over how much capital their Morgan Stanley Smith Barney brokerage should hold (read more)
Ex-GSAM executive joins distressed debt manager
Posted by on September 5, 2012
The former co-chief operating officer of Goldman Sachs Asset Management has joined Strategic Value Partners in a business development role (read more)
Instinet to live on as Nomura execution arm
Posted by on September 5, 2012
Japanese bank unveils restructuring of equities franchise that will provide a new role for its agency brokerage within the group – ending nearly two years of speculation for the franchise (read more)
Investment bank of the Week: UBS and Orcel lead $4bn IPO
Posted by on September 5, 2012
The spin-off of Santander's Mexican business represents the largest deal that the former Merrill Lynch rainmaker has led since joining the Swiss bank in July (read more)
The myth of ECB sterilisation
Posted by on September 5, 2012
Critics say the practice of offsetting peripheral bond-buying through a commensurate reduction in other activities is 'somewhat fictitious' – if a strong communication tool (read more)
Qatar cheers financial markets rankings leap
Posted by on September 5, 2012
Efforts to bolster its financial services sector have helped boost the Gulf state’s competitiveness, according to the World Economic Forum (read more)
HFT lobby group doubles in size
Posted by on September 5, 2012
The European Principal Traders Association has established itself as a powerful lobbying force with Brussels regulators considering new rules on high-frequency trading (read more)
Smith Barney team jets in to Barclays wealth unit
Posted by on September 5, 2012
A former NFL star is among a six-strong team of wealth managers that Barclays has hired from Morgan Stanley Smith Barney (read more)
Networking boost at BlackRock
Posted by on September 5, 2012
BlackRock has hired one of the insurance industry’s most active networkers to chair the European arm of its Financial Institutions Group (read more)
Analyst sues Cenkos over bonus
Posted by on September 4, 2012
Stuart Lunn, a former Cenkos analyst, has taken the firm to court over breach of contract for bonuses totalling £3m (read more)
Q&A with Canaccord's Paul Reynolds and Alexis de Rosnay
Posted by on September 4, 2012
Canadian securities group Canaccord Financial this week got its man with the appointment of former Lehman Brothers and BofA Merrill Lynch banker Alexis de Rosnay (read more)
Brummer backs 'global imbalances' fund
Posted by on September 4, 2012
Sweden's largest hedge fund manager will take a stake in a new firm that plans to launch with more than $500m in October (read more)
CICC appoints ex-Deutsche banker in London
Posted by on September 4, 2012
China's leading investment bank has made one of its most high-profile appointments in London to date, naming a former Deutsche Bank corporate broker as an MD (read more)
Meet the new City trio at HM Treasury
Posted by on September 4, 2012
The UK prime minister has introduced more than three decades of City of London experience into the Treasury with three key appointments, including former Goldmanite Paul Deighton (read more)
European banks face RWA headache
Posted by on September 4, 2012
A potential convergence in the way US and European banks calculate their risk-weighted assets could create a $15bn-plus capital hole at Europe's four largest banks (read more)
BlackRock bolsters UK institutional team
Posted by on September 4, 2012
Funds giant hands two high-profile figures in UK asset management responsibilities for serving its biggest clients in the country (read more)
AllianceBernstein rebounds with £1bn of new pensions business
Posted by on September 3, 2012
US fund manager becomes only the third to build a substantial presence in UK defined-contribution market (read more)
Getco set to add clearers to European dark pool
Posted by on September 3, 2012
Market-making firm plans to add two new clearers to its European dark pool, in a sign that clearing competition is spreading to the over-the-counter markets (read more)
Hedge funds embrace derivatives
Posted by on September 3, 2012
Limiting downside and preserving capital on behalf of more cautious institutional investors is now top of the agenda for hedge funds, says JP Morgan (read more)
Nomura's Vereker steps down as joint head of investment banking
Posted by on September 3, 2012
The personnel change comes after Japan's biggest brokerage firm last week announced a $1bn cost-cutting plan (read more)
The first cuts are not deep enough
Posted by on September 3, 2012
The latest round of staff culls at banks may sound brutal, but they don’t even begin to address the existential problems faced by the industry (read more)
The Vickers Report: What a difference a year makes
Posted by on September 3, 2012
The consultation period for the UK government’s White Paper on banking reforms draws to a close this week, almost a year after the proposals were first published. Much has changed since then (read more)
Vereker’s move and 'swirling waters' at Nomura
Posted by on September 3, 2012
Many will draw the conclusion that although he has not yet left the bank, the former co-head of global investment banking certainly appears to be in the departure lounge (read more)
The Lehmanites still at Nomura
Posted by on September 3, 2012
William Vereker's decision to step down as co-head of investment banking at Nomura once again focuses attention on the careers of the former Lehman Brothers bankers who moved over to the Japanese bank in 2008 (read more)
Icap gives up on European dark pool
Posted by on September 3, 2012
Interdealer broker finally closes MTF business that was launched as part of ill-fated foray into cash equities in 2009 (read more)
Veteran 3i Group executive set to retire
Posted by on September 3, 2012
A member of the executive committee – who has worked at the UK’s largest private equity firm for 34 years – is set to step down at the end of the year (read more)
Canaccord hires BofA banker as Europe chief executive
Posted by on September 3, 2012
Canaccord Financial, a Canadian securities firm in the midst of an international expansion, is hiring high-profile London banker Alexis de Rosnay (read more)
EU considers ‘European Jobs Act’ to boost capital access
Posted by on September 2, 2012
The European Securities and Markets Authority is expected to publish a 'high-level strategic paper' this week as part of efforts to boost capital access for smaller companies (read more)
Bankers balk at ECB bond buying
Posted by on September 2, 2012
Draghi’s plan for central bank interventions could make Spain and Italy vulnerable to market shifts (read more)
FN 40 Under 40 Rising Stars of Trading and Technology
Posted by on September 2, 2012
Financial News' editorial pick of the brightest up-and-coming men and women in the industry (read more)
Sterling debt proves popular with EU firms
Posted by on September 2, 2012
The number of European companies raising debt in sterling has soared as issuers react to strong investor demand and attempt to avoid eurozone woes (read more)
Gather round: it’s economic story time
Posted by on September 2, 2012
There’s a reason that politicians bang on about ‘narrative’. It’s hugely important. Now let’s have one (read more)
The Vickers Report: What a difference a year makes
Posted by on September 2, 2012
The consultation period for the UK government’s White Paper on banking reforms draws to a close this week, almost a year after the proposals were first published. Much has changed since then (read more)
State Street fights London asset management exodus
Posted by on September 2, 2012
Nine senior executives have parted company with State Street Global Advisors’ London-based asset management business (read more)
US and European exchanges hit by August fall in trading volumes
Posted by on September 2, 2012
Trading across all asset classes plunged last month and equity trading in the US dropped to eight-year lows (read more)
Beijing props up Bank of China in Switzerland
Posted by on September 2, 2012
The Bank of China’s European arm has chalked up a writedown of more than £30m from its foray into the Swiss private banking market (read more)
Spencer’s City Index pushes into Israel
Posted by on September 2, 2012
City Index, the retail brokerage group controlled by Icap boss Michael Spencer, will this week launch an Israeli subsidiary (read more)
New trading platform to use social networking
Posted by on September 2, 2012
A group of private investors has unveiled a new trading platform that will use social-networking techniques to help sellside firms trade large blocks of shares (read more)
UN misses target as equities disappoint
Posted by on September 2, 2012
The United Nations Joint Staff Pension Fund has taken steps to further diversify its investments and increase its emerging market allocations (read more)
Eurozone Watch: Decision fortnight
Posted by on September 2, 2012
The European Central Bank is expected to reveal what kind of seniority it will take when it supports peripheral eurozone bond markets (read more)
Schroders' multi-asset hiring drive continues apace
Posted by on September 2, 2012
The UK asset manager's popular multi-asset division pulled in almost £4bn of new money over its last financial year (read more)
TDR swoops for ex Morgan Stanley exec
Posted by on September 2, 2012
The former head of the London office at Morgan Stanley's private equity group left is being hired by the UK private equity firm (read more)
Trade of the Week: Hurricane hedging
Posted by on August 30, 2012
Insurers who hedged their exposure to the US Gulf Coast through the use of hurricane derivatives would have weathered this week's storm better than others (read more)
Knight backs Nasdaq's Facebook plan
Posted by on August 30, 2012
The broker still objected to a requirement to waive legal claims against the exchange (read more)
Sharp elbows among Wall Street lawmen
Posted by on August 30, 2012
A myriad of agencies in New York patrol everything from energy drink makers to global banks (read more)
Staff numbers, not bonuses, are too high
Posted by on August 30, 2012
The popular view that bonus pools at investment banks are still too high is misplaced, according to Deutsche Bank's head of financials research in Europe (read more)
Arle loses control of ETG
Posted by on August 30, 2012
The private equity group fails to reach agreement with lending syndicate over a €355m debt pile at the automotive business intelligence provider (read more)
Nomura to cut costs by $1bn
Posted by on August 30, 2012
Japan's biggest brokerage offers a glimpse of its blueprint for shifting resources back to markets closer to home in Asia (read more)
Aim roster shifts again as Lazard bows out
Posted by on August 30, 2012
The number of financial advisers to Aim-traded companies has fallen by around a third since 2006 but the bulge-bracket investment banks are still on hand (read more)
Inflation hedging hits record level
Posted by on August 30, 2012
Pension schemes have been hedging against further inflation hikes at a record level over the second quarter, according to F&C (read more)
Bernanke points to possible future steps
Posted by on August 30, 2012
Fed officials have indicated that their decision whether to launch new steps will hinge on unemployment (read more)
Buyside body sheds light on banking inquiry input
Posted by on August 29, 2012
The IMA and the Church of Scotland this week made public the tone of their submissions to the Parliamentary Commission on Banking Standards (read more)
Danske hits hard-cap within a year
Posted by on August 29, 2012
The Danish fund of funds has defied the tough environment for attracting new money to comfortably beat a €600m target for its latest fund (read more)
Citigroup pays $590m to settle class action tied to disclosures
Posted by on August 29, 2012
The latest settlement comes on the heels of the bank agreeing to pay $25m in connection with mortgage-backed securities (read more)
Barclays names Jenkins as chief executive
Posted by on August 29, 2012
The UK bank appointed Antony Jenkins as chief executive with immediate effect, replacing Robert Diamond, and plugging a gap in leadership atop the embattled UK bank (read more)
'Cool-headed' Jenkins best in-house choice
Posted by on August 29, 2012
Banking analysts welcomed the promotion of the 'intelligent' retail banker today, although there was a strong consensus that an external candidate would have done more to help Barclays draw a line under its recent troubles (read more)
Prodigal son returns to UBS Global Asset Management
Posted by on August 29, 2012
John Fraser has persuaded Kai Sotorp, the former head of UBS's fund management business in Asia Pacific, to take back his old job (read more)
Investment bank of the Week: Numis Securities
Posted by on August 29, 2012
The UK investment bank continues a fine run of form in the healthcare sector with a role on the first IPO of a UK pharmaceuticals company since March 2007 (read more)
Royal Mail appoints new pensions chair
Posted by on August 28, 2012
The scheme has hired Joanna Matthews to replace Jane Newell as it undergoes a radical transformation (read more)
Abigail Johnson named president of Fidelity Financial Services
Posted by on August 28, 2012
There long has been speculation that she will replace her father as head of the mutual fund giant (read more)
NYSE rules dent Knight Capital's market making role
Posted by on August 28, 2012
The maket maker has lost at least seven assignments due to potential conflicts with its new backers (read more)
Profits elude Instinet in Europe
Posted by on August 28, 2012
The Nomura-owned agency broker's latest accounts show it has now broken even in Europe for 27 consecutive months (read more)
Paulson assures Bank of America
Posted by on August 28, 2012
John Paulson acknowledges disappointing returns at his flagship hedge fund, but assures clients his firm hasn't faced an exodus of investors (read more)
Jefferies takes knife to equities division
Posted by on August 28, 2012
US investment bank has put 15 research and sales staff in London at risk of redundancy, while it has also emerged that its head of international equity sales has left following an investigation into possible tax fraud (read more)
Booth unfazed by Citi's Ashmore downgrade
Posted by on August 28, 2012
The head of research at Ashmore Investment Management has rejected concerns that the emerging markets specialist will struggle in the face of increased competition (read more)
Investment banks hit by across-the-board declines
Posted by on August 27, 2012
Research shows just one investment banking business enjoyed a significant year-on-year boost in the first half – but only after benefitting from extraordinary ECB intervention (read more)
Paulson to talk with Bank of America
Posted by on August 27, 2012
Citigroup's private bank decided to stop investing with Paulson's hedge fund last week (read more)
Knight picks new directors
Posted by on August 27, 2012
TD Ameritrade chief executive Fred Tomczyk has been selected to join the brokerage firm's board, along with two others (read more)
Crédit Agricole CIB suffers amid capital markets gloom
Posted by on August 27, 2012
The French group's corporate and investment banking division reports a near-60% drop in net profits during the second quarter (read more)
ED&F Man hires Marex FX team
Posted by on August 27, 2012
The three-strong team will link up with former colleagues at ED&F, as the London broker moves to bolster its presence in the currency markets (read more)
Greenhill extends August streak
Posted by on August 27, 2012
The US advisory boutique continues a fine run of August mandates with a lead role on a $1bn deal in the technology sector (read more)
Ping An seeks third-party fund managers
Posted by on August 27, 2012
One of the largest insurance companies in mainland China will become the first to take advantage of a new regulation allowing insurers to employ external fund managers (read more)
Suits mount in rate scandal
Posted by on August 27, 2012
Banks being probed for interest rate manipulation face potentially tens of billions of dollars in claims from dozens of lawsuits in the US (read more)
Financial News is taking a short break
Posted by on August 26, 2012
Financial News is taking a short break for the bank holiday and will return with breaking news and analysis on Tuesday August 28 (read more)
GIC agrees maiden secondaries sale
Posted by on August 23, 2012
Singaporean sovereign wealth fund agrees sale of portfolio of US fund positions to secondaries arm of Credit Suisse (read more)
Citigroup's private bank pulls funds from Paulson
Posted by on August 23, 2012
Some funds at the hedge fun run by John Paulson have suffered hefty losses this year (read more)
Top level changes at RBC Wealth
Posted by on August 23, 2012
Royal Bank of Canada's wealth division has set in motion a series of management changes, as the bank continues an extraordinary spree of acquisition and hiring (read more)
BoE faces further pensions criticism over QE claims
Posted by on August 23, 2012
The Bank of England mounted a defence against pension industry anger yesterday, but experts say its arguments can be unpicked (read more)
Ex-Deloitte partner joins Barclays in Libor review
Posted by on August 23, 2012
A former managing partner in financial services at Deloitte will become deputy to Anthony Salz in Barclays' independent review following the Libor scandal (read more)
Odey: 'Never short a lazy market'
Posted by on August 23, 2012
The founder of Odey Asset Management sums up this summer's lacklustre trading volumes (read more)
Banks take up 'clawback' schemes
Posted by on August 23, 2012
More than half of global banking organisations have schemes in place to retreive compensation from bankers, according to consultant (read more)
Veteran international executive departs Jefferies
Posted by on August 23, 2012
A senior member of US bank’s European management team has left the firm; while brokerage arm Jefferies Bache continues to build out FX franchise (read more)
Trade of the Week: Lead balloons
Posted by on August 23, 2012
The increased demand for battery power in emerging markets and a surge in industrial usage in Asia have contributed to the price of lead rising (read more)
Ex-Janus CEO joins Calamos
Posted by on August 23, 2012
Gary Black will become co-chief investment officer alongside founder John Calamos (read more)
SIX Group names new surveillance chief
Posted by on August 23, 2012
Swiss exchange operator promotes deputy head at a time when fragmentation of European trading has brought market surveillance into sharp focus (read more)
People in the news this week
Posted by on August 23, 2012
(read more)
Investment bank of the Week: Nomura
Posted by on August 23, 2012
Tokyo-based team advises on one of the largest private equity deals of the summer in Permira's acquisition of Japanese sushi company (read more)
Senior multi-asset manager to leave Schroders
Posted by on August 22, 2012
Mike Spinks, co-porfolio manager on the firm's popular Diversified Growth fund alongside Johanna Kyrklund, has decided to leave in October (read more)
Iosco consults on market surveillance
Posted by on August 22, 2012
The consultation echoes growing concerns among exchanges, compliance chiefs, and policymakers that surveillance mechanisms have not kept up with the evolution of the markets (read more)
What makes a good trader?
Posted by on August 22, 2012
In the final instalment of a four-part series on the must-have skills for traders, we take a look a fabled icon of Wall Street (read more)
Religare exits UK and South Africa operations
Posted by on August 22, 2012
The Indian financial services firm agrees to a management buyout of its South African equities business and reveals it will shutter its UK investment banking unit (read more)
Where are Nomura’s former Lehmanites?
Posted by on August 22, 2012
Few senior ex-Lehman bankers are left at Nomura (read more)
Sir Howard Davies takes the chair at Phoenix
Posted by on August 22, 2012
Closed-life fund consolidator recruits former Financial Services Authority chairman and Paternoster director (read more)
LCH.Clearnet hiring continues with new CFO
Posted by on August 22, 2012
Former Dresdner banker to join the Anglo-French clearing house in December as its new group chief financial officer (read more)
Moody's warns on credit impact of OTC rules
Posted by on August 22, 2012
Clearing rules will make parts of the financial system safer, but the buyside may increase credit risk, according to ratings agency (read more)
Equity heads depart Barclays
Posted by on August 22, 2012
Head of European equity trading and head of equities liquid market distribution for the Asia Pacific region have left the UK bank (read more)
Investment banking staff fall by 10,000 in a year
Posted by on August 22, 2012
Goldman Sachs reported the largest drop in investment banking staff, according to FN analysis of eight large financial institutions over the past 12 months (read more)
Baring's Stanion warns on economy
Posted by on August 22, 2012
The head of Baring Asset Management’s global multi-asset group has warned of worsening economic conditions following the summer rally in share prices (read more)
New rules threaten Irish RMBS market
Posted by on August 21, 2012
Ireland has proposed new rules to ease the burden on its troubled homeowners, but analysts warn these could result in increased writedowns for holders of Irish RMBS (read more)
Rwanda set for SWF launch
Posted by on August 21, 2012
The African nation will officially launch its donation-driven wealth fund Thursday, making a push to establish an alternative stream of income as international aid continues to dry up (read more)
Investors cautious on 'next generation' ETFs
Posted by on August 21, 2012
Market participants are speculating on the future of 'next generation' exchange-traded fund market as one US firm closed all but one of its passive ETFs (read more)
What makes a good sales trader?
Posted by on August 21, 2012
In the third instalment of a four-part series on what characteristics make the best traders, we look at those working in sales trading (read more)
UBS names co-head of M&A in the Americas
Posted by on August 21, 2012
The Swiss bank is also shuffling executives in its fixed income, currencies and commodities unit (read more)
Pimco cuts junk debt
Posted by on August 21, 2012
Bond manager's move is in contrast with rival BlackRock, which sees more room for junk bonds to strengthen (read more)
TCI continues rebound in 2012
Posted by on August 21, 2012
It has been a strong year-to-date for the activist investor – which sustained large losses in 2008 and suffered a string of senior departures – as well as for two firms set up by former partners. (read more)
Sweden's AP7 to lead Whalegate class action
Posted by on August 21, 2012
US judge grants request for public pension schemes to act as lead plaintiffs in case over alleged losses suffered as a result of JP Morgan's London trades (read more)
Renshaw Bay launches real estate debt fund
Posted by on August 21, 2012
The investment boutique led by former JP Morgan banker Bill Winters is expected to close its first fund to subscriptions by the fourth quarter (read more)
Nomura confronts cost cuts once more
Posted by on August 21, 2012
The familiar topic of cuts is back on the Japanese group's agenda (read more)
Six Group on acquisition hunt
Posted by on August 21, 2012
The Swiss stock exchange operator eyes 'strategic investments' with proceeds from Eurex stake sale (read more)
International investors flock to Santander bond
Posted by on August 21, 2012
A reopening of the Spanish senior unsecured market suggests a gradual return in risk appetite in the sovereign (read more)
Citi insurance analyst heads to the Pru
Posted by on August 20, 2012
Sector specialist is to move into investor relations at the UK insurer he previously covered as an analyst, as new senior departures at the US bank's research unit come to light (read more)
What makes a good quant?
Posted by on August 20, 2012
In the second instalment of a four-part series on what characteristics make the best traders, we look at those working on quant desks (read more)
Growth stalls at Bloomberg broker
Posted by on August 20, 2012
Lower revenues and a hike in operating costs hit the bottom line of Bloomberg's European agency broker Tradebook (read more)
High-speed route links London and Moscow
Posted by on August 20, 2012
IT vendor owned by Canadian exchange TMC Group forges new route into Moscow as demand for arbitrage opportunities grows (read more)
Apple market cap hits record high
Posted by on August 20, 2012
Microsoft previously held the record for highest market cap in 1999 (read more)
What next for the Deutsche Bank project?
Posted by on August 20, 2012
The new leadership faces a big challenge adapting to the new world of investment banking (read more)
Axa Private Equity spin-out draws near
Posted by on August 20, 2012
The French insurer has now agreed terms for the sale of its majority stake in the private equity group, according to people familiar with the situation (read more)
Getting to the heart of banking’s culture problems
Posted by on August 20, 2012
Last week, Financial News analysed the problems of culture – the single biggest issue facing the financial industry after so many scandals. Now, we ask industry experts for their views about what has changed in the City (read more)
US Jobs Act draws $100m FleetMatics IPO
Posted by on August 20, 2012
Dublin-based fleet-tracking group becomes the latest European company to opt for a New York IPO in the wake of the US Jobs Act (read more)
Investors push for deeper IPO discounts
Posted by on August 20, 2012
Equities markets remain tough for banks hoping to bring companies to market, with fund managers refusing to reallocate to new firms (read more)
Getco taps Credit Suisse ETF head
Posted by on August 20, 2012
London hire is a sign of the high-frequency trading firm's growing ambitions in the exchange-traded funds sector (read more)
Sweden review calls for fewer state pension funds
Posted by on August 20, 2012
Government-commissioned report also recommends more flexibility to invest in private equity and other assets classes (read more)
Investment veteran exits FRM
Posted by on August 20, 2012
The long-serving CIO of the fund of funds manager has departed, it has emerged, although one source says it is unconnected to sale to Man Group (read more)
How Nadir pushed governance to new heights
Posted by on August 20, 2012
In the 22 years since the collapse of Asil Nadir's Polly Peck conglomerate, markets watchers say the concept of good corporate governance has been revolutionised (read more)
CME Group plots new European exchange launch
Posted by on August 19, 2012
Regulatory application imminent as world's largest bourse by market cap eyes aggressive expansion (read more)
Swedish firm readies record private equity portfolio sale
Posted by on August 19, 2012
Insurance group's planned divestment would be one of Europe's biggest (read more)
Calpers launches IPO governance boycott plan
Posted by on August 19, 2012
Largest US pension scheme threatens to shun listings that give minority shareholders voting power (read more)
Rio gets the Olympics, London gets Itaú
Posted by on August 19, 2012
Brazilian asset manager gains FSA authorisation (read more)
Winters builds team to target real estate debt market
Posted by on August 19, 2012
Ex-JP Morgan banker's Renshaw Bay boutique has made several hires (read more)
Long-term views offer decade of outperformance
Posted by on August 19, 2012
Consultant Towers Watson says investors are on course to outperform indices by two percentage points a year after the payment of fees. (read more)
HBOS fund completes £1.5bn manager move
Posted by on August 19, 2012
The pension fund has moved the money out of passive equities and bonds, and made new investments with active fund managers (read more)
UK banks could ‘game’ BoE lending scheme
Posted by on August 19, 2012
Market participants believe the Bank of England’s funding-for-lending scheme could benefit banks without increasing lending to the real economy, the purpose for which it was designed. (read more)
Credit Suisse beefs up ETF team in bid for expansion
Posted by on August 19, 2012
Second largest player in physical exchange-traded funds adds director and vice-president (read more)
Fear stalks the trading floors
Posted by on August 19, 2012
Seniority no longer affords protection from cuts as banks make preparations for an ‘MD cull’ (read more)
Does the era of the £1 trade beckon?
Posted by on August 19, 2012
Dwindling trade sizes could mean a fall beneath the £1 benchmark by 2036 according to LSE analysis (read more)
The weird and wonderful world of commodities futures
Posted by on August 19, 2012
(read more)
CME move highlights demand for 'regulatory choice'
Posted by on August 19, 2012
The capacity to offer a 'choice' of regulatory regimes is becoming increasingly important as market infrastructure providers attempt to globalise (read more)
Cold eye over 'whale' probe
Posted by on August 19, 2012
JP Morgan board picked 'tough as nails' director to head trading inquiry (read more)
What makes a good buyside trader?
Posted by on August 19, 2012
In the third of our summer series about what marks out the stars of the financial services industry, FN examines the trading business (read more)
AIB switches €1.1bn of loans to pension fund
Posted by on August 19, 2012
The deal follows similar moves by UK banks and is likely to assist with regulatory capital requirements (read more)
Losses deepen to $1.2bn at Nomura International
Posted by on August 19, 2012
A tough eurozone climate has continued to make headwinds at Nomura's London-based broker dealer business (read more)
At a glance: The TSC's Liborgate report
Posted by on August 19, 2012
The UK's influential Treasury Select Committee, which has been probing the rate-rigging scandal, unleashes a critical verdict on Barclays, its former CEO, and regulators (read more)
CME Group plots new European exchange launch
Posted by on August 18, 2012
Regulatory application imminent as world's largest bourse by market cap eyes aggressive expansion (read more)
Obama’s Wall Street backers
Posted by on August 16, 2012
President Obama has some powerful supporters in the finance industry but Mitt Romney remains the frontrunner in terms of donations (read more)
Trade of the Week: Diamond returns are a cut above
Posted by on August 16, 2012
Prices have risen 18% since the start of 2011 and are set to continue upward, say market participants (read more)
People in the news this week
Posted by on August 16, 2012
(read more)
BlackRock tiptoes into Spain's sovereign debt
Posted by on August 16, 2012
Over the past year BlackRock had stayed out of the eurozone's peripheral debt market (read more)
Jon Corzine has a deal for you
Posted by on August 16, 2012
The former chief executive of collapsed futures broker MF Global is considering launching a hedge fund (read more)
Nasdaq rebounds on IPOs
Posted by on August 16, 2012
The exchange has drawn more initial public offerings than its chief rival NYSE since Facebook's botched debut in May (read more)
Meet the US financial enforcers
Posted by on August 16, 2012
(read more)
Rokos retirement leaves 'N' and 'Howard'
Posted by on August 16, 2012
Chris Rokos’ exit from Brevan Howard now leaves the European hedge fund manager with two of the five founding partners (read more)
Eurozone Watch: Finland drags its feet
Posted by on August 16, 2012
The Finnish finance minster prompts speculation that a northern European creditor nation could be the first to leave the currency union (read more)
Russia mulls SWF role for ex-Deutsche CEO
Posted by on August 16, 2012
Josef Ackermann was this morning reported as a potential candidate to run a new Russian agency that will manage the country's wealth funds (read more)
PPF adds 10 new bond managers
Posted by on August 15, 2012
The UK's £12bn Pension Protection Fund has expanded its roster with 10 new firms to help it cope with a big growth in assets (read more)
Wealth managers set to spend big on IT
Posted by on August 15, 2012
Smartphones and tablet technologies are seen as a key tool for improving distribution and customer service (read more)
Fund managers lose out as Resolution brings assets in-house
Posted by on August 15, 2012
The insurance buyout firm is set to take in-house as much as £11bn by the end of the year as it continues to recapture assets overseen by external fund managers (read more)
FN Asset Management Awards: shortlists for equities and emerging markets
Posted by on August 15, 2012
Here are the shortlists for Equity Asset Management Firm of the Year and Emerging Markets Investment Management Firm of the Year (read more)
US boutique lands $3bn Getty mandate
Posted by on August 15, 2012
Allen & Co earlier this year emerged among a host of bulge-bracket investment banks as a bookrunner on Facebook's jumbo flotation (read more)
Lawsky, Standard Chartered, and the case of the missing billions
Posted by on August 15, 2012
Benjamin Lawsky has been cast as the tough cop on Wall Street, but his first major case leaves a number of loose threads (read more)
What makes a good corporate broker?
Posted by on August 15, 2012
Financial News rounds off a four-part series on the must-have skills for investment bankers with a look at those working in corporate broking (read more)
Sluggish markets to stunt revenues at banks' most highly-staffed businesses
Posted by on August 15, 2012
New research suggests areas that house the most staff, such as mergers and acquisitions, will be less productive than many others (read more)
JP Morgan’s Staley speaks of Olympic pride
Posted by on August 15, 2012
The chairman of JP Morgan’s corporate and investment bank took time out from his summer vacation to speak to FN about Idara Otu, who represented Nigeria in the London 2012 Games – and who he has mentored since meeting at a Harlem sports track (read more)
Five takeaways from Afme’s French FTT guidance
Posted by on August 15, 2012
Financial News reviews the key points of the banking lobby group's steering on the French financial transactions tax (read more)
Gross edges back from risk-off once more - but slowly
Posted by on August 15, 2012
It looks like the Pimco founder and chief investment officer is gingerly peeling off his 'cleanest dirty shirt' (read more)
Icap merges global voice broking operations in company rejig
Posted by on August 15, 2012
Voice broking in three key geographies will be merged into a single global entity under the broker's new plans (read more)
What makes a good M&A banker?
Posted by on August 14, 2012
Financial News continues to examine the attributes that make the best investment bankers. Today, we look at the must-have skills for M&A advisers (read more)
Standard Chartered to pay NY banking regulator $340m
Posted by on August 14, 2012
Four other US regulators that have been probing Standard Chartered were not part of the settlement (read more)
The buyout book list: Summer 2012
Posted by on August 14, 2012
FN has compiled a list of the books that some of the most senior figures in the private equity industry in Europe will be reading in the holiday season (read more)
Knight upgrade triggered old trading system
Posted by on August 14, 2012
A software error caused Knight to accumulate a position valued at about $7bn at its peak on August 1 (read more)
Currency hedges cost Robeco
Posted by on August 14, 2012
Mandate gains could 'bump up the price' of the Dutch fund manager, which owner Rabobank is reviewing for possible sale (read more)
Getting to grips with finance’s culture problems
Posted by on August 14, 2012
Banking veterans agree with regulators about the need to improve the industry’s culture. But what is this intangible concept and what, if anything, can firms do about it? (read more)
Coller swoops for second Lloyds portfolio
Posted by on August 14, 2012
The private equity investor has carried out what is believed to be the largest transaction in the European secondaries market – and its second deal with Lloyds in as many months (read more)
Top hedge funds reduce exposure to big banks
Posted by on August 14, 2012
Quarterly filing shows George Soros eliminated positions in JP Morgan and Goldman (read more)
Uncredit prices 'historic' covered bond
Posted by on August 14, 2012
The Italian bank makes history by becoming the first financial issuer in Europe to price A covered a bond inside the corresponding sovereign yield (read more)
Ex-Goldman Sachs banker Hylander starts new venture
Posted by on August 14, 2012
The US bank's former point man for its strategic stakes in trading initiatives including Turquoise and LMAX has teamed up with a property specialist to launch a new firm (read more)
Standard Chartered gains support after 'grossly unjust settlement'
Posted by on August 14, 2012
One MP who sits on the UK Treasury Committee tells Financial News that UK bank ‘may well have taken the view they’ve done nothing wrong but it’s best to make the problem go away’ (read more)
Meet Paul Ryan's Wall Street backers
Posted by on August 14, 2012
Mitt Romney's new running mate has in the past decade attracted a string of high-profile financiers – including Credit Suisse chief executive Brady Dougan and Kohlberg Kravis Roberts co-founder George Roberts (read more)
Banking lobby issues French FTT guidance
Posted by on August 14, 2012
Over 100 of Europe’s largest investment banks, asset managers and trading firms have signed up to new Afme guidance designed to unify an approach to the controversial tax (read more)
LCH.Clearnet completes acquisition of US clearing house
Posted by on August 14, 2012
Nasdaq OMX completes sale of clearing house to Anglo-French firm – which is seeking more US-centric offering for its interest-rate swap franchise (read more)
BBC Pension Scheme hedges its liabilities as deficit swells
Posted by on August 13, 2012
The UK broadcaster has recruited Legal & General to help deal with £2.6bn pension shortfall (read more)
RBS hires ex-Morgan Stanley electonic trading head
Posted by on August 13, 2012
UK state-backed lender appoints former Morgan Stanley fixed income guru in global electronic trading push (read more)
What makes a good debt capital markets banker
Posted by on August 13, 2012
What are the attributes shared by the best bankers? In the second of our summer series, we canvass the opinions of those in the industry about what marks out the stars in their field. This week we examine the sellside (read more)
Investment banks face an arid landscape
Posted by on August 13, 2012
After a disappointing second quarter, it is even clearer that corporate and investment banking divisions are ill-equipped for their new environment. Radical action is required to address the misfiring economics of the business (read more)
Ex-PineBridge executive launches funds service
Posted by on August 13, 2012
New service aims to help buyout firms raise funds, while allowing them to use a portion of any resulting profits to cover the service’s fees (read more)
Shuaa revenues fall in asset management
Posted by on August 13, 2012
Asset management division of Dubai firm posted a loss in the first half of 2012, as the group adjusted to the closure of a private equity fund (read more)
Trading volumes soar on Dubai exchange
Posted by on August 13, 2012
Trading on the Dubai Gold and Commodity Exchange reached record highs on the back of new contracts and initiatives to encourage participation (read more)
SocGen taps rivals for new research hires
Posted by on August 13, 2012
The French bank has made three appointments across its fixed income and currencies businesses, which suffered weak revenues in the second quarter of this year (read more)
M&G continues retail dominance
Posted by on August 13, 2012
The specialist bond manager maintains a three-and-a-half-year run as the most popular investment house among the UK's retail investors (read more)
Fixed-income markets set for ‘equitisation’
Posted by on August 13, 2012
Regulatory capital requirements for fixed-income trading may lead to a long-awaited boost in electronic venues that bypass banks (read more)
What makes a good equity capital markets banker?
Posted by on August 12, 2012
Many are called but few are chosen. What are the attributes shared by the best bankers? In the second of our summer series, we canvass industry opinions about what marks out the stars in their field. This week we examine the sellside (read more)
UK banks must correct cultural failures
Posted by on August 12, 2012
In the eyes of the world, British banks now look more like Ben Johnson than Usain Bolt, tainted former world champions whose past success had been based on cheating, writes The Wall Street Journal's Simon Nixon (read more)
New tactics boost bank profits
Posted by on August 12, 2012
With the European crisis knocking down the value of banks' longer-term debt, some are taking advantage by buying back their debt from investors at a discount from the original value (read more)
Knight Capital hires Morgan Stanley sales stars
Posted by on August 12, 2012
Embattled US broker has haired a well-regarded wholesale equities duo from Morgan Stanley, as it seeks to boost broker-dealer sales (read more)
Italy raises concerns over appetite for 'deep fiscal reform'
Posted by on August 12, 2012
A lack of confidence that the Italian government will carry out fiscal reform including the sale of key state assets is weighing on Italian bonds (read more)
City predicts corporate debt purchases by ECB
Posted by on August 12, 2012
Bankers believe the European Central Bank could make direct purchases of European bank and corporate debt to stimulate economic growth (read more)
FSA mulls tougher HFT controls
Posted by on August 12, 2012
The UK’s Financial Services Authority is considering stiffer rules for high-frequency trading firms after a four-month review into the practice (read more)
Head of Lloyds-owned LDC is chairman of a second private equity firm
Posted by on August 12, 2012
Darryl Eales is operating as the chairman of a second investment firm, it has emerged (read more)
Cigarettes and alcohol beat credit crunch performers
Posted by on August 12, 2012
After two weeks of elite athletics and a focus on fitness, it turns out that all you really needed was cigarettes and alcohol in your portfolio to outperform the five years since the start of the financial crisis (read more)
Silver wins gold! But gold only gets bronze
Posted by on August 12, 2012
Since the beginning of the Olympics the price of gold has slipped, silver has risen, copper is down (read more)
ING talks down Asia fund arm sale expectations
Posted by on August 12, 2012
Dutch bank ING Groep has warned that the planned disposal of its Asian fund business could fetch less than half than anticipated in May (read more)
Bowles will oppose Libor repo market replacement
Posted by on August 12, 2012
Chair of the reform-setting European Parliamentary Economic and Monetary Affairs Committee's comments come as the UK government kicks off its month-long review into the benchmark (read more)
River and Mercantile reaches AuM record
Posted by on August 12, 2012
Boutique fund manager reported a 26% rise in assets under management to an all-time high (read more)
Healthcare head goes in Credit Suisse jobs cull
Posted by on August 12, 2012
Leopoldo Zambeletti has left the bank, according to sources (read more)
Investment banks face an arid landscape
Posted by on August 12, 2012
After a disappointing second quarter, it is even clearer that corporate and investment banking divisions are ill-equipped for their new environment. Radical action is required to address the misfiring economics of the business (read more)
Summer of love for hybrid bonds with record issues
Posted by on August 12, 2012
Companies have issued a record number of hybrid bonds this year as investors and issuers warm to the asset class (read more)
Barclays must address the strategic dilemma
Posted by on August 12, 2012
UK bank has a new chairman in Sir David Walker. But it still must decide on its new identity (read more)
Getting to grips with finance’s culture problems
Posted by on August 12, 2012
Banking veterans agree with regulators about the need to improve the industry’s culture. But what is this intangible concept and what, if anything, can firms do about it? (read more)
Leadership and remuneration hold the keys to change
Posted by on August 12, 2012
Companies and employees take their cue from the top (read more)
Forget Lawsky. Barnier is the worry
Posted by on August 12, 2012
UK politicians must decide whether they really want to wave the flag for British finance (read more)
Emir prompts Treasury to amend Companies Act
Posted by on August 12, 2012
The UK Treasury will soon begin work amending Companies Act in readiness for the introduction of European derivatives trading rules (read more)
City predicts corporate debt purchases by ECB
Posted by on August 12, 2012
Bankers believe the European Central Bank could make direct purchases of European bank and corporate debt to stimulate economic growth (read more)
FSA mulls tougher HFT controls
Posted by on August 12, 2012
The UK’s Financial Services Authority is considering stiffer rules for high-frequency trading firms after a four-month review into the practice (read more)
Cigarettes and alcohol beat credit crunch performers
Posted by on August 12, 2012
After two weeks of elite athletics and a focus on fitness, it turns out that all you really needed was cigarettes and alcohol in your portfolio to outperform the five years since the start of the financial crisis (read more)
Head of Lloyds-owned LDC is chairman of a second private equity firm
Posted by on August 12, 2012
Darryl Eales is operating as the chairman of a second investment firm, it has emerged (read more)
Silver wins gold! But gold only gets bronze
Posted by on August 12, 2012
Since the beginning of the Olympics the price of gold has slipped, silver has risen, copper is down (read more)
ING talks down Asia fund arm sale expectations
Posted by on August 12, 2012
Dutch bank ING Groep has warned that the planned disposal of its Asian fund business could fetch less than half than anticipated in May (read more)
Bowles will oppose Libor repo market replacement
Posted by on August 12, 2012
Chair of the reform-setting European Parliamentary Economic and Monetary Affairs Committee's comments come as the UK government kicks off its month-long review into the benchmark (read more)
River and Mercantile reaches AuM record
Posted by on August 12, 2012
Boutique fund manager reported a 26% rise in assets under management to an all-time high (read more)
Healthcare head goes in Credit Suisse jobs cull
Posted by on August 12, 2012
Leopoldo Zambeletti has left the bank, according to sources (read more)
Investment banks face an arid landscape
Posted by on August 12, 2012
After a disappointing second quarter, it is even clearer that corporate and investment banking divisions are ill-equipped for their new environment. Radical action is required to address the misfiring economics of the business (read more)
Getting to grips with finance’s culture problems
Posted by on August 12, 2012
Banking veterans agree with regulators about the need to improve the industry’s culture. But what is this intangible concept and what, if anything, can firms do about it? (read more)
Summer of love for hybrid bonds with record issues
Posted by on August 12, 2012
Companies have issued a record number of hybrid bonds this year as investors and issuers warm to the asset class (read more)
Barclays must address the strategic dilemma
Posted by on August 12, 2012
UK bank has a new chairman in Sir David Walker. But it still must decide on its new identity (read more)
Leadership and remuneration hold the keys to change
Posted by on August 12, 2012
Companies and employees take their cue from the top (read more)
Forget Lawsky. Barnier is the worry
Posted by on August 12, 2012
UK politicians must decide whether they really want to wave the flag for British finance (read more)
Emir prompts Treasury to amend Companies Act
Posted by on August 12, 2012
The UK Treasury will soon begin work amending Companies Act in readiness for the introduction of European derivatives trading rules (read more)
Meet Sir David Walker: The establishment 'polymath'
Posted by on August 9, 2012
Barclays' chairman-elect three years ago set out the skills required to be an effective chairman of a major bank – he now faces being tested on his own leadership (read more)
Wheatley’s top 10 tips to improve Libor
Posted by on August 9, 2012
While the managing director at the FSA has not ruled out the possibility of scrapping Libor, he has made a series of suggestions to improve it (read more)
Investment bank of the Week: Jefferies
Posted by on August 9, 2012
The US investment bank – which played a lead role in the rescue of Knight Capital – yesterday led the high-profile New York flotation of Manchester United (read more)
BTG Pactual boosted by 666% rise in principal investments
Posted by on August 9, 2012
Real-estate gains help Brazilian investment bank that floated in April to more than double net profits to 1.6 billion reals (read more)
Trade of the Week: London 2012 Olympics
Posted by on August 9, 2012
A basket of Olympic stocks may not necessarily have generated gold plated returns – although one unlikely company received a welcome boost from 'bike-mania' (read more)
People in the news this week
Posted by on August 9, 2012
(read more)
Why sports stars win gold medals and bankers don't
Posted by on August 9, 2012
A Nobel Prize-winning economist argues that bankers make too many snap judgments to top the podium (read more)
Manchester United prices IPO below range
Posted by on August 9, 2012
Two other US IPOs are due to start trading today (read more)
US authorities forming group to negotiate with Standard Chartered
Posted by on August 9, 2012
The UK-based bank is due to appear before the New York financial services department on August 15 (read more)
Q&A with Vincenzo Morelli: chairman of the EVCA
Posted by on August 9, 2012
Financial News will on Monday publish a profile of Vincenzo Morelli, chairman of the European Private Equity and Venture Capital Association, as part of the FN100 series on the most influential people in finance (read more)
Sir David Walker receives mixed support for Barclays appointment
Posted by on August 9, 2012
Analysts argue that appointment of veteran banker as chairman of the UK bank marks the ‘beginning of the end of the period of uncertainty’ but show concern for his strong connections with the political establishment (read more)
FSA's Wheatley backs Libor oversight
Posted by on August 9, 2012
Martin Wheatley, tasked by the UK Treasury with helping fix the scandal-plagued London Interbank Offered Rate, says regulatory oversight of the benchmark rate is necessary (read more)
Investment bank of the week: Jefferies
Posted by on August 9, 2012
The US investment bank – which played a lead role in the rescue of Knight Capital – yesterday led the high-profile New York flotation of Manchester United (read more)
US not seeking Goldman charges
Posted by on August 9, 2012
After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs or any of its employees for financial fraud related to the mortgage crisis (read more)
Fidelity enables hedge funds to rate prime brokers
Posted by on August 9, 2012
Fidelity Prime Services hopes to bring transparency to the securities lending market with a new pricing tool that enables hedge fund clients to compare the cost of securities lending across prime brokers (read more)
Meet Sir David Walker: The establishment 'polymath'
Posted by on August 9, 2012
Barclays' chairman-elect three years ago set out the skills required to be an effective chairman of a major bank – he now faces being tested on his own leadership (read more)
Wheatley’s top 10 tips to improve Libor
Posted by on August 9, 2012
While the managing director at the FSA has not ruled out the possibility of scrapping Libor, he has made a series of suggestions to improve it (read more)
BTG Pactual boosted by 666% rise in principal investments
Posted by on August 9, 2012
Real-estate gains help Brazilian investment bank that floated in April to more than double net profits to 1.6 billion reals (read more)
Norway SWF suffers in second quarter
Posted by on August 9, 2012
The investment vehicle for the country's oil revenues lost 2.2% over the three months to the end of June (read more)
Barclays hires ex-Morgan Stanley trading ace
Posted by on August 8, 2012
The former head of delta one strategies at Morgan Stanley and a Financial News Rising Star in finance is set to join Barclays' growing European equities unit (read more)
Banking’s legal bill: A first-half snapshot
Posted by on August 8, 2012
First-half reports from seven of Europe’s largest banks shed light on the increasing provisions being made in the industry for fighting legal cases and regulatory investigations (read more)
What makes a good private equity executive?
Posted by on August 8, 2012
In the last of a four-part series on what makes the best investment professionals, FN looks at private equity managers (read more)
Wall Street cooks up new alphabet soup
Posted by on August 8, 2012
The first index of swaps on commercial mortgage-backed bonds since 2008 is set to launch in January (read more)
Knight in talks on outside review of trading error
Posted by on August 8, 2012
Independent examinations have become standard practice for large scale market stumbles (read more)
Commerzbank shuffles assets and roles after strategic 'progress'
Posted by on August 8, 2012
German bank has effectively decided to scrap its portfolio restructuring unit, which was set up three years ago to wind down non-core assets (read more)
Call for nominations - FN 40 Under 40 Rising Stars of Asset Management 2012
Posted by on August 8, 2012
This September Financial News will publish the second annunal FN 40 Under 40 Rising Stars of Asset Management, and we are taking nominations from readers until August 17 (read more)
Rwanda explores SWF
Posted by on August 8, 2012
The aid-dependent African nation is planning a sovereign fund as part of a long-term plan to wean itself off global support, according to a local press report (read more)
Deutsche Bank is stuck on RREEF
Posted by on August 8, 2012
Deutsche Bank's on-and-off effort to sell its giant real estate fund group is taking its toll on one of the world's largest property-investment businesses (read more)
FIG revenues sink to nine-year low
Posted by on August 8, 2012
Year-to-date figures from Dealogic are a far cry from the start of 2012, when the FIG market opened promisingly with Unicredit's $10bn rights issue (read more)
FSA's McDermott lands permanent enforcement role
Posted by on August 8, 2012
The UK regulator's decision to hand its acting director of enforcement permanent oversight of the unit has drawn plaudits (read more)
IMA raises fresh concerns over asset protection
Posted by on August 8, 2012
The Investment Management Association has urged Esma to introduce a new legal structure that will better project buyside firms in the event their clearing provider goes bust (read more)
Sir David Walker receives mixed support for Barclays appointment
Posted by on August 8, 2012
Analysts argue that appointment of veteran banker as chairman of the UK bank marks the ‘beginning of the end of the period of uncertainty’ but show concern for his strong connections with the political establishment (read more)
Paloma-backed hedge fund boutique looks to Asia
Posted by on August 7, 2012
The co-founder of LMR Partners, one of the industry's top-performing hedge funds in recent years, is moving to open a Hong Kong office (read more)
US Treasury move to put 'wind in NYSE sails'
Posted by on August 7, 2012
The move by the US Treasury to issue floating rate notes could promote the use of hedging via NYSE's new futures contract (read more)
Investors rediscover cult of equity ETFs
Posted by on August 7, 2012
Exchange-traded fund inflows surged to $22.6bn in July with US equity ETFs dominating demand (read more)
DC schemes accused of 'alarming' lack of fee transparency
Posted by on August 7, 2012
Report finds defined contribution pension schemes continue to struggle with transparency of fees as NAPF defends forthcoming guidelines (read more)
What makes a good fixed-income manager?
Posted by on August 7, 2012
Financial News continues its four-part series on what makes the best investment professionals with a look at fixed-income managers (read more)
Standard Chartered may become M&A target
Posted by on August 7, 2012
Analysts are considering the implications of further falls in Standard Chartered's share price, including the possibility of a merger with JP Morgan (read more)
Meet Benjamin Lawsky: The head of NY’s financial regulator
Posted by on August 7, 2012
The man in charge of the banking watchdog, which this week took issue with Standard Chartered, is on a mission to keep New York at the 'cutting edge' of the financial world (read more)
Bridge financing provides path through volatility
Posted by on August 7, 2012
The average size of global bridge loans – short-term loans used to provide financing until a more permanent solution is found – is at a record high (read more)
Have your say: Financial News launches ETF Snapshot Survey 2012
Posted by on August 7, 2012
FN gauges the opinion of investors in exchange-traded funds on how, why and when they use ETFs (read more)
What makes a good equities fund manager?
Posted by on August 6, 2012
Financial News is this weeking looking at what makes the best investment professionals. Today, we look at the stock pickers (read more)
Bank traders predict dim prospects for Libor
Posted by on August 6, 2012
Only a third of traders on banks’ interest-rate dealing desks think Libor, the interbank lending rate that has been plagued by a fixing scandal, will survive unaffected in the long term (read more)
Duo joins Calabria vehicle
Posted by on August 6, 2012
CMC Capital, set up late last year by Carlo Calabria, the former head of international M&A at Bank of America Merrill Lynch, has hired a former utilities analyst and a leveraged finance specialist (read more)
Drew to depart Legal & General Investment Management
Posted by on August 6, 2012
Kerry Drew, a well-regarded consultant relationship manager, is leaving Legal & General Investment Management to take up a similar role at US fund manager Vanguard (read more)
BlueCrest targeted in boiler room scam
Posted by on August 6, 2012
The $30bn-plus hedge fund manager finds itself at the centre of a boiler room scam involving a cloned company that is promoting a fake BlueCrest fund (read more)
Infrastructure fund managers win £100m green mandate
Posted by on August 6, 2012
Two fund managers have won £100m in mandates from the green investments unit of the Department for Business, Innovation and Skills to invest in energy-efficient UK infrastructure projects (read more)
Is JP Morgan as profitable as it looks?
Posted by on August 6, 2012
Rivals of the investment bank claim that it dresses up its numbers – but perhaps they could be more transparent with their own (read more)
StanChart shares dive on Iran allegations in US
Posted by on August 6, 2012
The bank's Hong Kong-listed shares slump on US allegations of illegal transactions with Iran and broker downgrades (read more)
Credit Suisse's Olympic discus thrower looks to Rio
Posted by on August 6, 2012
Abdul Buhari, a relationship manager at the Swiss bank competing at London 2012, failed to qualify for today's final despite a 60.8 metre throw in Monday's qualifying round (read more)
Getco CEO saw Knight deal as good investment
Posted by on August 6, 2012
Rival trading firm says that Knight's presence in US markets is critical for smaller company stocks (read more)
Islamic bonds enjoy record July issuance
Posted by on August 6, 2012
Last month’s issuance was running at more than three times year-earlier levels fuelled by a huge sukuk issue from Qatar (read more)
Doughty Hanson seizes on improved lending conditions
Posted by on August 6, 2012
The UK private equity firm secures debt financing to back a buyout eight months after all-equity deal (read more)
'Wire stripping' added to list of banking blunders
Posted by on August 6, 2012
It's been a summer of discontent for the UK banking sector amid the ongoing PPI, Libor and interest-rate swap scandals – and now the spotlight has fallen on the practice of 'wire stripping' (read more)
Hudson River reshuffles European chiefs
Posted by on August 6, 2012
Ex-Nasdaq options chief joins European board of fast-growing high-frequency trading firm as it seeks UK regulatory approval (read more)
Fresh claims in Goldman negligence case
Posted by on August 5, 2012
Vervoer alleges GSAM knowingly put it into sub-prime securities while bank prop desk shorted the market (read more)
Buyout industry blasts new takeover plan
Posted by on August 5, 2012
Buyout firms have criticised the latest proposals from the UK Takeover Panel, claiming they could make it even more difficult to make bids for listed companies (read more)
Flat-earth thinking in finance
Posted by on August 5, 2012
Which of our business models, practices and beliefs will future generations laugh at? (read more)
Fund managers make infrastructure debt push
Posted by on August 5, 2012
Firms are targeting $10bn in unlisted infrastructure debt funds this year, more than double what was raised in 2011 (read more)
Zaoui and Zaoui create new firm
Posted by on August 5, 2012
Brothers Michael and Yoel Zaoui, two of the most successful investment bankers of the past decade, have founded a new company (read more)
What makes a good hedge fund manager?
Posted by on August 5, 2012
Many are called but few are chosen. What are the attributes shared by the best investment professionals? (read more)
Industry raises fresh fears over ‘moral hazard’ of clearing houses
Posted by on August 5, 2012
Risk experts have warned that clearing houses must put their own financial resources at risk to prevent moral hazard (read more)
Redburn results prove resilient as independents have their day
Posted by on August 5, 2012
Figures from Europe's largest independent equities broker are in sharp contrast to the equities businesses of the region’s largest investment banks (read more)
Is JP Morgan as profitable as it looks?
Posted by on August 5, 2012
Rivals of the investment bank claim that it dresses up its numbers – but perhaps they could be more transparent with their own (read more)
FN100 Profile: Hammond on the fast track
Posted by on August 5, 2012
Franklin Templeton’s top man in Europe has a penchant for the fast bike but likes to take the long view when doing business (read more)
Exchange rivals unite to forge single trading tape
Posted by on August 5, 2012
Former NYSE and Bats Chi-X Europe execs team up at new consultancy to focus on pan-European transparency issues (read more)
Refinancing crisis looms over risky buyout assets
Posted by on August 5, 2012
The debt of low-rated private equity-backed companies is becoming increasingly difficult to refinance (read more)
BNP Paribas loses top commodities sales chief
Posted by on August 5, 2012
Jose Cogolludo set for Citigroup role after five years with the French bank (read more)
Ballardie moves to NYSE Euronext to head UK sales
Posted by on August 5, 2012
One of the European trading industry’s most high-profile female executives joins transatlantic exchange (read more)
All hands to the pump over CCLA pensions hole
Posted by on August 5, 2012
UK asset manager increases the management fees on its balanced funds by 15 basis points so it can accumulate reserves to cover a £3.4m pensions deficit (read more)
Asset managers beef up compliance teams
Posted by on August 5, 2012
Asset managers are hiring for their compliance teams as they battle the wave of regulatory requirements coming out of Brussels and the US (read more)
Knight gets $400m lifeline
Posted by on August 5, 2012
Embattled brokerage has agreed to a rescue plan that will help fill a hole left by errant trading last week (read more)
New York regulator accuses Standard Chartered unit of illegal transfers
Posted by on August 5, 2012
New York's top financial regulator accused a Standard Chartered unit of running a 'rogue institution' that 'schemed' with Iran's government to hide illegal transactions (read more)
Investment bank of the Week: Nomura
Posted by on August 2, 2012
The European business at Nomura received a much-needed boost this week when it landed a role on an $800m-plus accelerated bookbuild in the region (read more)
Going for gold: David Clarke at Clydesdale Bank
Posted by on August 2, 2012
FN is this week profiling four people from the world of finance competing at the London 2012 Olympics. Today, we look at the Clydesdale banker who outscores Wayne Rooney (read more)
Citigroup gets a jump on search for CEO to succeed Pandit
Posted by on August 2, 2012
Succession planning is a box that Pandit must check off to receive $10m in deferred stock (read more)
RBS braces for Libor-related suits as losses widen
Posted by on August 2, 2012
Royal Bank of Scotland said that its first-half net loss widened to £1.99bn and warned that it faced several potential lawsuits over allegations that it tried to fix interbank lending rates (read more)
AllianceBernstein nurses fresh $5bn mandate losses
Posted by on August 2, 2012
The US asset manager, which yesterday reported $2.8bn in net outflows over the first half, has had three mandates pulled by multi-manager Vanguard (read more)
Profits fall 70% at RBS's revamped Markets unit
Posted by on August 2, 2012
UK bank follows other large rates houses in reporting depressed figures for the second quarter amid the absence of further market intervention from the ECB (read more)
People in the news this week
Posted by on August 2, 2012
(read more)
When trading algos go bad...
Posted by on August 2, 2012
As Knight Capital reels from a technical glitch that has left it scrambling for capital, Financial News looks at five reasons why financial algorithms can start to behave irrationally (read more)
NYSE Euronext stung by derivatives slump
Posted by on August 2, 2012
Revenues from the transatlantic group's other divisions hold up while firm reduces costs by $35m (read more)
The problem with private equity data
Posted by on August 1, 2012
Getting a clear picture of private equity performance and the impact of private equity firms has become notoriously difficult to achieve (read more)
Knight Capital looks into technical issues with trading systems
Posted by on August 1, 2012
The trading frim is probing a software problem that affected about 150 stocks listed with NYSE Euronext (read more)
BNP Paribas profit down on weak capital markets
Posted by on August 1, 2012
The French bank said it had completed 90% of its restructuring plan aimed at sheltering it from future crisis as it posted sharply lower second-quarter net profit (read more)
Corporate banking provides second-quarter comfort at BNP Paribas
Posted by on August 1, 2012
Challenging markets weighs heavily on all aspects of French bank's investment banking business, but it was a happier picture on the corporate banking side (read more)
Trade of the Week: Bullish investing
Posted by on August 1, 2012
Demand for beef is high, but the worst drought in the US Midwest since the 1950s has hit supply and sent the price of cattle futures up (read more)
Banks analysts dismiss RBS 'nationalisation'
Posted by on August 1, 2012
Oriel Securities describes idea of buying out remaining RBS shareholders as 'nuts', arguing that driving a bank by loan and earnings targets is 'arguably what sunk HBOS and RBS in the first place' (read more)
Losses deepen for Macquarie's Europe subsidiary
Posted by on August 1, 2012
Australian bank's European subsidiary, which houses its cash equities and corporate advisory businesses, reported a loss of £26.5m for the year to March 31 (read more)
Going for gold: Claire Harvey at the FSA
Posted by on August 1, 2012
FN is this week profiling four people from the world of finance competing at the London 2012 Olympics. Today, we look at the FSA's volleyball captain (read more)
Smith's equity fund tops £500m mark
Posted by on August 1, 2012
Terry Smith, the chief executive of interdealer broker Tullet Prebon, has reported that an equity fund started two years ago as a vehicle for his own investments has reached £533m in assets (read more)
Meet BlackRock's new senior team
Posted by on August 1, 2012
London-based fundamental equities head lands broader role in reorganisation at world's biggest fund manager (read more)
The Facebook flip: funds exit early
Posted by on August 1, 2012
Investment giants have been shrinking their stakes in the social media giant (read more)
3i Group: a diversification timeline
Posted by on August 1, 2012
Launch of a US debt business is the latest move for the firm, which has steadily diversified its operations since 2007 (read more)
Schroders inflows tempered by emerging market debt fund
Posted by on August 1, 2012
UK fund manager enjoys overall net inflows but a cautious stance over emerging markets debt has led to underperformance and investors pulling out their money from this strategy (read more)
EU capital directive heads for delay
Posted by on August 1, 2012
A key piece of European regulation governing banks’ capital adequacy and the way they pay bonuses will likely miss its implementation date, the FSA has warned (read more)
Head of delta one leaves commodities broker
Posted by on July 31, 2012
Departure of head of delta one products from London-based broker comes amid slowdown in sector (read more)
Bill Gross says we are witnessing the death of equities
Posted by on July 31, 2012
Pimco's Gross is down on bonds in addition to being pessimistic on stocks (read more)
Societe Generale hit by writedowns
Posted by on July 31, 2012
Societe Generale posted worse-than-expected second-quarter profit as it booked writedowns on assets in the US and Russia, but said it is well on track to meet Europe's new capital rules (read more)
EC accused of rule breach by 'rushing' pensions law
Posted by on July 31, 2012
The European Commission and European pensions authority have not given industry time to respond, NAPF says (read more)
Standard Chartered profit rises 12%
Posted by on July 31, 2012
Standard Chartered said its first-half net profit rose 12% to a record high, thanks to strong revenue growth (read more)
SocGen success in FICC reverses in second quarter
Posted by on July 31, 2012
French bank feels absence of further LTRO stimulus with a halving of trading revenues in fixed income, currencies and commodities (read more)
Diverse boards fuel outperformance
Posted by on July 31, 2012
Companies with women on their boards have performed better since the financial crisis than those without, according to research from Credit Suisse (read more)
F&C change guru to step down
Posted by on July 31, 2012
Charlie Porter, who has relinquished his executive roles, tells Financial News he initially jostled with Edward Bramson – but now believes the F&C chairman has helped 'clean up the business and given it greater clarity' (read more)
Standard Chartered's Olympian run gives rivals food for thought
Posted by on July 31, 2012
The Asia-focused bank, backed by a business model that may become increasingly popular in the sector, has enjoyed a stellar run of profits (read more)
Jupiter plans new Asia office
Posted by on July 31, 2012
Edward Bonham Carter says the asset manager, which today reported its first-half figures, will open a Hong Kong office later in the year (read more)
Going for gold: Peter Hudnut at Goldman Sachs
Posted by on July 30, 2012
FN is this week profiling four people from the world of finance competing at the London 2012 Olympics. Today, we look at Goldman's water polo ace (read more)
Alvarez & Marsal adds Benelux MD
Posted by on July 30, 2012
The turnaround specialist has been strengthening its regional teams in Europe in anticipation of an uptick in restructuring mandates (read more)
Moscow Exchange picks new derivatives head
Posted by on July 30, 2012
The former head of financial futures trading at Deutsche Bank in Moscow is to head Russia's largest derivatives exchange (read more)
Deutsche Bank co-CEOs to update on strategic review
Posted by on July 30, 2012
Investors will be looking for an update on possible capital raising after the bank issued a surprise profit warning (read more)
UBS profits down on Facebook IPO hit
Posted by on July 30, 2012
Swiss group to start legal proceedings against Nasdaq OMX Group after bank's bank's second-quarter results were hit by a big loss from the Facebook IPO (read more)
Deutsche Bank profit falls sharply
Posted by on July 30, 2012
German bank confirms a sharp drop in second-quarter net profit and says the debt crisis in Europe is still pressuring client activity (read more)
The hidden costs killing investment banks
Posted by on July 30, 2012
Banks have made surprising progress in cutting pay, but non-compensation costs are proving to be remarkably stubborn (read more)
Deutsche 'disappoints' as securities profits sink
Posted by on July 30, 2012
Analysts lament German investment bank's high cost/income ratio and lack of detail on group cost and capital plans (read more)
Ermotti warns of 'need to adapt' in new era
Posted by on July 30, 2012
UBS chief executive says investment banking industry is 'in a mid-nineties environment' as Swiss bank reports second quarter loss that includes $350m hit from Facebook’s initial public offering (read more)
Cantor chiefs plot roadmap to European growth
Posted by on July 30, 2012
The New York-based brokerage has hired 17 staff for a tilt at Europe's corporate advisory market and hopes it can set itself apart from the competition by emulating its US business (read more)
Investment bank to bear brunt of savage cuts at Deutsche
Posted by on July 30, 2012
Anshu Jain tells analysts that 1,500 jobs will go at Deutsche Bank's investment bank as part of an ongoing cost-cutting drive (read more)
Ex-Senator warns against relaxing Sarbanes-Oxley
Posted by on July 30, 2012
One of the driving forces behind the US Sarbanes-Oxley Act, enshrined in law a decade ago, says it has succeeded in reforming corporate responsibility but warns against letting standards slip (read more)
Tullett holds steady in challenging markets
Posted by on July 30, 2012
Terry Smith says the interdealer broker, which today reported a 7% dip in first-half profits, is not planning any more job cuts in the second half of the year (read more)
RBS braces itself for a Libor deal
Posted by on July 30, 2012
The fears among some inside RBS focus on whether a settlement would undermine Hester (read more)
Pension debts of UK plc swell £75bn in a year
Posted by on July 29, 2012
Retirement obligations have been hit by the Bank of England’s quantitative easing programme (read more)
Staveley sets up homeless charity
Posted by on July 29, 2012
Middle East power broker, who reportedly advised on Barclays' fund injections during the crisis, sets up foundation for the homeless (read more)
Sloane Robinson slips out of top 20
Posted by on July 29, 2012
London hedge fund manager no longer among Europe's largest as two years of underperformance sparks asset decline (read more)
Nomura won’t turn just Japanese
Posted by on July 29, 2012
There are flaws in the assumption that Watanabe’s resignation will end the firm’s global ambitions (read more)
Markit Group chief rules out IPO this year
Posted by on July 29, 2012
Financial services firm's CEO quashes industry speculation of a flotation in the next year (read more)
Hosking calls time on 26-year Marathon
Posted by on July 29, 2012
Co-founder's decision to retire this year is seen as a prelude to a sale of the asset manager (read more)
Banks miss out on $1.2bn in fees as IPO market shrinks
Posted by on July 29, 2012
Volatile markets and spooked investors continue to hit investment banks' flotation fees (read more)
Canadian banks are making waves on the global stage
Posted by on July 29, 2012
Bank of Montreal Capital Markets has defied the odds to report a 23% increase in global investment banking fees (read more)
Post-Libor business still good, say Barclays bosses
Posted by on July 29, 2012
The bank has done brisk business since the Libor story broke, including three initial public offerings, five M&A transactions and a number of multi-billion bond issues (read more)
Ex-Oriel debt chief takes lending back to basics
Posted by on July 29, 2012
Michael Berry's next venture is a credit fund targeting UK business investment (read more)
JP Morgan shakes up $2bn tech and operating costs
Posted by on July 29, 2012
US bank prepares firm-wide scheme to integrate platforms and cut costs (read more)
Linpac owners look to offload holdings
Posted by on July 29, 2012
The owners of the UK plastics and packaging company are looking to divest a number of its assets (read more)
Q&A with Daniel Pinto: Co-CEO of JP Morgan CIB
Posted by on July 29, 2012
JP Morgan's most senior banker in London, appointed to his new role last week, talks to Financial News about the firm's decision to combine its corporate and investment bank (read more)
HSBC profit dips
Posted by on July 29, 2012
UK banks says that net profit fell to $8.15bn in the first half, as it put aside millions of dollars to cover the fallout of lawsuits and the misselling of financial products (read more)
BT Pension Scheme takes £750m hit in bonds bet
Posted by on July 29, 2012
The UK's largest pension fund said it was wrong-footed by a bet in 2011 that the global economy would pick up, illustrating the difficulty of steering a course through the uncertain markets (read more)
Citi sheds research staff in London and New York
Posted by on July 29, 2012
The US bank has reduced headcount in its research teams covering the European technology and US pharmaceuticals sectors, according to sources (read more)
Record July for corporate bonds in Europe
Posted by on July 29, 2012
An aversion among investors to struggling sovereigns and banks in the region has driven demand for safe-haven corporate assets (read more)
GBM profits survive Europe nosedive at HSBC
Posted by on July 29, 2012
The European business of HSBC’s global banking and markets unit suffered from a lack of stimulus from the ECB in the second quarter (read more)
Going for gold: Abdul Buhari at Credit Suisse
Posted by on July 29, 2012
A full-time job in banking is no barrier to Olympic glory. FN will this week profile four medal prospects for London 2012 who combine sporting achievement with success in the world of finance (read more)
Is your algo watching the Olympics?
Posted by on July 26, 2012
CA Cheuvreux has said that firms will need to recalibrate their trading algos to account for shifts in overall trading volumes during the 17-day sports bonanza (read more)
European repo market shines while ABS stutters
Posted by on July 26, 2012
Europe's flagging asset-backed securities market could look to resurgent repos for ideas on how to revive itself, which in turn could help jump start the real economy (read more)
Trade of the Week: Tweet earns traders a pretty Penney
Posted by on July 26, 2012
Analysts believe that a fashion guru's glowing Tweet prompted a surge in shares of US retailer JC Penney (read more)
Olympic housing hype falls flat
Posted by on July 26, 2012
Room rates are falling at London hotels as the much-touted Olympic boom fails to materialise (read more)
Banking standards committee calls for evidence
Posted by on July 26, 2012
The Parliamentary commission charged with reforming banking standards in the UK is asking the market what went wrong and how to fix it (read more)
UK emerges as an M&A haven
Posted by on July 26, 2012
The country retains its ranking as the most attractive European nation for mergers and acquisitions, as its neighbours slide down an annual index (read more)
Barclays profit narrows as CEO hunt continues
Posted by on July 26, 2012
Barclays said on Friday that its net profit narrowed to £70m in the first half of the year but said it remained focused on hitting profitability targets, even as it continues to hunt for a raft of key executives (read more)
ICE to end floor trading for options
Posted by on July 26, 2012
The move reflects the emphatic shift from the floor to electronic execution (read more)
Fresh FSA probe overshadows Barclays' profits
Posted by on July 26, 2012
Barclays beat analyst expectations this morning with a strong set of first-half figures but promptly had the gloss removed by revelations of a new investigation by the UK regulator (read more)
Resumé of Nomura's new chief says a lot
Posted by on July 26, 2012
Japan's Nomura is turning to a veteran in domestic sales as it tries to rebuild a reputation that has been tarnished by allegations of insider trading. (read more)
Ex-RBS Rising Star emerges at CLSA
Posted by on July 26, 2012
The former co-head of UK and Irish banks equity research at Royal Bank of Scotland is the second of the bank's research team to surface at a new employer after April's job cuts (read more)
Chart of the Day: In defence of (a reformed) Libor
Posted by on July 26, 2012
The London interbank offered rate's status as a key global reference rate may be under threat, but reforming rather than replacing it could make the more sense, according to new research (read more)
Meet JP Morgan's new-look CIB team
Posted by on July 26, 2012
The US bank has announced a new business structure that hands expanded roles to a triumvirate of potential successors to the bank's chief executive Jamie Dimon (read more)
Meet the financiers hosting Mitt Romney's London fundraiser
Posted by on July 25, 2012
Eric Varvel, the chief executive of Credit Suisse’s investment bank, and Karl Peterson, head of TPG Capital Europe, will tonight host a $25,000-a-plate fundraising dinner in London for Mitt Romney (read more)
UK Takeover Panel appoints new members
Posted by on July 25, 2012
Jonathan Bloomer, CEO of pensions insurer Lucida and former CEO of Prudential, is one of five additions to the UK Takeover Panel (read more)
How serious are investors about climate change?
Posted by on July 25, 2012
The world's biggest pension funds and asset managers talk a good game on climate change, but practical progress on the issue is slow (read more)
Medals attract top prices at Olympic auction
Posted by on July 25, 2012
A set of medals from London's first Olympics in 1908 fetch £17,000 in an auction of five-ringed memorabilia (read more)
Financial sponsors (Part II)
Posted by on July 25, 2012
Financial News yesterday looked at the firms with links to the Olympics and London 2012; here we take a look at investment banks' sponsorship of other sporting events (read more)
Investment bank of the Week: BMO Capital Markets
Posted by on July 25, 2012
The Canadian bank jumped 12 places in the global M&A rankings this week after advising Chinese client CNOOC on an $18bn-plus energy deal – its largest ever advisory mandate (read more)
Nomura CEO to step down
Posted by on July 25, 2012
The chief executive and chief operating officer of the Japanese bank are stepping down to take responsibility for their company's involvement in a series of leaks of inside information (read more)
Balance sheet specialist Libero targets banks
Posted by on July 25, 2012
The adviser set up to help to insurance companies better manage their balance sheets is now looking to offer a similar service to banks (read more)
The Olympics arrives in the City of London
Posted by on July 25, 2012
(read more)
Solvency II could 'dry up' corporate funding
Posted by on July 25, 2012
Bonds rated BBB or lower could be shunned by insurers, with grim implications for Europe's economy, under incoming regulation (read more)
Twin blow for Nomura's investment bank
Posted by on July 25, 2012
The Japanese bank's CEO and a driving force behind its international investment banking business resigns, while wholesale banking slumps to a pre-tax loss of $110m for the first quarter (read more)
Compensation drags on Lazard profits
Posted by on July 25, 2012
The independent advisory house, which in June received the backing of activist investor Nelson Peltz, posts a 9% decline in quarter-on-quarter revenues (read more)
Investors seek higher-yielding alternatives
Posted by on July 25, 2012
Negative yields in core issuers prompt investors to look for riskier sovereign, supranational and agency bonds (read more)
Deutsche Bank net profit slumps in weak debut for co-CEOs
Posted by on July 24, 2012
The German bank unexpectedly warned that it won't meet market expectations for 2012 profits (read more)
CBI calls for pensions changes
Posted by on July 24, 2012
The head of the Confederation of British Industry, a key UK business lobbying group, has called on the government to halt a rise in Pension Protection Fund levies planned for next year and calculate pension liabilities differently (read more)
Larry Leibowitz Q&A: Second half 'looks strong' for IPOs
Posted by on July 24, 2012
Financial News caught up with the chief operating officer of NYSE Euronext on the floor of the New York Stock Exchange (read more)
Rothschild exceeds target on secondaries fund
Posted by on July 24, 2012
The firm has held a final close of €259m for its latest fund as investors continue to clamour for the asset class (read more)
Swaps: The battle with the banks
Posted by on July 24, 2012
Companies are in a race against time to claim for miss-sold interest rate swaps as FSA turns its back on medium-sized businesses (read more)
London 2012: The financial sponsors group
Posted by on July 24, 2012
With the London 2012 Olympic Games set to open at the end of this week, Financial News looks at the financial firms associated with the Olympic brand (read more)
Profit rise fuels bumper payday at Tudor in Europe
Posted by on July 24, 2012
Hedge fund managers at Tudor Capital Europe have shared a pot of over $60m for the year ended March 31 (read more)
Broken bottles and other warnings against passion investing
Posted by on July 24, 2012
Fun ways to lose money include poking a hole in a Picasso, buying a racehorse too slow to race and seeing a waiter break your $500,000 bottle of fine wine (read more)
Hedge fund Rising Star joins commodities casualty list
Posted by on July 24, 2012
The chief investment officer at the Duet Commodities Fund has resigned after losing money in nine of the past 10 months. (read more)
Plus adds to board before 'acquisition hunt'
Posted by on July 24, 2012
Plus Markets Group, the former operator of the UK’s junior stock exchange, is contemplating using its London listing as a vehicle for acquisitions (read more)
Deutsche Bank's new co-CEOs under pressure after weak debut
Posted by on July 24, 2012
A surprise announcement from Germany's largest bank has revealed lower profits and renewed pressure for capital raising (read more)
Barclays' head of remuneration committee steps down
Posted by on July 24, 2012
Alison Carnwath has quit the bank's board with immediate effect for personal reasons, capping a tumultuous two years at the company (read more)
Greifeld touts recovery from Facebook
Posted by on July 24, 2012
The CEO of Nasdaq OMX said the exchange has yet to see an impact on listings from its Facebook troubles (read more)
Ex Citi CEO Weill says big banks should be broken up
Posted by on July 24, 2012
Weill said banks should operate with a leverage of 12 to 15 times their balance sheets (read more)
Five things you need to know about Esma's new ETF rules
Posted by on July 24, 2012
The biggest shock in the long-awaited guidelines on exchange-traded and other Ucits funds is the decision not to impose a cap on securities lending (read more)
BofA Merrill shuffles FX pack in London
Posted by on July 23, 2012
The US bank has been investing in technology and hiring aggressively to build market share in foreign exchange trading (read more)
Morrissey: UK in 'quantum leap stage' of diversity push
Posted by on July 23, 2012
The chief executive of Newton Investment Management tells the House of Lords that great strides have been made to ensure a greater representation of women on UK boards (read more)
Citigroup chairman O'Neill takes hands-on approach
Posted by on July 23, 2012
O'Neill is expected to shake up what has been derided by critics in the past as a passive board (read more)
M&A deal value falls in Middle East
Posted by on July 23, 2012
Mergers and acquisitions deal flow rose in the Middle East and Africa region in 2012, but aggregate deal values fell by nearly a third (read more)
Rothschild goes back to the future
Posted by on July 23, 2012
One of the most established names in banking is weathering the storm better than many of its rivals (read more)
Job cuts loom at Man Group
Posted by on July 23, 2012
The world's largest publicly-listed hedge fund manager today revealed a further $100m in cost savings over the next 18 months (read more)
EC rules may ‘jeopardise Ucits brand’
Posted by on July 23, 2012
Proposals for the latest Ucits directive may limit funds' geographical reach due to strict requirements on depositaries (read more)
FN Rising Star set for new Icap Plus role
Posted by on July 23, 2012
The director of regulation at Plus Markets Group has joined Icap's regulatory team, according to a memo seen by Financial News (read more)
Corporate broking veteran among Gleacher Shacklock hires
Posted by on July 23, 2012
The independent advisory boutique has been hiring selectively and taken steps to boost its financial institutions and healthcare teams (read more)
Licenses give Qatar custody market a boost
Posted by on July 23, 2012
Qatar's financial regulator has awarded two custody licenses in a move expected to boost the Gulf country’s case for emerging market status (read more)
Esma chief warns against clearing ‘escape route’
Posted by on July 22, 2012
Super-regulator's chairman says policy makers must not undermine efforts to promote use of central clearing (read more)
Rothschild posts $1bn in advisory fees
Posted by on July 22, 2012
Performance puts the privately-owned independent advisory firm ahead of larger banking rivals in the global advisory stakes (read more)
Fink blasts BlackRock stock-picking performance
Posted by on July 22, 2012
BlackRock chief brands stockpickers' perfomance unacceptable after 89% drop in equity advisory fees (read more)
Coller staff land cash bonanza from $5bn fund close
Posted by on July 22, 2012
Salaries at the private equity firm rose by £2m last year while the highest paid director received a 55% rise in salary, latest accounts reveal. (read more)
LSE beefs up compliance with ex-Morgan Stanley hire
Posted by on July 22, 2012
Appointment of Peter Mason is latest in raft of regulatory recruits to the UK exchange group (read more)
Philip Yea winds up second post-3i venture
Posted by on July 22, 2012
Ex-private equity chief and fund manager partner have wound up 18-month old investment company (read more)
Cedrus plans SRI fund
Posted by on July 22, 2012
French investment consultant is to launch one of the first funds of socially responsible investment funds (read more)
Breaking up ain’t so hard to do
Posted by on July 22, 2012
Now that bank chiefs have lost the aura of invincibility it won’t be long before the activists come knocking (read more)
Dodd-Frank two years old… and still growing
Posted by on July 22, 2012
Two years on from the signing into law of the Dodd-Frank financial reform Bill, there are still more rules still to be finalised than have been completed (read more)
Alternative managers rush to raise debt funds
Posted by on July 22, 2012
Shadow banking sector tools up to make the most of refinancing opportunities (read more)
Kay: no incentive pay until after retirement
Posted by on July 22, 2012
The long-awaited report puts asset managers at the heart of stewardship (read more)
Thomson Reuters and GFI to launch Chinese money broker
Posted by on July 22, 2012
Thomson Reuters, GFI, and China’s State Development and Investment Corporation Trust join forces to launch voice and electronic brokerage (read more)
Berenberg says banking model not 'fit for purpose'
Posted by on July 22, 2012
James Chappell, a former analyst at Goldman Sachs now at Berenberg Bank, says Europe's banks must to more to bring down costs and better serve shareholders (read more)
Investment bank of the Week: Credit Suisse
Posted by on July 19, 2012
The Swiss bank has had a busy second half of the week, moving two advisory mandates a step closer to completion and also addressing some of its own capital concerns (read more)
Dutch funds call for action as solvency slide continues
Posted by on July 19, 2012
Pension funds in the Netherlands, some of the worst-hit victims of the mark-to-market system, have seen their solvency ratios slip further (read more)
Ex-Dillon Read head Costas to leave fixed-income boutique
Posted by on July 19, 2012
The former head of UBS’s ill-fated internal hedge fund, Dillon Read Capital Management, is to depart the firm he co-founded after quitting the Swiss bank (read more)
UBS investment bank president and Obama adviser departs
Posted by on July 19, 2012
Robert Wolf, who has been at the Swiss bank for almost two decades, has been described as the US President's best friend in finance (read more)
NYSE Euronext sees demand for UK listings business
Posted by on July 19, 2012
Deputy CEO Dominique Cerutti says there is room for another listing venue in the City of London (read more)
Fidelity loses 35-year home state contract
Posted by on July 19, 2012
Commonwealth of Massachusetts strips the Boston-based fund manager of a $3bn cash mandate it had held since 1977 (read more)
Ocado: Two years on from the IPO
Posted by on July 19, 2012
A few days after Ocado's disappointing flotation in 2010, chief executive Tim Steiner said 'we will see where it is trading in 24 months time'; unfortunately, the market's verdict has been damning (read more)
Doughty Hanson completes company restructuring
Posted by on July 19, 2012
The UK mid-market buyout firm has created a new employee trust and confirmed that its investment management arm will move to an LLP structure (read more)
Mixed bag for global custodians
Posted by on July 18, 2012
Difficult market conditions continue to batter parts of the business amid a varied set of second quarter results for the world's largest custodians (read more)
RBC electronic trading head exits amid restructure
Posted by on July 18, 2012
The European head of electronic trading has left his role at the Canadian bank under a restructuring of its equities franchise (read more)
BOE's King sets meeting to review Libor
Posted by on July 18, 2012
The US said it will participate in a global initiative to bring in changes to prevent abuse of the infuential rate (read more)
Libor director swaps BBA for Thomson Reuters
Posted by on July 18, 2012
John Ewan, who has been at the BBA since 2005, will now join the data provider that plays a crucial role in setting the controversial benchmark rate (read more)
Citadel hires DE Shaw marketer
Posted by on July 18, 2012
The asset manager has brought a new managing director and head of Americas distribution on board (read more)
European corporates hit new bond high
Posted by on July 18, 2012
Companies in Europe raised more money in the bond markets than from bank loans in the first half for the first time on record, according to a report from ratings agency Fitch (read more)
Morgan Stanley profit down on double-digit revenue decline
Posted by on July 18, 2012
The bank's profit dropped 50% as the investment bank saw a double-digit decline in revenue with a weak performance from its institutional securities business (read more)
Morgan Stanley’s investment banking unit stumbles
Posted by on July 18, 2012
US bank's institutional securities unit, which enjoyed a promising start to the year, ended the first half disappointingly with year-on-year revenue declines across the board (read more)
Deutsche Bank cutting up to 1,000 investment bank jobs
Posted by on July 18, 2012
The bank aims to shed 900 to 1,000 investment banking staff in response to weak market conditions, according to two people familiar with the matter (read more)
Blackstone swings to second quarter loss on performance fee drop
Posted by on July 18, 2012
Blackstone's fee-earning assets under management totaled $157.65bn, compared with $129bn a year earlier (read more)
Fund managers watch and wait
Posted by on July 17, 2012
Fund managers continue to guard themselves against renewed economic trouble, but are watching for signs of life in Europe, according to Bank of America Merrill Lynch’s monthly survey of fund managers (read more)
Autobar chief executive steps down
Posted by on July 17, 2012
Long-standing head departs CVC-backed firm as M&A speculation continues to linger around the business (read more)
Insurers see off pension schemes in small-pots tussle
Posted by on July 17, 2012
UK pensions minister Steve Webb opts for insurers' preferred private-sector solution, over a proposed central-agency alternative (read more)
Chi-X launches Brazilian currency offering
Posted by on July 17, 2012
The Brazilian national stock exchange has partnered with Chi-X Global to allow foreign investors to trade Brazilian stocks in their own currency (read more)
What next for Libor?
Posted by on July 17, 2012
Guest Comment: With the London Interbank Offered Rate under the spotlight, the head of rates and treasury management at ECM looks at the BBA's potential options (read more)
Credit Suisse targets capital boost
Posted by on July 17, 2012
The Swiss bank aims to boost capital by Sfr15.3bn before the end of this year with a range of measures that includes issuing contingent convertible bonds and cutting costs (read more)
Bats picks former market reform critic as new chairman
Posted by on July 17, 2012
The exchange operator has elected a former SEC commissioner, who in 2005 voted against Regulation NMS in the US, to replace Joseph Ratterman as head of its board (read more)
Credit Suisse attracts Temasek and Southeast Asia boost
Posted by on July 17, 2012
Strategic investors from Southeast Asia support new capital raising at Swiss bank, as chief executive Brady Dougan brings forward the group's second-quarter results (read more)
Banks shift stance on hiring from 'the street'
Posted by on July 17, 2012
The change in mindset is the result of institutions seeking less expensive talent that does not require bonus guarantees (read more)
Ex-Barclays compliance head resurfaces at TD Bank
Posted by on July 17, 2012
Stephen Morse, who was this week name-checked by Jerry del Missier in his testimony to the TSC over Libor fixing, now holds the top compliance job at Canada’s second-largest bank (read more)
BofA swings to second quarter profit on strong revenue
Posted by on July 17, 2012
Performance comes as the banking giant recorded double-digital revenue growth and benefited from a tough year-ago period when it took a hit from soured mortgages (read more)
LSE hit by weak capital markets
Posted by on July 17, 2012
Revenues in the UK exchange's capital markets business fall by 15% in its first quarter, but overall revenues remain buoyed by the FTSE acquisition (read more)
BlackRock profit down on lower investment advisory revenue
Posted by on July 17, 2012
The firm's total assets under management fell to $3.56 trillion in the second quarter from $3.66 trillion a year earlier (read more)
Wealth comes to the fore at Bank of America
Posted by on July 17, 2012
Wealth and investment management business has outshone the global markets unit as the US bank continues to show how the decline in trading is affecting Wall Street (read more)
EFG Hermes set for first close on €1bn fund
Posted by on July 16, 2012
The private equity team of the Egypt-headquartered investment bank is planning hold a second close on its maiden infrastructure effort by the end of the year (read more)
BlackRock fears more to come for banks in Libor's wake
Posted by on July 16, 2012
The world's biggest fund manager is not betting on a quick recovery this year - in banking or anywhere else (read more)
Politicians scorch the equity landscape
Posted by on July 16, 2012
The European Central Bank’s LTRO action may have provided a brief spell of liquidity, but Eurocrats and nervous investors have burnt equity markets to the ground (read more)
Is it time to ring-fence investment banks from themselves?
Posted by on July 16, 2012
Calls for the break-up of banks ignore the endemic conflicts within divisions. Chinese walls are not working and the seeds of future scandals may well have already been sown (read more)
Goldman builds private bank
Posted by on July 16, 2012
The significant shift underlines the harsh business climate facing Wall Street since the financial crisis (read more)
FICC holds steady for Goldman Sachs in tough climate
Posted by on July 16, 2012
Fixed income revenues rose year-on-year at US investment bank although Investing and Lending business acts as a drag in the second quarter (read more)
The return of John McFall: The 'scourge of the bankers'
Posted by on July 16, 2012
The Labour peer who chaired the TSC through the financial crisis, is set for a fresh tilt at the industry as part of the parliamentary inquiry into banking standards (read more)
BofA Merrill adds tech duo in Emea and NY
Posted by on July 16, 2012
The US bank has moved quickly to fill a gap in its roster of technology bankers, left by a mini-exodus to rival Citigroup earlier this month (read more)
Tyrus Capital settles $5m Brazil fraud case
Posted by on July 16, 2012
The Monaco-based hedge fund has paid Brazil’s financial regulator almost $5m to settle a case of alleged market fraud that dates back to the firm’s first month of business (read more)
Morgan Stanley's mixed merger Monday
Posted by on July 16, 2012
Two long-running UK M&A deals have moved a step closer to completion this week, with mixed results for two of Morgan Stanley's advisory teams (read more)
European chief exits MarketAxess
Posted by on July 16, 2012
The high-profile departure comes during a critical phase for the development of electronic trading in global fixed income markets (read more)
Western investors warm to sukuk
Posted by on July 16, 2012
The stable performance of Islamic bonds in the secondary markets is increasingly attracting the attention of western investors (read more)
Turner and King face up to Liborgate questions
Posted by on July 16, 2012
Treasury Select Committee pressed head of FSA as to whether Barclays chairman was handed a 'loaded revolver' following the Liborgate scandal (read more)
CA Cheuvreux enters exclusive talks with Kepler
Posted by on July 16, 2012
Crédit Agricole has entered into exclusive negotiations to sell its agency-broker to Kepler Capital Markets, as predicted by Financial News two weeks ago (read more)
Goldman eyes 'fewer senior bankers'
Posted by on July 16, 2012
Goldman Sachs is cutting an additional $500m in costs by the end of this year, with most of the cuts in people-related expenses, the chief financial officer said (read more)
Brokers lament French tax tour de farce
Posted by on July 15, 2012
Questions about the financial transaction tax remain unanswered just weeks before it comes into force (read more)
Martin Currie cedes voting control in refinancing shake-up
Posted by on July 15, 2012
Troubles put Scottish fund manager in the hands of outside investors for the first time in ts history (read more)
Banks lose out on $50m FXall windfall
Posted by on July 15, 2012
Banks that sold their stakes in the currency platform's IPO five months ago have missed out after Thomson Reuters takeover (read more)
History puts the world’s debt problems into perspective
Posted by on July 15, 2012
Many government and corporate debt yields have never been lower. But what happens if they rise? (read more)
Ondra names former BP board director as chairman
Posted by on July 15, 2012
Sir William Castell is to replace Michael Kirkwood, a City grandee whose own three-year term had come to an end (read more)
Ex-Och-Ziff head plans Goldman-backed fund
Posted by on July 15, 2012
Massimo Bertoli, a partner at Och-Ziff in London who left a year ago, has teamed up with Stephen Sales, who previously ran the business side of Marble Bar Asset Management (read more)
Banks review program trading desks amid equities slump
Posted by on July 15, 2012
A number of Europe’s largest equity houses are understood to be reviewing the role of their program trading desks (read more)
Is it time to ring-fence investment banks from themselves?
Posted by on July 15, 2012
Calls for the break-up of banks ignore the endemic conflicts within divisions. Chinese walls are not working and the seeds of future scandals may well have already been sown (read more)
US mega-investor gets approval from FSA
Posted by on July 15, 2012
US fund manager Tiaa-Cref is set to manage money for UK pension schemes and other investors (read more)
Railpen on track with pooled fund sign-ups
Posted by on July 15, 2012
The group that manages pensions for the UK’s railway industry has signed up 85% of its pension fund clients to a new dynamic multi-asset fund (read more)
Apax investors demand dollar option
Posted by on July 15, 2012
Euro jitters prompt calls for latest fund to include an option to invest in dollars (read more)
Investitori beats a market retreat
Posted by on July 15, 2012
The Italian firm is managing its portfolio to exit (read more)
Citigroup's Q2 profit falls 12% but still beats estimates
Posted by on July 15, 2012
Chief executive Vikram Pandit called the quarter 'solid' as US bank reports 12% decline in second-quarter profit (read more)
Treasury date looms for del Missier and FSA chiefs
Posted by on July 15, 2012
The influential Treasury Select Committee will today question the ex-Barclays COO and a trio of officials from the UK regulator over Libor-fixing. Financial News will be live-blogging the event from 16:00 BST (read more)
Citi profits slip 39% as trading slides
Posted by on July 15, 2012
Second-quarter slump in fixed income and equities trading revenues highlights continuing drag on the underlying profitability of Wall Street’s largest investment banks (read more)
FN100 women rise in number (but slowly)
Posted by on July 12, 2012
There may be only eight women on this year’s FN100, but that's more than the average of five women on the previous seven lists (read more)
Winners emerge on both sides of Deutsche Annington debt deal
Posted by on July 12, 2012
Terra Firma’s proposed restructuring of German residential property group Deutsche Annington is a rare example of a 'win-win' scenario emerging from a debt workout, say Deutsche Bank analysts (read more)
Geithner wrote Libor memo in 2008
Posted by on July 12, 2012
The then president of the New York Fed sent a private memo to Mervyn King calling for six changes that he said would improve the credibility and integrity of Libor (read more)
Analysts diverge on London Whale impact as JP Morgan Q2s loom
Posted by on July 12, 2012
The US bank will kick off the second quarter earnings season today with a set of results that will include multi-billion dollar trading losses revealed in May (read more)
June losses weigh heavy on Robinson's Altana
Posted by on July 12, 2012
The Monaco-based hedge fund firm set up by ex-Trafalgar manager Lee Robinson has been left nursing double-digit losses for the year so far (read more)
Activist investor takes aim at P&G
Posted by on July 12, 2012
Bill Ackman's assault on the $175bn consumer products company represents a jump in the size of targets on hedge fund radars (read more)
Trading in paradise: Green light for first Seychelles exchange
Posted by on July 12, 2012
The Seychelles' Trop-X Limited is the latest in a string of new bourses attempting to establish themselves in emerging economies (read more)
JP Morgan hands investment bank CIO legacy mandate
Posted by on July 12, 2012
Jamie Dimon says the Wall Street giant's investment bank has 'the expertise, capacity, trading platforms and market franchise' to unwind the London Whale trades (read more)
FN100 methodology: Regulators
Posted by on July 12, 2012
As the European capital markets continue to face a post-crisis regulatory upheaval, just two key figures have changed since last year's FN100 Most Influential list (read more)
US corporate bond index hits record low
Posted by on July 12, 2012
American companies took advantage of low borrowing costs to issue over $25bn of investment-grade bonds during the first three days of this week (read more)
Interactive Brokers sees UK revenues hike
Posted by on July 12, 2012
Revenues rose 18% at the broker’s London unit in 2011, as it diversified into the precious metals and CFD markets (read more)
JP Morgan second-quarter profit falls 8.7%
Posted by on July 12, 2012
The Wall Street bank's second-quarter earnings fell 8.7% as it announced a $4.4bn loss due to an unauthorised trading blunder (read more)
City jobs take a tumble
Posted by on July 11, 2012
There are fewer and fewer job vacancies in the UK's financial district, but salaries for new starters are up as banks compete for talent (read more)
Bulge-bracket advisers cheer mid-market gains
Posted by on July 11, 2012
Goldman Sachs, Morgan Stanley and Barclays all moved up sharply in the mid-market M&A rankings for the first half of 2012, according to Thomson Reuters (read more)
For pension funds, the Libor scandal is about trust, not money
Posted by on July 11, 2012
While the financial effect on schemes is likely to be small, banks' misdeeds will only increase mistrust of City institutions, argues consultant Steven White (read more)
Hedge funds cut leverage
Posted by on July 11, 2012
A quarter of respondents in the Federal Reserve's latest survey on dealer financing terms said that hedge fund leverage decreased in the run-up to May (read more)
Argan plans exits ahead of new fundraising
Posted by on July 11, 2012
European private equity firm Argan Capital is not set to return to market for its second fundraising until next year at the earliest (read more)
Financier Leon Black is mystery buyer of 'The Scream'
Posted by on July 11, 2012
The private equity chief paid a record $120m for a work of art sold at auction in May (read more)
HSBC to apologise at senate hearing
Posted by on July 11, 2012
The UK bank is to apologise for lax efforts to prevent money laundering between 2004 and 2010 (read more)
EBA says most banks meet target for capital
Posted by on July 11, 2012
European super-regulator notes progress made but cautions that major challenges remain in resolving the debt crisis (read more)
‘TopGun’ financials ace departs Och-Ziff
Posted by on July 11, 2012
A former Goldman Sachs banker and highly-rated financials stock picker has left his job at Och-Ziff in London, Financial News has learnt (read more)
Ashmore suffers rare bout of outflows
Posted by on July 11, 2012
The emerging markets debt specialist has recorded its first quarter of net outflows in at least two-and-a-half years – driven largely by poor performance in equities (read more)
The economics of the Olympics
Posted by on July 11, 2012
Goldman Sachs has predicted the number of medals that will be won by each country at the upcoming games, as well as analysing the economic impact on the host country (read more)
Ex-UBS banker to lead Moelis' India push
Posted by on July 11, 2012
Independent advisory firm hires ex-CEO of UBS in India – named by Fortune India as one of the country's most powerful women in business – to lead its long-planned launch in the country (read more)
Trade of the Week: Wet bets pay off in UK downpours
Posted by on July 11, 2012
A niche market for weather derivatives may now be offering hedgers and speculators some protection from the relentless downpours in the UK (read more)
FN100 methodology: Asset Management
Posted by on July 10, 2012
The asset management category in the FN100 Most Influential list of people within the European financial markets was drawn up against a background of almost-disorienting change (read more)
Commodity firm extends Hong Kong reach
Posted by on July 10, 2012
The Hong Kong Mercantile Exchange has signed its eighth member this year, bringing the total to 30 (read more)
FN100 methodology: Investment bank chief executives
Posted by on July 10, 2012
This year Financial News introduced a new category of investment bank chief executives for the FN100 Most Influential people in the European financial markets (read more)
US lawmakers join Libor probe
Posted by on July 10, 2012
A congressional committee is seeking transcripts of communications between the New York Fed and Barclays (read more)
Claw is out for 'whale' officials
Posted by on July 10, 2012
JP Morgan Chase plans to reclaim millions of dollars in stock from executives at the centre of the trading blunder (read more)
Survey casts fresh doubt over City's integrity
Posted by on July 10, 2012
The results of a timely survey by law firm Labaton Sucharow will do little for the reputation of the 'culture' at City institutions (read more)
Paulson ex-lieutenant caught in fund's slide
Posted by on July 10, 2012
A former employee who helped John Paulson make billions has lost a large chunk of his personal portfolio by investing with one of Paulson's largest hedge funds (read more)
The Barclays rapsheet
Posted by on July 10, 2012
A 'damning' letter from Lord Adair Turner, chairman of the FSA, has revealed deep-seated concerns over the culture at Barclays and lists a litany of wrongdoing (read more)
Consultants still backing Goldman despite lawsuit
Posted by on July 10, 2012
As the €11bn Vervoer fund files suit in the High Court, the reputation of Goldman Sachs Asset Management is still intact with the consultants who advise pension schemes (read more)
TSC sets ambitious timetable for del Missier grilling
Posted by on July 10, 2012
The influential panel of MPs, which has spent over seven hours questioning Bob Diamond, Marcus Agius and Paul Tucker, has pencilled in just 45 minutes for the former Barclays operating chief (read more)
Icap outlines FX overhaul
Posted by on July 10, 2012
The broker aims to shut out the predatory behaviour of 'sneaking little algos' that disrupt the business of major FX trading (read more)
LSE launches international board with Singapore deal
Posted by on July 10, 2012
The LSE's plan to create an international board will allow the 211-year old London market to expand globally without pursuing high-risk mega mergers (read more)
Consultant predicts market downpour
Posted by on July 9, 2012
The risk of a stock market collapse in Europe is even greater than it was in April 2011, according to a consultancy that predicted last summer’s market chaos. (read more)
JP Morgan merges services for derivatives and securities
Posted by on July 9, 2012
The bank has consolidated teams the teams from its investment banking and custody divisions to improve its clearing and collateral services (read more)
ETF provider strengthens Swiss presence
Posted by on July 9, 2012
Exchange traded fund provider Source has hired a new director to lead its business in Switzerland (read more)
Live Blog: Marcus Agius at the Treasury Select Committee
Posted by on July 9, 2012
Marcus Agius, the chairman of Barclays, who resigned just days after the UK bank's fine by British and American regulators, is before the Treasury Select Committee (read more)
The new shape of banking could be just around the corner
Posted by on July 9, 2012
The scandal at Barclays and recent trading losses at JP Morgan have inevitably increased calls for tighter regulation and structural reform of the entire sector (read more)
FTSE 100 firms could face £5bn pensions bill
Posted by on July 9, 2012
Top companies will have a high yearly price to pay – but the cost of enrolling younger workers into new schemes will still be less than that of closed final-salary funds (read more)
Investors brace for stock market falls
Posted by on July 9, 2012
Risk consultant predicts oncoming stock market collapse as investors pull billions from equities funds (read more)
First US IPOs of July set dates
Posted by on July 9, 2012
Two tech firms began pitching their deals to investors, while a famous guitar maker set its price terms (read more)
FXall chief to net $35m in sale
Posted by on July 9, 2012
The chairman and chief executive of FX platform, which is set to be acquired by Thomson Reuters, tops the list of earners from the $625m deal (read more)
Hedge funds underperform in first half of year
Posted by on July 9, 2012
The average hedge fund reversed three consecutive months of losses in June – although failed to beat H1 benchmarks (read more)
Let the credit valuation games commence
Posted by on July 9, 2012
The next round of earnings is upon us, which means another round of banks complicating their quarterly numbers with credit valuation adjustments (read more)
FN100 methodology: Market Infrastructure
Posted by on July 9, 2012
The post-crisis regulatory agenda has pushed up the predominance of exchanges, clearing houses and intermediaries in the market infrastructure category of this year's FN100 Most Influential (read more)
FN100 Most Influential: Regulators tighten grip on industry
Posted by on July 8, 2012
For the second year running, Mario Draghi has topped the FN100 list of the most influential people in the European capital markets (read more)
FN100 - Regulators
Posted by on July 8, 2012
Regulators wield increasing power in the post-financial crisis world (read more)
FN100 - Investment bank chiefs
Posted by on July 8, 2012
This category ranks the 10 most senior executives with management responsibility for investment banks in Emea, regardless of whether they are US, UK or European banks (read more)
FN100 - Investment banking
Posted by on July 8, 2012
The investment banking category covers the most senior global and regional heads of investment banking (read more)
EuroCCP launches Equiduct clearing
Posted by on July 8, 2012
The clearing house has gone live serving the Equiduct platform as one of multiple clearing providers to the German trading platform (read more)
UK CFO confidence plummets
Posted by on July 8, 2012
Confidence among chief financial officers of large UK firms is falling at the fastest rate since 2007 (read more)
FN100 - Sales and trading
Posted by on July 8, 2012
This new category includes global or regional heads of equities, fixed income or markets in recognition of the dominant contribution to investment banks’ revenues played by sales and trading (read more)
Reimplanting integrity after Liborgate
Posted by on July 8, 2012
Guest comment: Saker Nusseibeh, chief executive of Hermes Fund Managers, says Liborgate has shown we need a profound change that 're-implants integrity and honesty' (read more)
FN100 - Market infrastructure
Posted by on July 8, 2012
Regulatory changes play into the hands of clearers (read more)
FN100 - Asset management
Posted by on July 8, 2012
Corley ranks first for her work as an ambassador for the industry (read more)
FN100 - Pensions
Posted by on July 8, 2012
Webb's tough decisions proves popular as UK minister for pensions (read more)
FN100 - Hedge funds
Posted by on July 8, 2012
Howard leads the hedge fund list (read more)
See no fixing, hear no fixing, tell no fixing
Posted by on July 8, 2012
Diamond loves Barclays. He made that clear. But did this blind him to some of the bank’s flaws? (read more)
Dusk or new dawn? Citi offers glimpse of the City of London’s future
Posted by on July 8, 2012
At a time when the future of London as a financial centre is under scrutiny, it has emerged as the centre of Citi’s universe (read more)
FN100 - Private equity
Posted by on July 8, 2012
Lobby groups have a strong showing as the buyout industry seeks to rebuild its reputation (read more)
The new shape of banking could be just around the corner
Posted by on July 8, 2012
(read more)
FN100 - Capital markets and advisory
Posted by on July 8, 2012
This cateogory compares senior bankers in advisory, equity capital markets and debt capital markets (read more)
NYSE appoints new Liffe chiefs
Posted by on July 8, 2012
The appointments follow the departure in June of the company's well-known global head of derivatives, Garry Jones (read more)
Live Blog: Paul Tucker at the TSC
Posted by on July 8, 2012
Paul Tucker, the deputy governor of the Bank of England, is today appearing before the Treasury Select Committee to answer questions over the fixing of Libor (read more)
Thomson Reuters in $625m bid for FXall
Posted by on July 8, 2012
Deal comes amid a wider upheaval in the ownership of trading venues and financial technology companies (read more)
Tucker receives support for Libor discussions
Posted by on July 8, 2012
Although ambiguity remains over the Bank of England's remit in the setting and policing of Libor, market participant says it is in its rights to hold discussions with banks (read more)
Key Mifid II vote delayed
Posted by on July 5, 2012
The European Parliament has postponed next week’s vote on securities reforms until at least September (read more)
Brazil breaks into top 10 for investment banking fees
Posted by on July 5, 2012
BTG Pactual, which went public in April, leads the revenue rankings (read more)
HSBC hires for US prime services push
Posted by on July 5, 2012
The prime services platform, which it unveiled in July 2009, is now live in all major timezones (read more)
Alliance Trust drops three funds in investment restructure
Posted by on July 5, 2012
The investment trust has closed three of its subsidiary's seven funds resulting in job losses among the investment team 'with immediate effect' (read more)
Barclays, Libor and game theory
Posted by on July 5, 2012
Why Barclays should have read up on 'game theory ' before playing its hand in Liborgate (read more)
Libor inquiry may 'contaminate' criminal prosecutions
Posted by on July 5, 2012
The airing of sensitive evidence in parliament may lead to its exclusion from court proceedings, lawyers have warned (read more)
FN100 where are they now? Piero Novelli
Posted by on July 5, 2012
The ex-UBS rainmaker is now helping to lead a quiet ascent up the global advisory rankings at Japanese bank Nomura (read more)
Trade of the Week: Precious returns from gold and silver
Posted by on July 5, 2012
Both precious metals rose this week as fears grew for a new round of monetary easing amid weak US economic data (read more)
Euroclear launches industry-wide collateral service
Posted by on July 5, 2012
The post-trade services provider has launched its 'collateral highway' to the wider industry ahead of new derivatives trading rules (read more)
Barclays may have 'first-mover' advantage in Liborgate
Posted by on July 5, 2012
UK bank has suffered a public relations disaster since becoming the first to settle for its role in the Libor fixing scandal, but that decision may yet yield legal advantages (read more)
GSAM to be sued by Dutch pension fund
Posted by on July 5, 2012
Pensioenfonds Vervoer, which terminated Goldman Sachs Asset Management in 2010, is now suing the firm for €250m (read more)
Battlelines drawn as MPs prepare for bank scandal vote
Posted by on July 4, 2012
The Labour Party is upping the pressure for a full judicial inquiry ahead of today’s parliamentary vote on what form an investigation into Liborgate should take (read more)
3i sells stake in Finnish power network
Posted by on July 4, 2012
UK private equity firm has sold a 5.7% stake in the second largest electricity distribution network in Finland as it continues to reduce its debt (read more)
What next for Diamond's project?
Posted by on July 4, 2012
With two of the three main architects of Barclays' investment bank having quit, questions are being asked about what the future holds in store for the unit (read more)
TSC's Garnier laments lack of 'smoking gun'
Posted by on July 4, 2012
One of the Treasury Select Committee's chief arbiters has told Financial News that yesterday's grilling of Bob Diamond was 'three and a half hours of waffle and of my life that I’ll never get back again' (read more)
FN100 where are they now? David Blitzer
Posted by on July 4, 2012
Since appearing in the 2008 FN100, the Blackstone veteran has returned to the US and bought his favourite basketball team (read more)
NYSE plan angers brokers
Posted by on July 4, 2012
US regulators are due to decide by Friday whether to approve a move by NYSE to attract more retail investors with better prices on trades (read more)
Euro bank supervisor faces hurdles
Posted by on July 4, 2012
Officials say that the year-end deadline is tight, and the role of overseer is up for debate (read more)
IB team of the Week: BofA Merrill healthcare
Posted by on July 4, 2012
The healthcare team at Bank of America Merrill Lynch gave the firm a perfect end to its dealmaking in the first half, with a sole $3.4bn mandate from AstraZeneca (read more)
Bats Chi-X Europe to strengthen board
Posted by on July 4, 2012
European exchange operator is looking to bolster its board with two new directors and has approached a former Chi-X Europe chairman (read more)
Aviva exits large-scale pension buyout business
Posted by on July 4, 2012
The UK-listed insurer has decided to pull out of the large bulk annuity buyout sector after facing stiff competition from its rivals (read more)
October 2008: The context of Tucker’s call with Diamond
Posted by on July 3, 2012
Here is a run-down of events during October 2008, when Bob Diamond spoke to Paul Tucker, the deputy governor of the Bank of England, about Barclays' Libor submissions (read more)
Barclays the loser in diamond conflict
Posted by on July 3, 2012
The fact that it took the Barclays board nearly a week to realise that chief executive Bob Diamond had become a liability after the Libor rate-rigging revelations emerged shows the UK bank has lost its moorings (read more)
And the final M&A rankings are...
Posted by on July 3, 2012
Honours were shared between Goldman Sachs and Morgan Stanley in the first half mergers and acquisitions league tables (read more)
BlackRock eyes infrastructure with Swiss Re deal
Posted by on July 3, 2012
The purchase of Swiss Re Private Equity Partners will boost the fund manager's presence in Europe and Asia (read more)
Axa buys Omers portfolio
Posted by on July 3, 2012
Axa swoops for fund portfolio in maiden deal since its record-breaking fundraising effort (read more)
The plucky return of the Old Lady's eyebrow?
Posted by on July 3, 2012
Many are not only glad to see the back of Bob Diamond but also welcome the means of his dispatch – which harked back to a time when a nod, wink and twitch could send a miscreant packing (read more)
Del Missier: A timeline of Diamond's 'right-hand man'
Posted by on July 3, 2012
Eleven days after being promoted to chief operating officer at Barclays, Jerry del Missier became the third high-profile victim of Liborgate (read more)
NYSE Euronext appoints Birley to clearing role
Posted by on July 3, 2012
The former clearing adviser to the London Stock Exchange joins rival European bourse as it pushes ahead with new clearing house (read more)
Bramson’s restructuring plans at F&C gains new plaudit
Posted by on July 3, 2012
Cost-cutting proposals by the activist investor who won control of F&C 18 months ago could pay off, according to a leading analyst (read more)
FN100 where are they now? Hassan Elmasry
Posted by on July 3, 2012
Just over three years ago, Hassan Elmasry left the Morgan Stanley flagship global brands strategy that he had managed for seven years and set off to start his own boutique (read more)
Barnier demands clearer product disclosure
Posted by on July 3, 2012
European Commissioner Michel Barnier has unveiled proposals that would force banks to provide investors with clear information on rival funds (read more)
CEO roundtable: Industry leaders turn their focus to efficiency
Posted by on July 3, 2012
(read more)
Bob Diamond at the Treasury Committee
Posted by on July 3, 2012
Financial News live-blogged Bob Diamond's much-anticipated appearance in front of a UK Treasury Committee this afternoon (read more)
Fund managers rally to voting advisers' defence
Posted by on July 2, 2012
Governance chiefs at Europe's top investment firms unite to tell EU regulators that binding laws for firms like ISS, Ivis and Manifest are unnecessary (read more)
Liquidnet private equity investors redeem stake
Posted by on July 2, 2012
Both Summit Partners and Technology Crossover Ventures have decided to exercise their option to redeem their stock and are due to receive just over $350m, according to two sources (read more)
FN100 where are they now? Jon Little
Posted by on July 2, 2012
The culture shock of moving from a fund management giant overseeing $1.2 trillion to launching a start-up business looks to have worn off for Jon Little (read more)
FRM research head takes CEO role at Marble Bar
Posted by on July 2, 2012
The head of research at FRM has become the first senior departure from the fund of funds manager since it was acquired by Man Group in May (read more)
Barclays' Diamond resigns
Posted by on July 2, 2012
Bob Diamond resigned this morning amid mounting political and public pressure in the wake of the Libor fixing scandal. Marcus Agius will lead the search for a new CEO (read more)
Diamond exit could herald ‘sea change’ at Barclays
Posted by on July 2, 2012
The sudden resignation of Bob Diamond has cast a cloud over the future direction of the investment bank – with Anthony Jenkins touted as an internal front runner to replace him (read more)
Bob Diamond and the question of precedent
Posted by on July 2, 2012
Amid all the debate over the future over Barclays this morning, a bigger question is beginning to emerge: to what extent does the departure of Diamond set a precedent for other banks under investigation for Libor fixing? (read more)
Major exchanges win back market share
Posted by on July 2, 2012
The national exchanges have fought back against rival venues during the first six months of the year following a slump in overall equities trading activity (read more)
Barclays ups ante in Libor defence
Posted by on July 2, 2012
In documents published on its website ahead of the appearance of Bob Diamond to the Treasury Select Committee, the bank appears to implicate the Bank of England in lowering its Libor submissions (read more)
New equities threat as trading slumps
Posted by on July 1, 2012
Low volumes and little hope of a revival mean firms are having to rethink their strategies (read more)
Hedge funds to win depositaries reprieve
Posted by on July 1, 2012
The European Commission is set to allow hedge fund managers to avoid the strictest version of a rule on the liability of depositaries, a custody service that managers claim could cost investors $6bn a year (read more)
Revealed: the revolving doors at Barclays’ treasury department
Posted by on July 1, 2012
Four different people held the role of group treasurer at Barclays during the five-year period between 2005 and 2009 in which the bank has admitted manipulating its Libor submissions (read more)
Breakfast just got a whole lot more expensive
Posted by on July 1, 2012
Corn prices surged 25% last month to $6.35, but Rabobank analyst predicts rise to record $8 (read more)
Political pressure grows for pension shake-ups
Posted by on July 1, 2012
A political lobbying campaign is due to start today to create one of the UK’s largest pension fund authorities by forging 35 London council pension schemes into one with £25bn under management. (read more)
Hacktivists target Russian banks over Sochi Olympics
Posted by on July 1, 2012
A Twitter account claiming to be part of the Anonymous hacktivist group has announced plans to attack 10 Russian banks in protest at the 2014 Winter Olympics (read more)
Clients took £2bn out of Hermes last year
Posted by on July 1, 2012
BT pension scheme-owned asset manager's latest account reveal net withdrawals last year (read more)
Marex to hire up to 100 in bid for status
Posted by on July 1, 2012
Marex Spectron, the London-based futures brokerage backed by former Lehman Brothers executives in 2010, plans to hire up to 100 additional staff over the next year (read more)
HFT chief confident of reprieve on Mifid rule
Posted by on July 1, 2012
Remco Lenterman expects regulatory proposal aimed at reigning in high-frequency traders to be dropped (read more)
Barclays' Agius is stepping down
Posted by on July 1, 2012
Chairman of the UK bank is to leave amid the fallout from the bank's $453m settlement in the Libor manipulation probe (read more)
Liborgate changes the rules of the game
Posted by on July 1, 2012
Scandals come and scandals go. But the repercussions of this one will be long felt (read more)
We regret to inform you that the trainline.com sale has been delayed
Posted by on July 1, 2012
Exponent’s sale of the £300m UK online ticketing company thetrainline.com has hit delays, (read more)
Barclays handed ‘back Bob’ support ahead of Treasury hearing
Posted by on July 1, 2012
Ian Gordon, banks analyst at Investec, urges Barclays' shareholders to throw their support behind the bank's embattled CEO (read more)
Investing in the Muslim Brotherhood
Posted by on June 28, 2012
Having elected a president democratically, Egypt must be fast to reform or risk losing its best chance to attract foreign investment (read more)
FN100 Where are they now? Neal Shear
Posted by on June 28, 2012
Neal Shear first appeared on the FN100 list in 2007. This March he co-founded commodities hedge fund Higgs Capital Management (read more)
Trade of the Week: Cocoa beans give traders a treat
Posted by on June 28, 2012
Cocoa beans saw their futures price for September delivery rally this week as investors looked to take long positions after a lack of rain threatened supply (read more)
People in the news this week
Posted by on June 28, 2012
(read more)
SEC could seek Nasdaq upgrading
Posted by on June 28, 2012
The review comes as exchange prepares to submit plan for compensating brokers who claim losses related to Facebook (read more)
3i to slash staff and office network
Posted by on June 28, 2012
New chief executive Simon Borrows says the firm will postpone fundraising plans and close six offices around the world (read more)
FSA mis-selling probe spells more gloom for the City
Posted by on June 28, 2012
A clutch of UK banks have been found guilty of mis-selling interest-rate swaps to small businesses, capping off a miserable week for the City amid the fallout from the Barclays Libor scandal (read more)
Goldman's M&A crown under threat as rankings diverge
Posted by on June 28, 2012
Which Wall Street bank is the top M&A adviser in the first half: Morgan Stanley or Goldman Sachs? It all depends on the data provider (read more)
Tullett chairman to step down
Posted by on June 28, 2012
The veteran chairman of the UK brokerage is set to retire before the end of the year (read more)
Buyside puts clawback pressure on Barclays
Posted by on June 28, 2012
The National Association of Pension Funds says UK bank should 'use its clawback rules to penalise those involved' in Libor scandal (read more)
RBS chief waives bonus after glitch
Posted by on June 28, 2012
Stephen Hester has said he will waive his bonus this year in the wake of a massive technical glitch that left thousands of customers unable to access their accounts or move their money (read more)
Cautious welcome for FSA moves over Sipp rebates
Posted by on June 27, 2012
The funds industry say possible plans to extend the ‘no rebate’ rules to Sipps and life companies would help level the playing field (read more)
SEC sues Falcone and Harbinger Capital for market manipulation
Posted by on June 27, 2012
Settlement talks broke dwon as the SEC insisted that the hedge fund manager serve an industry ban (read more)
New research debunks hedge fund myths
Posted by on June 27, 2012
Academic study concludes that hedge funds are less likely to herd, less likely to momentum trade, and less likely to pile into the same stocks (read more)
Lie bores into credibility of Barclays and the City
Posted by on June 27, 2012
Evidence unearthed by US and UK regulators showing how traders and managers at Barclays connived to manipulate a key market interest rate is enough to stir even the most jaded cynic (read more)
UBS breaks ETF launch record
Posted by on June 27, 2012
The Swiss bank is aiming to break into the big league with the listing of 64 of its exchange-traded funds in London today (read more)
Barclays and Libor: a transgression too far
Posted by on June 27, 2012
In more than 15 years of writing about the financial markets, I have regularly tried to defend the industry against often ill-informed banker-bashing. But in this instance, it is impossible to defend the indefensible (read more)
Esma to consult on alternatives remuneration
Posted by on June 27, 2012
The regulator is launching a consultation with the aim of setting industry guidelines for 'sound and prudent' remuneration policies (read more)
Investment bank of the Week: Qatalyst Partners
Posted by on June 27, 2012
The specialist US advisory boutique, run by star technology banker Frank Quattrone, closed out a quiet first half for global dealmaking this week with a $1bn-plus advisory mandate (read more)
Sambo remodels FICC structuring at UBS
Posted by on June 27, 2012
The new global head of fixed income, currencies and commodities structuring at the Swiss bank has appointed a raft of global product heads (read more)
Senior Icap executives to head Plus Stock Exchange
Posted by on June 26, 2012
The interdealer broking giant has appointed several senior executives to run its new exchange unit (read more)
Meet the new Greek finance minister
Posted by on June 26, 2012
The man nicknamed ‘Mr Euro’ will have his faith put to the test as he enters negotiations to save the single currency (read more)
Tensions rise over regulatory over-reach
Posted by on June 26, 2012
Ongoing uncertainty over how new provisions will apply outside their home jurisdiction could create a 'horror story', derivatives executives say (read more)
Abu Dhabi wealth fund to continue hiring
Posted by on June 26, 2012
The Abu Dhabi Investment Authority is looking to expand its private equity team despite a slowdown in activity (read more)
Asian corporates turn to bonds
Posted by on June 26, 2012
Asian borrowers are tapping the bond market in record numbers as lending cuts from European banks force them to look closer to home for funding (read more)
Marex Spectron bolsters financials team
Posted by on June 26, 2012
Commodities supergroup, backed by a posse of former Lehman Brothers bankers, continues hiring push with UBS strategist (read more)
Xstrata and Glencore scramble to save deal
Posted by on June 26, 2012
Global commodities giants Xstrata and Glencore International are under intense pressure to amend their proposed merger or face a shareholder block (read more)
Barclays bosses rule out bonuses after racking up $450m in fines
Posted by on June 26, 2012
Four of Barclays’ top executives – including Bob Diamond – pledge to give up their bonuses for this year after the UK bank accumulated huge penalties for its role in the setting of Libor and its European equivalent (read more)
M&A market faces steep fall as Glenstrata teeters
Posted by on June 26, 2012
The multi-billion dollar merger between Glencore and Xstrata has propped up European M&A volumes in the first half, but now the deal is on the ropes (read more)
Fund managers predict casualties in crowded market
Posted by on June 26, 2012
Speaking at the FundForum conference in Monaco, senior asset managers say regulatory changes have made the industry expensive and that 'some firms will just wither away' (read more)
Iosco chief warns on 'living wills'
Posted by on June 26, 2012
Secretary-general says resolution regimes are the 'most important area of our work' on global systemically important financial institutions (read more)
Credit Suisse to cut up to 30% of European investment banking jobs
Posted by on June 25, 2012
The Swiss bank is under pressure from shareholders to cut lavish pay for its bankers (read more)
TMX Group turns focus back to London
Posted by on June 25, 2012
Tom Kloet, chief executive of Toronto-based stock exchange operator, tells Financial News that ambition is 'expansion outside Canadian markets' (read more)
Lehman alumni take top investment banking jobs
Posted by on June 25, 2012
Nomura and Bank of America Merrill Lynch have both named former Lehman Brothers bankers to senior leadership positions in their European investment banking divisions (read more)
RBC breaks into top 10 fees league table
Posted by on June 25, 2012
Canadian investment bank overtakes Wells Fargo in investment banking fees league table – as JP Morgan retains top spot (read more)
Bond markets could head to the rescue in climate challenge
Posted by on June 25, 2012
But finding bond investors to put money to work in sustainable development projects faces multiple hurdles at every level (read more)
Moody's downgrades 28 Spanish banks
Posted by on June 25, 2012
The downgrades reflect Moody's view that the ability of the Spanish government to provide future support to Spanish banks has declined (read more)
3i in selling spree
Posted by on June 25, 2012
The listed private equity firm completes three sales in seven days ahead of an eagerly-awaited strategy announcement on Friday (read more)
Financial News Reader Survey
Posted by on June 25, 2012
Your opinion matters to us, share your views and help shape the future of Financial News (read more)
Women in Finance: Creating a road map for lasting change
Posted by on June 25, 2012
(read more)
Venture capitalists and hedge funds challenge EU rules
Posted by on June 24, 2012
Alternative investment industry unites in last-ditch fight against proposed depositaries regulation (read more)
Thomson Reuters eyes psychological edge with mind-reading software
Posted by on June 24, 2012
Information provider Thomson Reuters has today launched a new psychological analysis trading tool that will help investors and traders understand how the markets feel (read more)
Investment banks barge into corporate lending
Posted by on June 24, 2012
Investment banks are now lending directly to corporate and banking clients as public financing markets become increasingly costly or impossible to access (read more)
Without Seisachtheia there can be no political control
Posted by on June 24, 2012
The world is hamstrung by institutions and political systems powerless to solve the debt conundrum (read more)
Traders face the brunt of equities staff cuts at banks
Posted by on June 24, 2012
Research functions relatively well-shielded as equities knife falls disproportionately at banks (read more)
BIS: ‘central bankers face damage to reputations’
Posted by on June 24, 2012
The Bank for International Settlements issues stark warning that central bankers are putting their credibility and independence on the line through lax monetary policy (read more)
Banks escape the worst of shareholder revolt
Posted by on June 24, 2012
Research from Financial News shows voters have given investment banks an easier ride over the recent voting season than they did last year (read more)
Sub-prime winner braced for depression
Posted by on June 24, 2012
One of the few hedge fund managers to anticipate the 2008 financial crisis, is predicting a repeat, but much worse (read more)
Industry backs FSA against ‘cosy’ claims
Posted by on June 24, 2012
The UK's financial watchdog has been accussed of being to cosy with those it is tasked with regulatiing (read more)
Vensel returns to back new FX service
Posted by on June 24, 2012
Jack Vensel, a high-profile trading industry executive and a former head of Citigroup’s European electronic franchise, has resurfaced after a five-month hiatus (read more)
Bloomer’s Lucida goes up for sale
Posted by on June 24, 2012
The pensions insurer is in 'ongoing discussions' with potential partners and its parent, hedge fund Cerberus Capital, (read more)
Webb slams Solvency II after Finland’s great escape
Posted by on June 24, 2012
A last-minute backlash is developing against solvency constraints the EC wishes to impose on annuity and pension scheme managers (read more)
CEO Snapshot: Fund managers worried as eurozone crisis unfolds
Posted by on June 24, 2012
Opportunities exist despite CEOs’ global economic concerns (read more)
Thomson Reuters develops a psychological edge with some mind-reading software
Posted by on June 24, 2012
Robots have for some years been able to distinguish between good and bad news, but now they can tell us how we feel (read more)
Edison adds three in New York
Posted by on June 24, 2012
The UK-based independent research provider is targeting business in the US, where banks are toying with outsourcing their research functions (read more)
Private Equity News shortlists firms of the decade
Posted by on June 24, 2012
The sister publication to Financial News has announced the shortlist of contenders for awards that cover performance over the past ten years (read more)
S&P's methods under lens
Posted by on June 24, 2012
The US Securities and Exchange Commission is probing S&P's ratings criteria after its withdrawal from a 2011 deal (read more)
Morgan Stanley's German head steps aside
Posted by on June 24, 2012
Dirk Notheis takes a leave of absence amid public scrutiny of emails he sent to a regional politician (read more)
Carbon trading: Up in smoke?
Posted by on June 21, 2012
Two decades since the Rio Earth Summit, the market in carbon trading has yet to live up to its promise (read more)
BofA Merrill names heads of DCM and corporate banking
Posted by on June 21, 2012
The US bank has formalised the leadership of its newly integrated European debt capital markets and corporate banking coverage businesses, having previously had three bankers running the team (read more)
People in the news this week
Posted by on June 21, 2012
(read more)
Julian Robertson: Why times are tough for hedge funds
Posted by on June 21, 2012
The legendary value investor says that it is stock selection rather than the macro picture that is making life difficult (read more)
FRC proposes pay guidelines for directors
Posted by on June 21, 2012
The UK's independent corporate governance regulator puts forward a framework that companies could use to express executive remuneration in a single figure (read more)
Moody's downgrades global banks
Posted by on June 21, 2012
The ratings agency downgraded financial companies in the US, Canada and Europe (read more)
ECB weighing relaxed collateral rules for loans
Posted by on June 21, 2012
The move would likely spark renewed concerns about the safety of the central bank's balance sheet (read more)
Ricci handed sole control at Barclays CIB
Posted by on June 21, 2012
Barclays names veteran banker Rich Ricci as the sole head of its corporate and investment bank, as his former co-head moves into another high-profile role (read more)
The winners and losers from the Moody's downgrades
Posted by on June 21, 2012
News Analysis: Financial News looks at how the world's major banks have been affected by last night's round of ratings cuts (read more)
Blackstone loses control of Klöckner
Posted by on June 21, 2012
Victory for junior lenders may represent the first time the US buyout titan has ceded control of a European portfolio company (read more)
Goldman set for M&A clean sweep as Deutsche rises
Posted by on June 21, 2012
The US bank looks set to finish the first half at the top of Thomson Reuters' M&A rankings, while Deutsche Bank also has cause for cheer on the global stage (read more)
Montier slams business education
Posted by on June 21, 2012
The renowned GMO fund manager, James Montier, uses a speech at the CFA Institute's annual UK conference to slam the way his hosts and others teach economics (read more)
Investment bankers of the Week: Richard Girling and Alan Hartman
Posted by on June 21, 2012
Centerview Partners held sole mandate from private equity giant KKR in its 45% stake sale of Alliance Boots to Walgreen – leveraging a long-standing relationship with the UK group (read more)
Itau hires ex-RBS head to lead prime brokerage push
Posted by on June 21, 2012
The bank is the first from Brazil to launch a global prime services business (read more)
Kraus to stay on at AllianceBernstein until 2019
Posted by on June 21, 2012
Ex-Goldman banker becomes fund manager's biggest individual shareholder as he signs on for another five years (read more)
Private equity firms tipped for TCW buyout
Posted by on June 20, 2012
French bank Societe Generale is said to be close to selling its LA-based asset management business through a buyout which could value the firm at up to $700m (read more)
Getco warns of loss of investor confidence in markets
Posted by on June 20, 2012
The CEO of the high-frequency trader tells a House hearing that the stability of US equity markets is as important as speed and efficiency (read more)
JP Morgan pares back whale trade
Posted by on June 20, 2012
The bank has reduced its exposure to a credit derivatives index by $50bn this month (read more)
Natixis to sell PE portfolio
Posted by on June 20, 2012
The French bank is in the process of divesting a $200m portfolio of commitments as it retreats from non-core activities (read more)
Nasdaq unveils European derivatives ambition
Posted by on June 20, 2012
Breaking into the European derivatives market is notoriously difficult, but the transatlantic exchange hopes its clearing model will make it competitive (read more)
Pensions minister hints at action on accounting standards
Posted by on June 20, 2012
Fresh from a tour of Europe's leading pension funds in Denmark and the Netherlands, Steve Webb suggests marking-to-market creates 'unnecessary volatility' (read more)
Facebook fears loom large over IPO market
Posted by on June 20, 2012
US equity capital markets are facing up to two years in the doldrums, according to a survey of market participants by Boston consultancy Tabb Group (read more)
Trade of the Week: The euro/dollar ugly contest
Posted by on June 20, 2012
FX investors were faced with an unpalatable choice between euro and dollar buying this week as the pairing swung wildly (read more)
LV= appoints pensions veteran Mayall
Posted by on June 20, 2012
Wendy Mayall is renowned for taking legal action against Merrill Lynch Investment Managers over alleged negligence in 2001 (read more)
Underperforming fund managers pushed to drop fees
Posted by on June 20, 2012
Managers of hedge funds and mainstream US, UK and Japanese equity funds are bearing the brunt of investors' displeasure (read more)
Debt issuers second-guess volatile markets
Posted by on June 20, 2012
Syndicate bankers are being kept on their toes by corporates looking to issue bonds at short notice (read more)
Limited bond purchases won't stop euro crisis
Posted by on June 20, 2012
It says something when even the European Commission announces that the latest idea put forward to alleviate the eurozone debt crisis is just financial painkiller (read more)
Duo exits RBC Capital Europe
Posted by on June 20, 2012
Two well-known bankers have left RBC Capital's European business, a rare occurrence for a bank in hiring mode (read more)
Rio+20: Banks' green initiatives
Posted by on June 20, 2012
(read more)
Lending drought presents $4bn trading opportunity
Posted by on June 20, 2012
Deutsche Bank analyst suggests fixed income sales and trading specialists could gain from a $3 trillion move of debt from bank lending to the bond markets (read more)
Morgan Stanley settles legal dispute with Irish nuns
Posted by on June 20, 2012
US bank reaches agreement with structured note investors in two-year case over alleged losses incurred (read more)
Green Investment Bank facing 'ridiculous' constraints
Posted by on June 19, 2012
The UK government has big ambitions for its Green Investment Bank, but experts are warning it could struggle to fund itself adequately (read more)
Euro mezzanine fund targets second close
Posted by on June 19, 2012
MezzVest, which has appointed First Avenue Partners as placement agent, has a €600m target for the fund with a €1bn hard-cap (read more)
Credit Suisse's CEO is under the gun
Posted by on June 19, 2012
Brady Dougan was caught in an unusual public spat with Switzerland's central bank (read more)
Managing partner departs Triago
Posted by on June 19, 2012
Placement agent Triago continues to merge its secondaries and primaries teams, leading to the departure of a senior executive (read more)
Pension funds embrace alternatives
Posted by on June 19, 2012
The world's biggest investors are likely to take more money out of stocks and bonds in the next few years, as alternative investments move 'into the mainstream', according to Russell Investments (read more)
Eurotunnel hands NYSE first London listing
Posted by on June 19, 2012
The transatlantic stock exchange this morning secured the first listing for the London market it launched nearly two years ago (read more)
GLG’s 'Captain Magic' returns with property venture
Posted by on June 19, 2012
Raffaele Costa, a former partner at hedge fund GLG and keen yachtsman, has founded a new real estate investment firm (read more)
Asia-Pacific overtakes North America for wealth title
Posted by on June 19, 2012
The total investable wealth of the world's rich fell last year, according to latest Capgemini wealth report (read more)
Otkritie's £65m fraud bill wipes out London profits
Posted by on June 19, 2012
New filings at Companies House show for the first time the extent of Otkritie's losses from 'fraudulent' warrant transactions last year (read more)
Rivalries renewed as Ryanair bids again for Aer Lingus
Posted by on June 19, 2012
Budget airline Ryanair has made a third tilt for Irish carrier Aer Lingus, renewing old rivalries for a group of four bankers who advised on the previous bids in 2006 and 2008 (read more)
Aberdeen chief sells £2.5m of shares
Posted by on June 19, 2012
The sale reduces the chief executive's holding by about a sixth, at a time when City analysts are recommending 'buy' and 'hold' on the stock (read more)
Rio+20: The testing task of green accounting
Posted by on June 19, 2012
Three NGOs are pushing an initiative that will value the overall environmental impact of financial firms (read more)
Eurozone crisis topples France's tipple
Posted by on June 19, 2012
As if to add insult to injury, the ongoing crisis in the eurozone has damaged the price of top-quality wine in the Bordeaux region – a safe-haven asset after the 2008 crisis (read more)
Pension lifeboat CIO to jump ship
Posted by on June 19, 2012
The chief investment officer at the Pension Protection Fund is to leave in August to run Aviva's staff pension scheme (read more)
Commerzbank seeks leave to appeal UK bonus payment ruling
Posted by on June 19, 2012
German bank has applied to appeal a ruling by a UK court that would require it to pay up to €52m in bonuses to 104 former Dresdner Kleinwort employees (read more)
Dutch HFT taps Goldman Sachs for Chicago chief
Posted by on June 18, 2012
A new week brings another example of the growing stream of talent leaving Wall Street banks to join specialist prop houses (read more)
LSE rewards Italy chief with pay jump
Posted by on June 18, 2012
UK exchange operator rewards chief executive of Borsa Italiana – where post-trade revenues has soared in recent years (read more)
Bats to lose top lieutenant in Europe
Posted by on June 18, 2012
Paul O'Donnell, the operating chief of Bats Chi-X Europe, has resigned at a crucial time for the exchange group and is set to rejoin Morgan Stanley (read more)
Morgan Stanley nears settlement with Irish nuns
Posted by on June 18, 2012
US bank is in talks to settle legal proceedings brought by The Sisters of Charity of Jesus and Mary and other Irish investors over alleged structured investment losses (read more)
Deutsche Börse says NYSE merger veto was flawed
Posted by on June 18, 2012
The German exchange's lawsuit against the European Union is expected to last between 18 and 36 months (read more)
KKR handed equity boost from Boots stake sale
Posted by on June 18, 2012
US buyout firm receives the lion's share of its equity investment in Alliance Boots back after the sale of a 45% stake in the UK-based chemist chain (read more)
Departing FSA chief looks back with 'pride'
Posted by on June 18, 2012
Hector Sants, who will next week step down from the helm of the FSA, uses final annual report to hail regulator's willingness to learn lessons and change (read more)
Axa Investment Managers prepares for UK LDI push
Posted by on June 18, 2012
The asset manager has set up a UK liability-driven investment business by recruiting executives with a background at two of the leading firms in the sector (read more)
European investment banks 'still overstaffed'
Posted by on June 18, 2012
With revenue levels continuing to fall, the European investment banking industry still has too many bankers on the payroll, according to analysts and headhunters (read more)
Ontario fund mulls dividend recap for Camelot
Posted by on June 18, 2012
The teachers’ pension plan wants to adopt one of private equity’s most controversial practices for its refinancing of the UK lottery operator (read more)
Jefferies gives clue to Wall Street's latest trading tale
Posted by on June 18, 2012
US investment bank Jefferies reported a 14% decline in fixed-income revenues in the second quarter and said equities volumes remained muted over the period (read more)
LSE chief warns regulatory agenda ‘killing’ equity markets
Posted by on June 17, 2012
Xavier Rolet has warned in an exclusive interview with Financial News that the global regulatory agenda is 'effectively killing' equity markets. (read more)
European investment banks face €21bn loss from ‘Grexit’
Posted by on June 17, 2012
Investment banking units across Europe face €21bn in losses if Greece exits the eurozone, according to analysis by Credit Suisse (read more)
Key debt talks signal shake-up in private equity
Posted by on June 17, 2012
‘All-out war' at Blackstone-backed Klöckner as Biffa enters crunch restructuring with creditors (read more)
Hohn keeps star quality with a dash of prudence
Posted by on June 17, 2012
UK hedge fund manager has shown he can generate a double-digit return on the more-constrained fund he runs for the charity he supports (read more)
Ex-RBS equities staff map out their future
Posted by on June 17, 2012
While many of those made redundant when the UK bank closed its European cash equities business still have not found employment, a fortunate few have new roles (read more)
Fund manager CEOs fear euro uncertainty
Posted by on June 17, 2012
Chief executives of fund management companies are far more pessimistic than last year, according to the annual Financial News CEO Snapshot Survey (read more)
Asset managers bridge financing gap
Posted by on June 17, 2012
Shadow banking offers greater influence – but more scrutiny (read more)
Bank lobbyists crowd buyside on regulation fight
Posted by on June 17, 2012
Bank lobbyists are crowding out asset managers in the debate over regulatory reform, according to Richard Saunders, the chief executive of the IMA (read more)
Moleskine pens a new chapter
Posted by on June 17, 2012
The owner of Italian firm Moleskine, the maker of luxury notebooks favoured by Ernest Hemingway and Henri Matisse, has hired Goldman Sachs, UBS and Mediobanca to help it list on the Borsa Italiana in Milan (read more)
US high-frequency trader in talks with Dutch firm
Posted by on June 17, 2012
Eladian Partners is considering taking a stake in a Dutch market-making firm as part of its expansion into Europe (read more)
Great promotion … there’s just one catch
Posted by on June 17, 2012
In a challenging period for investment banks, the lustre of being named an MD is beginning to fade (read more)
Assessing a decade of the Deutsche Bank project
Posted by on June 17, 2012
On paper it looks as though Ackermann and Jain have left a strong investment bank on which their successors can build. But at what cost? (read more)
Pressure builds for George’s fifth Budget U-turn
Posted by on June 17, 2012
Advisers say a flawed attempt by Chancellor George Osborne to clamp down on tax avoidance will force him into a new strategy swerve (read more)
Wealth managers defy gloom to splash out on headcount
Posted by on June 17, 2012
Wealth managers are on a hiring spree as they seek to take advantage of a steady rise in the number of millionaires across the world (read more)
Plus Markets faces shareholder anger at crunch EGM
Posted by on June 17, 2012
Minority shareholder says he would 'prefer to go down in flames and bring the management with us' than accept agreed sale of exchange to Icap (read more)
Morgan Stanley was 'driver' on Facebook's wild IPO ride
Posted by on June 17, 2012
Investment banker Michael Grimes's audacious, successful pitch to minimise input from other underwriters put Morgan Stanley in a position to exert unusual control over Facebook's IPO (read more)
Axa swoops for Swedbank portfolio
Posted by on June 17, 2012
Axa Private Equity, which has just raised the largest secondaries fund on record at over $7bn, has completed a rare deal in the Nordic markets (read more)
ISS joins criticism of ex-Carrefour chief's €1.5m golden goodbye
Posted by on June 17, 2012
The French retail giant is the latest to face pressure from activist investors as Europe's 'shareholder spring' continues (read more)
Sorrell steps up at Man Group amid focus on costs
Posted by on June 17, 2012
Former Goldman Sachs managing director who played a key role in Man's FRM acquisition joins board, less than a year after joining the hedge fund manager (read more)
UK aims to mute impact of crisis
Posted by on June 14, 2012
The programs resemble the emergency measures enacted by central banks during peak crisis periods (read more)
Free market think tank blasts savings industry
Posted by on June 14, 2012
UK fund managers and pensions consultants might be left scratching their heads this morning, after taking a rhetorical broadside from a policy group that is usually a champion of the free market (read more)
Soaring revenues adds shine to Dutch HFT
Posted by on June 14, 2012
Flow Traders, which is expected to be put up for sale, showed that its revenues nearly doubled last year at its Dutch office (read more)
UK taxpayer stake in RBS and Lloyds could shrink by £6b to £9bn
Posted by on June 14, 2012
The implementation of the proposed overhaul of the UK banking sector could reduce the value of the government's holdings in Royal Bank of Scotland and Lloyds Banking Group by between £6bn to £9bn (read more)
People in the news this week
Posted by on June 14, 2012
(read more)
Carmignac takes a punt on the euro
Posted by on June 14, 2012
Carmignac, the French asset manager, is cautious on prospects for the euro, but it is taking a short term punt on the currency following its sharp decline (read more)
HKEx pulls ahead in race for LME
Posted by on June 14, 2012
The UK metal exchange this morning threw its support behind a takeover proposal from Hong Kong Exchange and Clearing, a deal that also continues a fine advisory run by the financial institutions group at Rothschild (read more)
New Bank firepower leaves analysts at crossroads
Posted by on June 14, 2012
Deutsche Bank analyst questions whether today is 'the last business day with the financial world as we know it' or just 'another in a long-running series of stare over the edge moments' (read more)
FSB urges 'aggressive push' to meet derivatives deadline
Posted by on June 14, 2012
Calls from the global regulator come amid concerns that the risk of regulatory arbitrage is growing as national jurisdictions fall out of sync (read more)
Carrefour shareholders scorn €1.5m golden goodbye
Posted by on June 14, 2012
The French retail giant is the latest to face pressure from activist investors as Europe's 'shareholder spring' continues (read more)
Former UBS GAM head joins independent trustee
Posted by on June 14, 2012
A former head of UK and Ireland at the bank's asset management arm is to join independent trustee firm Law Debenture (read more)
Investment bank of the Week: Morgan Stanley
Posted by on June 14, 2012
A mandate from Malaysian palm oil producer Felda Global Ventures means the US bank has now taken a lead role on the two largest IPOs of 2012 (read more)
Misra-led group acquires Plus Markets tech arm
Posted by on June 14, 2012
A consortium led by Hirander Misra and members of Plus Markets' technology team has acquired the exchange's technology arm (read more)
Gupta found guilty of insider trading
Posted by on June 14, 2012
The verdict caps the fall of the most prominent figure caught in the drive to stop the leaking of corporate secrets to Wall Street (read more)
Workplace pensions escape new EU rules
Posted by on June 13, 2012
Schemes look set to win reprieve from disclosure rules that were originally intended for the retail investment market (read more)
Palatine beefs up advisory board
Posted by on June 13, 2012
The private equity firm formerly known as Zeus is expanding the industrial expertise on its executive panel (read more)
Large institutions discuss new marketplace for bonds
Posted by on June 13, 2012
Corporate bond trading is expected to become more costly as new regulations limit bank activities (read more)
Lazard names ex-Citi chairman to board
Posted by on June 13, 2012
The politically connected Richard Parsons takes on another role after end of Citigroup career (read more)
Dimon on Hill: Cool and contrite
Posted by on June 13, 2012
The normally combative JP Morgan chief was contrite for most of the hearing, apologising several times for the bank's trading losses and saying 'the buck stops with me' (read more)
Trade of the Week: Dimon’s Senate performance
Posted by on June 13, 2012
JP Morgan Chase's share price rose as the US bank's chief executive appeared before a softball Congressional hearing (read more)
Icap tempts Plus shareholders with £500,000 sweetener
Posted by on June 13, 2012
The interdealer broker's increased offer for the UK’s junior stock exchange is designed to meet controversial parachute payments to management (read more)
Credit Suisse picks its outperformers
Posted by on June 13, 2012
Local rival UBS is among a clutch of banks that analysts at Credit Suisse believe can stand up to the market turmoil in Europe (read more)
FSB highlights pay standards gap
Posted by on June 13, 2012
Financial Stability Board publishes its latest assessment of the progress of implementing compensation principles, ahead of next week's G20 summit (read more)
EIM recruits research head
Posted by on June 13, 2012
The fund of funds manager, which was rumoured last month to be engaged in sale talks, has hired a former research head at UBP (read more)
Eurozone Watch: Moody's downgrades Spain
Posted by on June 13, 2012
Further downgrades could follow as a full sovereign bailout becomes more likely (read more)
Asian investors buck de-risking trend
Posted by on June 13, 2012
Institutional investors in Asia have doubled their allocations to equities over the past two years, as western institutions travel in the opposite direction (read more)
Russian banks continue hiring drive
Posted by on June 13, 2012
The country's biggest investment banks have all been active in hiring this year, while many of their large European rivals have been cutting back (read more)
Introducing our new iPad edition: Photo Galleries
Posted by on June 13, 2012
Want to see who are the world’s top technology bankers or the best paid women at global banks? Or want to know what the best 10 economic indicators are in a slideshow? (read more)
Allen Stanford sentencing: the arguments from both sides
Posted by on June 13, 2012
The convicted Ponzi schemer has been sentenced to 110 years in prison (read more)
ICB chair says UK bank reforms should go further
Posted by on June 13, 2012
Sir John Vickers said the government's recommendations to overhaul the UK banking sector do not go far enough (read more)
US giants climb the European bank research rankings
Posted by on June 12, 2012
Morgan Stanley is now the number one firm for European banks research, but UBS took the top spot for overall research for the 12th year in a row, according to the Thomson Reuters Extel survey (read more)
Leading European HFT hires Goldman strategist
Posted by on June 12, 2012
SSun Trading International, a high-frequency trading parented in the US, has hired a former Goldman Sachs equities strategist as banking job cuts loom (read more)
Will European regulators squash the 'shareholder spring'?
Posted by on June 12, 2012
As shareholders bare their teeth over executive pay, their corporate governance advisers are coming under scrutiny in Brussels (read more)
Boost for T2S as Euroclear signs up in 3 countries
Posted by on June 12, 2012
Europe’s much-delayed integrated settlement system has received a fillip from the decision by the world’s largest central securities depositary to join up in France, Belgium and Holland (read more)
FTSE launches currency index suite
Posted by on June 12, 2012
The group has launched a new index that tracks currency pairings, as exchanges and banks compete to offer investors new tradeable products based on benchmarks (read more)
Introducing our new edition: Financial News for iPad
Posted by on June 12, 2012
Financial News has made it even easier to find out who the movers and shakers are in the European financial markets (read more)
Dimon testimony says not enough risk limits on trades
Posted by on June 12, 2012
The cheif executive will testify that JP Morgan has made real progress in reducing risk (read more)
Trader's poker bet pays off
Posted by on June 12, 2012
A former equity-derivatives trader is now cleaning up at the poker table (read more)
BlackRock hires Hildebrand
Posted by on June 12, 2012
Philipp Hildebrand, who resigned as governor of the Swiss central bank in January amid controversy over his wife's currency trades, is set to join the US money manager (read more)
Dutch marketmaker mulls potential sale
Posted by on June 12, 2012
Flow Traders has appointed Lazard as a financial adviser as part of a strategic review that could lead to a sale of the business (read more)
WPP boss Sorrell loses pay vote
Posted by on June 12, 2012
As expected, shareholders rebel at advertising giant, making 2012 officially the worst year ever for pay defeats (read more)
Eurozone Watch: Short-lived rally disappoints
Posted by on June 12, 2012
Markets are unconvinced that the proposed Spanish bailout is a long-term solution (read more)
Autonomous picks top banks analyst to lead US push
Posted by on June 11, 2012
A top-ranked financials analyst at BofA Merrill Lynch, who recently received an apology from Jamie Dimon, has joined Lord Myners' research boutique (read more)
Nasdaq CEO lost touch amid Facebook chaos
Posted by on June 11, 2012
Three weeks after the crucial IPO Greifeld is still unsure why the exchange's technology systems failed (read more)
Ex-Deutsche Bank wealth head joins Kleinwort Benson
Posted by on June 11, 2012
Kleinworth Benson has filled a newly-created role with an ex-head from Deutsche Bank's private banking division (read more)
Time for the IPO market to emerge from the Stone Age
Posted by on June 11, 2012
The Facebook fiasco shows that many listing practices are hallowed more by history than sense (read more)
Evercore shareholders reject amended comp plan
Posted by on June 11, 2012
The advisory firm has been aggressive in adding bankers from larger rivals since the financial crisis (read more)
CFO at top Dutch HFT steps down after tax probe
Posted by on June 11, 2012
The chief financial officer of IMC Trading, an Amsterdam-based high-frequency trading firm, will return for a new role at the company in the autumn (read more)
Mandates of the Week: State Street, B&CE, Russell, Citigroup
Posted by on June 11, 2012
A $1.5bn win for Russell Investments, a brace of mandates at a London public pension fund and an Israeli custody win for Citigroup lead this week's roundup (read more)
Introducing our new edition: Financial News for iPad
Posted by on June 11, 2012
Financial News has made it even easier to catch up with the weekly newspaper and to find which stories are trending on the daily website (read more)
Hedges' assets: $5 trillion
Posted by on June 11, 2012
Funds may triple over the next five years according to a Citigroup survey, with new offerings stoking growth (read more)
Rolet ushers in new era with management rejig
Posted by on June 11, 2012
Financial News looks at the key leavers and joiners in the London Stock Exchange's reshuffle (read more)
Marshall Wace co-founder takes aim at industry
Posted by on June 11, 2012
Founder of Marshall Wace, one of Europe's largest hedge funds with almost $6bn under management, has argued the 'financial sector has become much too big' (read more)
UBS taps Citi in broking merry-go-round
Posted by on June 11, 2012
The Swiss bank has hired a former co-head of UK banking and corporate broking at Citigroup to work alongside the head of its own team (read more)
Meet UK banking's new lobbyist
Posted by on June 11, 2012
The man who is set to represent the troubled UK banking sector – replacing the long-serving Angela Knight in the role of chief executive of the BBA – brings to the position a triple mix of political, media and financial experience (read more)
Investors dash for cash
Posted by on June 11, 2012
Confidence among fund managers in a global recovery collapsed in June, according to Bank of America Merrill Lynch’s latest buyside poll (read more)
City voices plot path to prosperous Europe
Posted by on June 11, 2012
Mark Hoban, Douglas Flint and others share their thoughts on reforming Europe's financial services industry at an event hosted by TheCityUK (read more)
JP Morgan breaks into Malaysia securities lending market
Posted by on June 11, 2012
The custodian has become the first international lender to provide securities lending solutions in Malaysia (read more)
Banks slow out of the blocks in Olympics race
Posted by on June 10, 2012
With the 2012 Olympics fast approaching, fears are rapidly growing that the industry is ‘underprepared’ for the strain the Games will place on London’s infrastructure (read more)
EU considers imposition of gender quotas
Posted by on June 10, 2012
The number of women on the boards of European companies may be increasing, but the pace of change will have to accelerate dramatically if the corporate world is to ward off mandatory quotas being imposed by the European Union (read more)
Italian banks suffer value squeeze
Posted by on June 10, 2012
The combined value of the European country's listed financial firms is barely the same as that of toothpaste maker Colgate Palmolive (read more)
Leading high-frequency trading firm makes Hong Kong push
Posted by on June 10, 2012
Getco has started trading directly on Hong Kong's stock exchange for the first time, just weeks after a rival scaled back its presence in the region (read more)
Women in Finance: Focus on board diversity is the tip of the iceberg
Posted by on June 10, 2012
Progress at the top has not yet filtered down to women on the front line (read more)
Women in Finance: Renewed focus on returns
Posted by on June 10, 2012
Companies are realising they have to do more to increase their return on investment in human capital and ensure talented women return to full-time work (read more)
Time for the IPO market to emerge from the Stone Age
Posted by on June 10, 2012
The Facebook fiasco shows that many listing practices are hallowed more by history than sense (read more)
Eurozone puzzle presents a baffling set of permutations
Posted by on June 10, 2012
International pressure is building for a solution to the Greek crisis. FN assesses the balance of probabilities (read more)
Spanish bailouts raise spectre of moral hazard
Posted by on June 10, 2012
If Spain avoids the onerous terms and conditions attached to a government bailout by obtaining direct external funding for its banks, the burden is likely to fall on bond and equity investors, analysts have warned (read more)
It’s good to talk… but stay at home
Posted by on June 10, 2012
One of America’s most influential regulators has had its international hospitality budget cut from $3.55m to $25,000 a year (read more)
BNP Paribas weighs up asset management business sale
Posted by on June 10, 2012
Future of £510bn business under review as French bank mulls capital raising options under tougher regulatory requirements (read more)
ED&F Man picks over bones of MF Global
Posted by on June 10, 2012
Hires of 50 ex-staff from bankrupt former parent will aid push in currency, debt and equities (read more)
Private equity trade sales hit Euro record
Posted by on June 10, 2012
Market volatility and tight debt markets have prompted a surge in private equity firms exiting investments through trade sales (read more)
Chinese investors ride ETF helter-skelter
Posted by on June 10, 2012
Record-breaking $5.3bn Chinese exchange-traded fundraising has faltered by $1.3bn in value since launch last month (read more)
Shadow banking: not black and white but shades of grey
Posted by on June 10, 2012
A more subtle and nuanced appraisal of the risks and benefits of the sector is needed (read more)
Introducing our new edition: Financial News for iPad
Posted by on June 10, 2012
Financial News has made it even easier to read our leading news and analysis of the European capital markets with the launch of an iPad app (read more)
Trade of the Week: Banks rally on QE hints
Posted by on June 7, 2012
Hopes of further monetary stimulus in the US and Europe drove bank stocks higher this week (read more)
Cheyne reaps rewards from defensive position
Posted by on June 7, 2012
The August restructuring which created Real Estate Credit Investments, a listed fund run by Cheyne Capital, is paying off (read more)
People in the news this week
Posted by on June 7, 2012
(read more)
Pension schemes fight greater disclosure
Posted by on June 7, 2012
UK fund association warns schemes may have to publish more information on hedge funds and derivatives (read more)
Insurers continue to back private equity
Posted by on June 7, 2012
Fears that regulatory pressures will lead insurers to withdraw from the asset class may be overstated (read more)
China CIC chief sees rising risk of Euro breakup
Posted by on June 7, 2012
Lou Jiwei's comments are among the most bearish yet on Europe by a senior Chinese official (read more)
Q&A with Dörte Höppner, secretary general of the EVCA
Posted by on June 7, 2012
We quiz the secretary general of the European private equity trade body as part of a series on the FN100 Influential Women in the financial markets (read more)
Ex-Fannie Mae exec lands at BNY Mellon
Posted by on June 7, 2012
The custodian and investment management firm has recruited a former Fannie Mae executive to fill a newly created role of chief operations officer (read more)
Prosecutors hone Gupta case
Posted by on June 7, 2012
Lawyers present their version of events in US insider-trading trial (read more)
Plus Markets rebuffs shareholder criticism
Posted by on June 7, 2012
The company issued a lengthy riposte to activist shareholders who are waging war against the company's management following its decision to sell the stock exchange to Icap for £1 (read more)
Investment Bank of the Week: Bank of America Merrill Lynch
Posted by on June 7, 2012
The US bank, which has never previously advised a European bank on a Samurai bond issue, was able to leverage its strong relationship with a Scandinavian institution to land a significant bookrunner role (read more)
Otkritie rebuilds after mass defection
Posted by on June 7, 2012
Leading Russian broker embarks on a hiring spree after losing key staff to a rival, as order flow battle between London and Moscow intensifies (read more)
Meet the new EVCA chairman: Vincenzo Morelli
Posted by on June 7, 2012
The new chairman of the European private equity trade body is an active lobbyist in the buyout industry’s efforts to soften EU legislation (read more)
The next generation of SWFs: Ghana, Peru and Iran
Posted by on June 7, 2012
In the final instalment of a three-part series on the newest SWFs and the challenges their countries face in setting up and running them, Financial News looks at Ghana, Peru and Iran (read more)
Eurozone Watch: Decision time on Spanish bank bailout
Posted by on June 7, 2012
As Fitch downgrades the sovereign, reports emerge that Spain will make a formal request for an intervention in its banking sector (read more)
UBS racks up to $350m in Facebook losses
Posted by on June 7, 2012
The Swiss bank is weighing its legal options against Nasdaq OMX (read more)
Ex-Millennium trader takes in-house role at Goldman
Posted by on June 6, 2012
Hedge fund manager Jeffrey Burch has joined the private banking team at GSAM at a time when many traders at large investment banks are moving the other way (read more)
Baring’s bear fears the worst
Posted by on June 6, 2012
Percival Stanion has got most of the market's falls and rises right since 2008, and now he says we could be facing a cataclysm (read more)
New ETF tracks hedge fund gurus
Posted by on June 6, 2012
The exchange-traded fund from Global X Funds gives investors exposure to the long ideas of renowned hedge fund managers such as John Paulson (read more)
Greifeld says Nasdaq owes 'an apology'
Posted by on June 6, 2012
The chief executive's concession marks a departure from his first public comments on the Facebook IPO (read more)
Intel Capital branches into Turkey
Posted by on June 6, 2012
Intel Capital, the corporate venture arm of the IT giant Intel, has become the first Silicon Valley investor to open an office in the region (read more)
Baring’s bear fears the worst
Posted by on June 6, 2012
Percival Stanion has got most of the market's falls and rises right since 2008, and now he says we could be facing a cataclysm (read more)
Ex-Millennium trader takes in-house role at Goldman
Posted by on June 6, 2012
Hedge fund manager Jeffrey Burch has joined the private banking team at GSAM at a time when many traders at large investment banks are moving the other way (read more)
Can Credit Suisse solve its chronic cost problem?
Posted by on June 6, 2012
The Swiss investment bank has done a lot of things right over the past decade. But sorting out its cost base is not one of them (read more)
New ETF tracks hedge fund gurus
Posted by on June 6, 2012
The exchange-traded fund from Global X Funds gives investors exposure to the long ideas of renowned hedge fund managers such as John Paulson (read more)
Greifeld says Nasdaq owes 'an apology'
Posted by on June 6, 2012
The chief executive's concession marks a departure from his first public comments on the Facebook IPO (read more)
Barclays build gains strength in adversity
Posted by on June 6, 2012
Tom King, the head of investment banking, Emea at the UK bank, tells Financial News why corporate broking is key to the bank’s ambitions (read more)
Intel Capital branches into Turkey
Posted by on June 6, 2012
Intel Capital, the corporate venture arm of the IT giant Intel, has become the first Silicon Valley investor to open an office in the region (read more)
IIF head calls time on 19-year journey
Posted by on June 6, 2012
Former naval officer and banker, who represented private creditors in Greek debt restructuring negotiations, calls time on his tenure at the Institute of International Finance (read more)
Can Credit Suisse solve its chronic cost problem?
Posted by on June 6, 2012
The Swiss investment bank has done a lot of things right over the past decade. But sorting out its cost base is not one of them (read more)
The next generation of SWFs: Panama, Italy and Israel
Posted by on June 6, 2012
As part of a three-part series on the newest sovereign wealth funds and the challenges their countries face in setting them up, Financial News looks at funds in Panama, Italy and Israel (read more)
ECM bankers suffer from Emea slump
Posted by on June 6, 2012
Investors remain reluctant to commit to riskier assets while Europe's sovereign crisis rumbles on (read more)
Barclays build gains strength in adversity
Posted by on June 6, 2012
Tom King, the head of investment banking, Emea at the UK bank, tells Financial News why corporate broking is key to the bank’s ambitions (read more)
Eurozone Watch: Auction reprieve for Spain
Posted by on June 6, 2012
In a difficult week for Spain the latest government bond auction was well covered – but higher yields meant that pressure remained high (read more)
Fitch lowers its rating on Spain
Posted by on June 6, 2012
The ratings agency said European policy missteps have aggravated the country's economic and financial challenges. (read more)
Nasdaq to seek SEC approval for Facebook-related compensation
Posted by on June 5, 2012
Banks and trading firms including UBS, Citigroup and Knight Capital together lost more than $100m (read more)
Howard warns politicians as hedge funds feel regulatory heat
Posted by on June 5, 2012
Europe’s number one hedge fund manager, who rarely makes public speeches, urges policymakers to realise the crucial role his industry has to play in fostering an economic recovery (read more)
Whistleblowers extend regulators’ reach
Posted by on June 5, 2012
It won’t be long before the rewards on offer from the SEC’s new programme result in more UK informants (read more)
BTG Pactual partners pile on the profits
Posted by on June 5, 2012
Fresh from making millions from its IPO, the Brazilian bank's 168 partners are now benefiting from its hedge fund's performance (read more)
Morgan Stanley settles CFTC trading charge for $5m
Posted by on June 5, 2012
The bank allegedly unlawfully executed, processed and reported some off-exchange futures trades (read more)
Banks ready a new wave of redundancies
Posted by on June 5, 2012
Four of the world's largest investment banks have either launched or are preparing a new wave of job cuts, according to market sources (read more)
JP Morgan losing derivatives trades began in late 2011
Posted by on June 5, 2012
The US bank's lead regulator will appear before a Senate committee hearing (read more)
Dealers braced for second tech bubble burst
Posted by on June 5, 2012
US tech companies are pulling floats at a rate not seen since the dotcom bubble (read more)
JP Morgan DVA gains could hit $1bn in second quarter
Posted by on June 5, 2012
JP Morgan's multi-billion dollar trading loss could allow it to book a hefty gain on the value of its own debt, according to a former credit specialist at the US bank (read more)
Eurozone Watch: Spanish bailout looms
Posted by on June 5, 2012
ECB intervention in Spain looks more likely as budget minister calls for direct aid for Spanish banks (read more)
JP Morgan media star promoted as financial sponsors co-head returns to US
Posted by on June 5, 2012
The US bank's head of TMT investment banking will replace Karen Simon, named as one of FN's most influential women in European capital markets, who has taken a senior role in New York (read more)
Furious Plus investors claim they were 'misled'
Posted by on June 5, 2012
Shareholders in the embattled junior stock exchange have slammed senior managers over the way they reported the financial health of the company (read more)
The next generation of SWFs: Nigeria and Papua New Guinea
Posted by on June 5, 2012
Financial News will this week look at a handful of the newest sovereign wealth funds and the challenges their countries face in setting up and running them (read more)
BlackRock loses its cheerleader
Posted by on June 5, 2012
Bob Doll's decision to retire as chief equity strategist at BlackRock will rob the market of one of its most tireless bulls (read more)
Barclays adds to corporate FIG team
Posted by on June 5, 2012
A former HSBC banker takes a key Latin American role as Barclays continues to expand its financial institutions group in its corporate banking unit (read more)
JP Morgan media star promoted as financial sponsors co-head returns to US
Posted by on June 5, 2012
The US bank's head of TMT investment banking will replace Karen Simon, named as one of FN's most influential women in European capital markets, who has taken a senior role in New York (read more)
Furious Plus investors claim they were 'misled'
Posted by on June 5, 2012
Shareholders in the embattled junior stock exchange have slammed senior managers over the way they reported the financial health of the company (read more)
Howard warns politicians as hedge funds feel regulatory heat
Posted by on June 5, 2012
Europe’s number one hedge fund manager, who rarely makes public speeches, urges policymakers to realise the crucial role his industry has to play in fostering an economic recovery (read more)
Whistleblowers extend regulators’ reach
Posted by on June 5, 2012
It won’t be long before the rewards on offer from the SEC’s new programme result in more UK informants (read more)
The next generation of SWFs: Nigeria and Papua New Guinea
Posted by on June 5, 2012
Financial News will this week look at a handful of the newest sovereign wealth funds and the challenges their countries face in setting up and running them (read more)
BlackRock loses its cheerleader
Posted by on June 5, 2012
Bob Doll's decision to retire as chief equity strategist at BlackRock will rob the market of one of its most tireless bulls (read more)
BTG Pactual partners pile on the profits
Posted by on June 5, 2012
Fresh from making millions from its IPO, the Brazilian bank's 168 partners are now benefiting from its hedge fund performance (read more)
JP Morgan DVA gains could hit $1bn in second quarter
Posted by on June 5, 2012
JP Morgan's multi-billion dollar trading loss could allow it to book a hefty gain on the value of its own debt, according to a former credit specialist at the US bank (read more)
Eurozone Watch: Spanish bailout looms
Posted by on June 5, 2012
ECB intervention in Spain looks more likely as budget minister calls for direct aid for Spanish banks (read more)
Banks ready a new wave of redundancies
Posted by on June 5, 2012
Four of the world's largest investment banks have either launched or are preparing a new wave of job cuts, according to market sources (read more)
Nasdaq to seek SEC approval for Facebook-related compensation
Posted by on June 5, 2012
Banks and trading firms including UBS, Citigroup and Knight Capital together lost more than $100m (read more)
Barclays adds to corporate FIG team
Posted by on June 5, 2012
A former HSBC banker takes a key Latin American role as Barclays continues to expand its financial institutions group in its corporate banking unit (read more)
Dealers braced for second tech bubble burst
Posted by on June 5, 2012
US tech companies are pulling floats at a rate not seen since the dotcom bubble (read more)
Financial News is taking a short break
Posted by on June 3, 2012
Financial News is closed for the Jubilee bank holiday and will return with a full service on Wednesday, June 6 (read more)
Fears grow of ECB balance sheet stress
Posted by on June 3, 2012
The firepower of the European Central Bank is being questioned as the eurozone crisis worsens (read more)
Howard warns politicians as hedge funds feel regulatory heat
Posted by on June 3, 2012
Europe’s number one hedge fund manager, who rarely makes public speeches, urges policymakers to realise the crucial role his industry has to play in fostering an economic recovery (read more)
Whistleblowers extend regulators’ reach
Posted by on June 3, 2012
It won’t be long before the rewards on offer from the SEC’s new programme result in more UK informants (read more)
BTG Pactual partners pile on the profits
Posted by on June 3, 2012
Fresh from making millions from its IPO, the Brazilian bank's 168 partners are now benefiting from its hedge fund's performance (read more)
Dealers braced for second tech bubble burst
Posted by on June 3, 2012
US tech companies are pulling floats at a rate not seen since the dotcom bubble (read more)
Banks ready a new wave of redundancies
Posted by on June 3, 2012
Four of the world's largest investment banks have either launched or are preparing a new wave of job cuts, according to market sources (read more)
CQS’s Mandy Mannix resurfaces at F&C
Posted by on June 3, 2012
Former global head of sales and marketing at hedge fund manager CQS to join asset manager on July 1 (read more)
Revenues rise at Myners’ research firm
Posted by on June 3, 2012
Independent research provider chaired by former City minister Lord Myners enjoys revenue jump for year ended March 31 (read more)
IDBs hire top talent for Hong Kong
Posted by on June 3, 2012
Three of Europe’s largest derivatives brokers have gone on a hiring spree to attract top talent to their Hong Kong units (read more)
Balmoral sinking beneath the waves
Posted by on June 3, 2012
UK buyout firm founded by former executives of the European private equity arm of Credit Suisse First Boston, becomes the latest to move into run-off (read more)
Barclays build gains strength in adversity
Posted by on June 3, 2012
Tom King, the head of investment banking, Emea at the UK bank, tells Financial News why corporate broking is key to the bank’s ambitions (read more)
Traders set for Korean options hit
Posted by on June 3, 2012
An option on the index of Korea’s top 200 stocks is set to lose its crown as the world’s most traded derivative (read more)
Trade of the Week: Graphite gains
Posted by on May 31, 2012
Graphite exploration companies saw their share price rally on the Australian Stock Exchange this week as they reacted to new graphite sources (read more)
Five things to watch out for in a Greek exit
Posted by on May 31, 2012
MSCI has outlined what a Greek exit from the eurozone would mean for indices (read more)
LME sale: two bidders, one choice
Posted by on May 31, 2012
IntercontinentalExchange and Hong Kong Exchanges and Clearing are wheeling out the big guns in their last ditch efforts to convince the London Metal Exchange to make it the preferred bidder to buy the metals trading exchange (read more)
Western wealthy feel the pinch
Posted by on May 31, 2012
Wealth growth slowed to a trickle last year, following shrinkage in the US, Western Europe and Japan (read more)
Real estate bankers exit Deutsche and JP Morgan
Posted by on May 31, 2012
The banker who founded Lehman Brothers’ mortgage trading desk has left the German bank (read more)
Icap looks set to prevail in battle for Plus
Posted by on May 31, 2012
The UK exchange favours the interdealer broker's offer over a counter-bid made yesterday by Gulf Merchant Bank (read more)
US probe of JP Morgan widens
Posted by on May 31, 2012
Federal regulators are putting powers they gained in the Dodd-Frank financial overhaul law to use in an inquiry into the recent trading blunders at JP Morgan (read more)
Formula One delays Singapore IPO
Posted by on May 31, 2012
CVC Capital Partner's motor-racing franchise is delaying its $2.5bn public offering as choppy markets hit equity fund raising (read more)
Cohn confident deleveraging won't harm Goldman ROE
Posted by on May 31, 2012
The president and chief operating officer of Goldman Sachs has outlined the ways in which the Wall Street bank will protect its return on equity in an age of reduced leverage (read more)
Financial News Hedge Fund Awards 2012
Posted by on May 31, 2012
(read more)
Row brews over ETF trading tape
Posted by on May 31, 2012
Rival disputes iShares' claim that it this week launched the first consolidated trading tape of exchange-traded funds in Europe (read more)
UniCredit continues exit from cash equities via Kepler
Posted by on May 31, 2012
The Italian bank will hand over its Central and Eastern European cash equity businesses to the investment bank with which it has a strategic alliance (read more)
Jubilee reflections: The City of London in 1952
Posted by on May 31, 2012
As Queen Elizabeth II prepares to celebrate her 60th year on the throne, we turn the clock back to 1952 when austerity was also the order of the day (read more)
People in the news this week
Posted by on May 31, 2012
(read more)
Andrew Bailey appointed to Financial Policy Committee
Posted by on May 31, 2012
The interim successor to Hector Sants will replace the outgoing FSA chief executive at this month's FPC meeting (read more)
ING close to agreement on new pension scheme
Posted by on May 31, 2012
The Dutch firm has received trade union backing to increase its retirement age, as it prepares to split its banking arm from its investment and insurance operations (read more)
Meet Fan and Rankin's new executive team at Deutsche Bank
Posted by on May 31, 2012
The German bank has announced its executive committee for the corporate banking and securities unit, naming a new head of rates and credit and handing expanded roles to a cadre of veterans (read more)
Hat-trick for Alan Howard at FN awards
Posted by on May 30, 2012
The founder of Brevan Howard Asset Management picked up three prizes at last night's event in Mayfair, including the editorial choice award for Outstanding Individual Contribution (read more)
Deutsche Bank braced for activist backlash at AGM
Posted by on May 30, 2012
Criticism over succession planning, as Anshu Jain and Juergen Fitschen take over from chief executive Josef Ackermann, is set to dominate the German bank's annual meeting in Frankfurt today (read more)
BoA targets $4bn in quarterly trading revenues
Posted by on May 30, 2012
Chief executive Brian Moynihan says the bank has the right model to meet new regulations (read more)
Euro woes threatens prime London residential market
Posted by on May 30, 2012
A breakup of the eurozone or a major recapitalisation of the European banking system could threaten prime central London property’s status as a safe haven investment, according to a new report (read more)
Morgan Stanley CEO addresses Facebook IPO
Posted by on May 30, 2012
James Gorman confirmed that regulators are reviewing the information retail and institutional shareholders were given before the deal (read more)
Ex-Goldman banker Ferrari lands at Greenhill
Posted by on May 30, 2012
The independent investment bank is making good on its commitment to hire talent from bulge-bracket rivals (read more)
Investment bank of the Week: Goldman Sachs España
Posted by on May 30, 2012
Despite the political and economic controversy surrounding Spain, Goldman Sachs seems to be well positioned in the country (read more)
The Dresdner Kleinwort 104: Where are they now?
Posted by on May 30, 2012
The 104 bankers who this month won their battle with Commerzbank over unpaid bonuses are now spread across the industry. Financial News looks at where their careers have taken them since 2009 (read more)
Eurozone Watch: Spain yields fall back on ESM hopes
Posted by on May 30, 2012
Yields on Spanish government debt fell on Thursday morning amid reports that the European Stability Mechanism may offer direct support to failing banks (read more)
Eurex brings dealers into swap clearing service
Posted by on May 30, 2012
Clearing house to adopt a similar model to that of rivals by offering a financial interest in the new service (read more)
Gulf Merchant Bank makes new bid for Plus Markets
Posted by on May 30, 2012
The sale of Plus Markets has taken a new turn after the Middle Eastern bank that failed to buy the stock exchange operator earlier this month returned to the fold with a revised bid (read more)
Hedge fund trade breaks ETF model
Posted by on May 29, 2012
The mechanism that has worked well for physical ETFs for more than 20 years has fallen apart in the face of outsize trades (read more)
IMA warns regulators on sidelining investors
Posted by on May 29, 2012
Trade body for the UK's asset managers argues that shareholders should be at the forefront of engaging with banks' management on corporate governance issues (read more)
Euroclear UK profits highlight diversification push
Posted by on May 29, 2012
Profits at the post-trade services provider rise nearly 40% as it diversifies away from its core settlement business (read more)
CDC slumps to loss in 2011
Posted by on May 29, 2012
The emerging markets-focused investor that operates on behalf of the UK government posted its first red ink for three years after a fall in the value of its portfolio (read more)
Icap post-trade unit recruits sales chief
Posted by on May 29, 2012
Former Thomson Reuters and Bloomberg sales executive fills new post at Traiana (read more)
Once Upon a Time in the Markets
Posted by on May 29, 2012
A sudden showdown in the markets is on the cards, as and when investors find a reason to turn all this tension into a Lehman moment (read more)
UBS names new global head of FICC structuring
Posted by on May 29, 2012
Swiss bank hands the banker it named co-head of European FICC structuring just under 18 months ago, another promotion (read more)
Banks eye physical trading as regulation bites
Posted by on May 29, 2012
Two deals involving commodities companies this week could provide insight into how banks are trying to maintain exposure to the booming sector (read more)
High Court judge denies appeal on €52m bonus dispute
Posted by on May 29, 2012
Commerzbank also faces paying higher rate of interest in its long-running legal battle with 104 former Dresdner Kleinwort bankers (read more)
Clearing costs could shoot up under Basel III
Posted by on May 29, 2012
Analysis by JP Morgan casts doubt on initial assumptions surrounding the cost of risk exposure to clearing houses under new regulations (read more)
Jones to leave in NYSE Euronext restructure
Posted by on May 29, 2012
The global head of derivatives at NYSE Euronext is due to step down following a management restructure at the US-headquartered exchange (read more)
Threadneedle restructure continues with debt hires
Posted by on May 28, 2012
More moves are expected as the UK asset manager strengthens its emerging markets presence (read more)
Irish broker forced to cease activities
Posted by on May 28, 2012
One of Ireland’s oldest investment firms, which recently came to the attention in the UK due to a legal dispute with a group of nuns, was yesterday forced to cease all regulated activities (read more)
Bats unveils new market data strategy
Posted by on May 28, 2012
Alternative trading platform says its move to charge for data forms part of a broader strategy to increase pressure on incumbent exchanges by establishing a commercially 'fair price' (read more)
Investment banks get their house in order
Posted by on May 28, 2012
A spring clean has tidied up banks’ books and put them in a stronger position to deal with a downturn and regulatory headwinds. But is it enough? (read more)
Banks start dreaming up new pay recipes
Posted by on May 28, 2012
The European Parliament’s attempt to cap bonuses may actually be counterproductive (read more)
Diamond says government singled out Barclays in tax case
Posted by on May 28, 2012
A decision to to retrospectively order Barclays to close down two tax loopholes earlier this year was 'completely unwarranted' (read more)
FSA slaps record fine on hedge fund CEO
Posted by on May 28, 2012
Alberto Micalizzi, chief executive of Dynamic Decisions Capital Management, has been fined £3m and barred from finance for allegedly inflating performance figures (read more)
Busson's EIM on the block?
Posted by on May 28, 2012
News analysis: Times are tough for the fund of funds manager, but would Busson be willing to sell the company outright? (read more)
Meet Hermes’ high-conviction chief executive
Posted by on May 28, 2012
Saker Nusseibeh, chairman of the 300 Club of investment professionals, has been named chief executive of Hermes Fund Managers (read more)
Finance chief exits Liberum
Posted by on May 28, 2012
Chief executive Simon Sitwell says the boutique investment bank is committed to 'selective hiring' (read more)
Universities tap JP Morgan for key pensions role
Posted by on May 28, 2012
The Universities Superannuation Scheme continues its recent hiring spree with a chief operating officer hired from the US bank's custody arm (read more)
Cash is king in M&A
Posted by on May 28, 2012
The proportion of total mergers and acquisitions volume made up of cash only transactions for the year to date stands at the third highest level on record (read more)
Investors demand analysts examine governance issues
Posted by on May 27, 2012
Sellside urged to join in the Shareholder Spring (read more)
Black-box Winton goes to CERN for talent
Posted by on May 27, 2012
Winton Capital, Europe’s largest computer-driven hedge fund, has been forced to take its search for top research scientists to the particle physics capital of Switzerland (read more)
Basel rules narrow hybrid options
Posted by on May 27, 2012
The Basel III financial regulations are making it prohibitively expensive for banks to issue one class of hybrid capital (read more)
More hires than fires lift some market gloom
Posted by on May 27, 2012
While the majority of firms are cutting staff a few opportunistic banks and boutiques in the City are increasing their headcount in an attempt to snap up talent in uncertain markets (read more)
Downgrades from rating agencies force banks to go with the flow
Posted by on May 27, 2012
A rush into certain businesses, such as centrally cleared derivatives and flow products, is developing into a stampede. There won’t be room for all (read more)
iShares launches first consolidated ETF tape
Posted by on May 27, 2012
iShares will this week launch the first consolidated tape for the European ETF market, as part of a joint venture with data provider Bloomberg. (read more)
Divide grows within emerging markets M&A
Posted by on May 27, 2012
There is a growing gap between what investment banks’ mergers and acquisitions divisions are set up to do, and the types of deals that western companies are looking to execute, according to market participants (read more)
Head of sales and marketing exits CQS
Posted by on May 27, 2012
Mandy Mannix has left the firm after just under two years (read more)
AkzoNobel looks at second longevity swap
Posted by on May 27, 2012
AkzoNobel is considering a longevity swap for the second of its large UK pension funds, following a deal announced for the first fund last week (read more)
Fund plan for Milan’s Galleria of Italian luxury
Posted by on May 27, 2012
Italy’s luxury goods association Fondazione Altagamma has unveiled a development plan for Milan’s 19th-century landmark the Galleria Vittorio Emanuele II (read more)
PAI begins pre-marketing €3bn fund
Posted by on May 27, 2012
The French buyout firm is expected to begin fundraising for a new €3bn fund later this year, according to investors (read more)
Eurozone Watch: Debt-sharing pact mooted as alternative to eurobonds
Posted by on May 27, 2012
Europe looks for alternatives to fiscal transfer as sovereign crisis rumbles on (read more)
BofA Merrill hands FN100 banker Hoggett wider role
Posted by on May 27, 2012
Julia Hoggett adds responsibilities for short-term fixed income origination to her existing roles at the US bank she joined two years ago (read more)
Custodians fear Basel III insurance rules
Posted by on May 27, 2012
The indemnifications that custodians offer to securities lending clients are under threat from new regulation (read more)
Executive pay back under the spotlight at HSBC
Posted by on May 24, 2012
Investors will vote on chief executive Stuart Gulliver’s £7.2m pay packet at today's AGM, as HSBC's shareholders become the latest group to have their say on banking remuneration (read more)
People in the news this week
Posted by on May 24, 2012
(read more)
Emir faces summer consultation
Posted by on May 24, 2012
One of Europe's key regulatory responses is facing just six weeks over the holiday period for public review (read more)
Citadel trading executive leaving and Facebook loss seen up to $35m
Posted by on May 24, 2012
Analysts estimate total losses to Wall Street firms from the botched Facebook IPO at around $100m (read more)
Russia told to focus on pensions and perceptions
Posted by on May 24, 2012
The country needs to kick start the local pensions market and tackle a perception problem if it is to develop Moscow as a financial centre, according to market participants (read more)
Another ‘not like’ for Facebook
Posted by on May 24, 2012
MSCI has given the newly-minted public company the second-worst possible rating for its policies on the environment, social responsibility and corporate governance (read more)
JP Morgan had $101.3bn one-sided derivatives exposure
Posted by on May 24, 2012
Federal Reserve data backs up reports that traders' positions had reached a face value of at least $100bn (read more)
Investment bank of the Week: Morgan Stanley
Posted by on May 24, 2012
The US bank advised German cable company Kabel Deutschland on a €600m-plus M&A deal this week, two years after leading the company's initial public offering (read more)
Fidelity ups stake in LSE
Posted by on May 24, 2012
US fund manager becomes the third-largest shareholder in the London Stock Exchange, following this week's share sales by Italian banks UniCredit and Intesa SanPaolo (read more)
Giant Gulf funds refocus on alternatives
Posted by on May 24, 2012
Sovereign wealth funds in the Gulf of Arabia, which are sitting on over $1.5 trillion of assets, are coming around to hedge fund investment (read more)
Meet the new chairman of Euroclear
Posted by on May 24, 2012
The settlement provider has turned to a Frenchman with long experience in politics and finance for its next chairman (read more)
Brummer succumbs to Asian hedge fund syndrome
Posted by on May 24, 2012
More than 100 Asia-focused hedge funds have shut down in the last 18 months (read more)
UBS and Citigroup lost $50m due to Nasdaq's Facebook glitches
Posted by on May 24, 2012
The banks' exposure lifts the estimated financial hit from Facebook among brokers to more than $100m (read more)
The Herculean task of selling Greek assets
Posted by on May 23, 2012
Andreas Taprantzis, the executive director of Greece's privatisation scheme, talks to Financial News about the long slog of bringing assets to market, the decision to halt sales until the June election and why he took on the task (read more)
Timeline: Who has owned the LSE?
Posted by on May 23, 2012
Intesa Sanpaolo and Unicredit are just the latest companies to dump their holdings in the exchange (read more)
Underwriters make $100m profit on Facebook IPO
Posted by on May 23, 2012
Gains are expected to be offset by losses from reimbursing clients who were affected by Nasdaq's trading problems (read more)
ETF chiefs shrug off April slowdown
Posted by on May 23, 2012
The global head of exchange-traded funds at Credit Suisse has quelled concerns that the market is cooling, projecting growth continuing at a 'strong rate' (read more)
How to fix the banking system
Posted by on May 23, 2012
Sallie Krawcheck, the former president of Bank of America Global Wealth & Investment Management, has come up with four simple ways to improve the big banks including paying executives with bonds (read more)
Goldman Sachs sets sights on Europe and client gap
Posted by on May 23, 2012
Glenn Schorr and a team of analysts at Nomura publish details of a recent meeting with senior management at the US bank (read more)
Deutsche Bank loses top client banker
Posted by on May 23, 2012
Anthony Parsons, the vice-chairman of UK mergers and acquisitions, is the latest in a flow of bankers to boutique firms (read more)
The world's top technology bankers
Posted by on May 23, 2012
(read more)
Trade of the Week: Dusting off the drachma
Posted by on May 23, 2012
Banknote printer De La Rue has enjoyed a strong run on its share price amid continuing eurozone turmoil and reports that its presses are ready to roll if Greece switches back to its old currency (read more)
CVC maintains fundraising ambitions
Posted by on May 23, 2012
European buyout firm looks to stand out from peers Apax and Permira by setting its fund target as high as ever (read more)
Brazil fervour shows signs of strain
Posted by on May 23, 2012
ING Investment Management has become the latest to express concern about growth prospects in the Bric nation (read more)
Merrill Lynch International halves payout for best-paid director
Posted by on May 23, 2012
UK-based subsidiary of Bank of America Merrill Lynch reduces top payout but increases staff numbers in last financial year (read more)
Monaco private bank taps rivals for new hires
Posted by on May 23, 2012
KBL Monaco Private Bankers has filled new roles arising from its expansion plans from rival wealth managers (read more)
Goldman Sachs shareholders approve 'say on pay'
Posted by on May 23, 2012
Protestors were largely absent as the company convened at its Jersey City offices (read more)
UniCredit and Intesa Sanpaolo place LSE stakes on market
Posted by on May 22, 2012
The two Italian banks have been shareholders since the LSE acquired Borsa Italiana in 2007 (read more)
Pirc backs Deutsche Bank activist campaign
Posted by on May 22, 2012
UK shareholder adviser supports Hermes-led campaign to vote down motion at Deutsche Bank's annual meeting (read more)
Deutsche Bank research head scoops award
Posted by on May 22, 2012
German bank's head of equity research has been named as the best in the industry in an annual survey conducted by headhunter Sammons Associates (read more)
Q&A: William O’Brien, chief executive of Direct Edge
Posted by on May 22, 2012
The US exchange head answers criticism of high-frequency traders and equity market structure (read more)
Facebook underwriters revised forecasts ahead of IPO
Posted by on May 22, 2012
Regulators plan to review allegations that some information was shared only with certain investors (read more)
Wells Fargo has cash to spare for cherry picking
Posted by on May 22, 2012
The chief executive of Wells Fargo says the bank is keeping its eye out for assets in the US as European banks retrench in the country (read more)
Large investors choose to swim on their own
Posted by on May 22, 2012
Some of the world's biggest investors are betting they can beat real estate fund managers at their own game (read more)
Nasdaq points up regrets in launching Facebook IPO
Posted by on May 22, 2012
The exchange said it cannot promise customers they will be compensated for losses (read more)
Morgan Stanley turns to fund managers for LSE stake sale
Posted by on May 22, 2012
US bookrunner was acting for Italian banks UniCredit and Intesa SanPaolo in an accelerated bookbuild of their combined 11.5% stake in the UK exchange (read more)
Henderson aims to fill $180bn lending gap
Posted by on May 22, 2012
The fact that banks are pulling in their horns is leaving opportunities for the asset management industry (read more)
Meet JP Morgan’s new legal eagle: William R McLucas
Posted by on May 22, 2012
Former SEC enforcer is joining the US investment bank having once been tasked with investigating Wall Street firms (read more)
Fund manager focus: Swiss & Global in the lap of luxury
Posted by on May 22, 2012
The fund manager has rocketed to the top of the global equities category, thanks to some savvy investments in designer brands (read more)
Rowley run continues as PTT returns to the fray
Posted by on May 22, 2012
Thailand's national petroleum exploration and production company returns to bidding for UK-listed Cove Energy, as run of deals continues for UBS co-head of European M&A (read more)
Head of alternatives exits Credit Suisse
Posted by on May 21, 2012
Ravi Singh, who was in charge of the Swiss bank's $149.2bn alternative investments division, has resigned to pursue other opportunities, Financial News has learned (read more)
BoA Merrill hires former Lazard UK banking head
Posted by on May 21, 2012
Healthcare specialist joins US investment bank in top UK role amid rare signs of M&A activity in sector (read more)
Eurobonds in the spotlight ahead of EU summit
Posted by on May 21, 2012
Bonds issued jointly by eurozone members are once again being debated as the market considers how to avert a Greek exit, or contain the effects of it (read more)
JP Morgan reverses FICC forecasts
Posted by on May 21, 2012
Analysts at the US bank warn that combined FICC revenues at some of the world's largest investment banks could fall by almost a third in the second quarter (read more)
US banks look set to dominate again
Posted by on May 21, 2012
Banks in Europe are suffering significantly more from the downturn than their US cousins – and are rapidly losing market share (read more)
Bankers under fire as Facebook slips 11%
Posted by on May 21, 2012
Critics accuse the social networking company and its bankers of overestimating IPO demand (read more)
Group MD leaves Stenham
Posted by on May 21, 2012
Jeremy Alun-Jones, who joined the fund of funds when acquired Montier Partners 18 months ago, has left following a successful integration (read more)
BoE orders external crisis review
Posted by on May 21, 2012
The Bank of England has called in external experts to review its conduct during the financial crisis, following pressure from MPs to account for its conduct (read more)
Rivals go to lunch on JP Morgan's losses
Posted by on May 21, 2012
The trading blunders that have cost JP Morgan at least $2bn are shaping up as a boon for some of the bank's biggest rivals (read more)
Wells Fargo CFO: 'We have less risk than our peers'
Posted by on May 21, 2012
Senior executives at the US bank kick off an investor day by reassuring Wall Street that Wells Fargo is a more stable company than other big banks (read more)
Ricci urges European companies to 'embrace' bond markets
Posted by on May 21, 2012
Barclays' corporate and investment bank co-chief executive says companies need to reduce reliance on bank lending (read more)
Nasdaq OMX chairman backs CEO after Facebook fiasco
Posted by on May 21, 2012
H. Furlong Baldwin says the company is 'a far stronger and better company' as a result of chief executive's Bob Greifled's stewardship (read more)
Fund chiefs: bank rules will cause economic winter
Posted by on May 20, 2012
Banking regulations could stunt global growth (read more)
Pensions lifeboat to consider managing in-house
Posted by on May 20, 2012
The Pension Protection Fund, the UK’s safety net for pension funds whose parent companies collapse, has for the first time set out a plan to manage its own money (read more)
Dollar pricing entices European bond issuers
Posted by on May 20, 2012
The rationale for European issuers to bring bond deals denominated in euro is fast disappearing (read more)
Rabobank moves up queue of banks shedding fund arms
Posted by on May 20, 2012
Rabobank is preparing to start the auction of asset manager Robeco (read more)
Watchdogs thoroughly inadequately resourced
Posted by on May 20, 2012
European supervisors are staffing up to cope with the burden of developing post-crisis regulations (read more)
The real insider trading and market abuse scandal
Posted by on May 20, 2012
A spate of high-profile fines does not mask the fact that much criminal activity goes undetected and unpunished (read more)
US banks look set to dominate again
Posted by on May 20, 2012
Banks in Europe are suffering significantly more from the downturn than their US cousins – and are rapidly losing market share (read more)
Buyout firms to pay for PR push
Posted by on May 20, 2012
Europe’s largest private equity firms are pressing ahead with a campaign to boost their reputations after agreeing to fund the bulk of the project out of their own pockets (read more)
Norway SWF told to invest in land as climate change hedge
Posted by on May 20, 2012
Consultant recommends Norway’s Government Pension Fund Global to invest in agricultural land and forests (read more)
Analysts forecast dry spell for UK summer listings
Posted by on May 20, 2012
(read more)
Special opportunities rejig spells new era for Alchemy
Posted by on May 20, 2012
Alchemy Partners reduces investment in distressed debt and equity (read more)
Springett oils Tullow’s growth plans
Posted by on May 20, 2012
Q&A with Ian Springett, chief financial officer, Tullow Oil (read more)
Regulatory Snapshot: A question of resources
Posted by on May 20, 2012
Fears over regulators’ lack of manpower and market knowledge are contributing to the industry’s negative view of the impact of supervisory bodies (read more)
Nomura sets out plan to build US equities business
Posted by on May 20, 2012
Nomura is aiming to break into the top-10 rankings for US equities after more than doubling its market share last year (read more)
Level regulatory playing field remains a distant goal
Posted by on May 20, 2012
Financial News’s fourth annual survey highlights concerns over regulatory arbitrage (read more)
Man and FRM: A good merger forged by necessity
Posted by on May 20, 2012
Both Man Group and FRM have taken a big risk in joining forces, but their boldness is justified by the grimness of the alternatives (read more)
Dimon 'not worried' about ultimate CIO loss
Posted by on May 20, 2012
But the chairman and chief executive of JP Morgan today confirmed that the bank was cancelling a planned share buyback (read more)
Facebook prices its IPO
Posted by on May 17, 2012
The social network has the largest valuation for a US company at the time of its offering (read more)
Investment banking team of the Week: RBC Capital utilities
Posted by on May 17, 2012
The Canadian bank's willingness to provide access to its balance sheet helped it win a €3bn-plus advisory mandate in the utilities sector (read more)
European banks tipped to lose lending dominance
Posted by on May 17, 2012
Survey from Fitch Ratings finds bond managers united in expecting a smaller role for banks in the future of Europe's debt markets (read more)
People in the news this week
Posted by on May 17, 2012
(read more)
Facebook powers boutique's rankings jump
Posted by on May 17, 2012
US investment banking group Allen & Co has moved into the top 10 advisory rankings for global IPOs on the back of Facebook's giant float (read more)
Top 10 economic indicators: Money supply and EC economic sentiment
Posted by on May 17, 2012
Amid a blizzard of macroeconomic data, what are the most important numbers to watch and why? Financial News investigates in a series this week (read more)
Inside JP Morgan's blunder
Posted by on May 17, 2012
When Jamie Dimon saw the positions related to the bank's $2bn loss, people in the room say he couldn't breathe (read more)
Business confidence holds firm despite eurozone worries
Posted by on May 17, 2012
Respondents to this year's FN Regulatory Snapshot Survey are slightly more cautious about their business prospects than in 2011 (read more)
Rolet: The 'world is our oyster'
Posted by on May 17, 2012
LSE Group chief executive tells Financial News that global partnerships are at 'the core of our strategy' as UK exchange reports hike in full-year profits (read more)
Facebook finally opens at $42.99
Posted by on May 17, 2012
Shares in the social networking group could end their first day of trading even higher if recent history is a guide (read more)
The 1980s: France's last socialist decade
Posted by on May 16, 2012
(read more)
Top 10 economic indicators: PMIs, ECRI Leading Index
Posted by on May 16, 2012
Amid a blizzard of macroeconomic data, what are the most important numbers to watch and why? Financial News investigates in a series this week (read more)
Mizuho International chief exits after two years in charge
Posted by on May 16, 2012
The London-based securities and investment banking arm of the Japanese financial group has said Paul Hearn will leave the firm (read more)
US tech IPOs set to overtake 2000 levels
Posted by on May 16, 2012
Facebook is slated to raise at least $15.2bn which would be the largest global tech IPO on record, as internet IPOs prepare to surpass the level at the height of the dotcom boom (read more)
Plus Markets faces break-up as bidders resurface
Posted by on May 16, 2012
The troubled junior stock exchange, which on Monday said it had begun a six-month closure process, faces being sold to three different buyers, Financial News has learned (read more)
Judge allows Ablyazov appeal to continue
Posted by on May 16, 2012
Kazakh billionaire accused of embezzling $5bn during his tenure at BTA bank, can continue to pursue his appeal while in hiding (read more)
LDC reaches £1bn mark for downturn deals
Posted by on May 16, 2012
The £35m purchase of an advertising site operator sees post-crisis deal peak for one of the UK's most active mid-market firms (read more)
Gulliver sticks to targets as HSBC strategic plan stays on track
Posted by on May 16, 2012
A stream of disposals and a simplified operational structure has left the bank well placed to meet its goals, chief executive tells investors (read more)
Odey doubts Cameron credentials
Posted by on May 16, 2012
Hedge fund veteran takes aim at UK Prime Minister, saying he is 'no man to see the way out' of the current economic woes (read more)
Meet France's social democrat finance minister
Posted by on May 16, 2012
Pierre Moscovici, who represents the moderate social democrat wing of France’s Socialist Party, was named in new president Francois Hollande’s cabinet on Thursday (read more)
Investec waiting on fruits of Evolution
Posted by on May 16, 2012
South African bank will wait until the end of the summer before judging the success of its acquisition of Evolution Securities, according to MD Bernard Kantor (read more)
Trade of the Week: Wheat comes top of the crops
Posted by on May 16, 2012
The price of wheat has risen over 6% this week as reports of dry weather in grain-producing regions raised doubts about the size of this year's harvest (read more)
Iosco mulls new body to draw extra funding
Posted by on May 16, 2012
Securities regulator umbrella group, which named its new chairman today, is considering launching a foundation to attract fresh revenue sources and help fund its increasing workload (read more)
AIB reopens Irish securitisation market
Posted by on May 16, 2012
Bank carries out first unguaranteed Irish bank financing since 2009 – but has to opt for UK collateral (read more)
JP Morgan cash equities chief set for sabbatical
Posted by on May 15, 2012
US bank responds to the move by handing its head of sales trading in Emea the reins of its cash equities business in the region (read more)
FSA throws doubt over trading inducements
Posted by on May 15, 2012
FSA guidance into payments for order flow throws may result in increased fees for private investors, say practitioners (read more)
Investors 'paralysed' as risks remain
Posted by on May 15, 2012
Respondents to Bank of America Merrill Lynch's monthly fund manager survey are bearish on global economic growth (read more)
Top 10 economic indicators: China PMI and the ZEW
Posted by on May 15, 2012
Amid a blizzard of macroeconomic data, what are the most important numbers to watch and why? Financial News investigates in a series this week (read more)
GSAM flies the flag for emerging markets
Posted by on May 15, 2012
Goldman Sachs Asset Management has reconfirmed its view that investors should put a significant amount of their money into the emerging markets sector (read more)
Pensions chief calls for fund consolidation
Posted by on May 15, 2012
The chief executive of one of the world’s largest pension plans has said governments need to encourage funds to merge if they are to become 'true long term investors' in infrastructure (read more)
Justice Department opens JP Morgan inquiry
Posted by on May 15, 2012
Last week the Securities and Exchange Commission began its own review (read more)
Carmignac reduces euro exposure to zero
Posted by on May 15, 2012
French fund manager, famous for not losing money in 2008, has reached a position of maximum scepticism on the single currency (read more)
Icap's Spencer rubbishes 'laughable' FTT
Posted by on May 15, 2012
The chief executive of the UK inter-dealer broker adds that his firm is 'operationally ready' for what it sees as the likely exit of Greece from the eurozone (read more)
Deutsche Börse to slash clearing fees
Posted by on May 15, 2012
German exchange is to cut its cash equities clearing fees by up to 20% from July, as it steels itself for competition in clearing (read more)
Vanguard throws down the gauntlet in Europe
Posted by on May 15, 2012
The asset manager famed for its low-cost ETF products in the US, confirms plans to launch five such products on the LSE (read more)
Deutsche Bank shuffles equities pack
Posted by on May 15, 2012
The German bank achieved a clean sweep in equities sales, trading and research at the Institutional Investor European awards in February (read more)
Risky banking likely to move into the shadows
Posted by on May 15, 2012
Shadow banking has become something of a one-size-fits-all term for non-banking activity (read more)
Credit Suisse restructures ECM
Posted by on May 15, 2012
Swiss bank brings origination and syndication teams under one roof as it bids to break into the top-three ECM rankings globally (read more)
JP Morgan loss came on three-legged trade
Posted by on May 15, 2012
The complex web of trades that saddled JP Morgan with at least $2bn in losses had three key components, according to people familiar with the bank's strategy. (read more)
FSA bans BGC's Verrier in staff-poaching fallout
Posted by on May 15, 2012
Regulator relies on High Court ruling to question senior executive's 'honesty, integrity and reputation' (read more)
FN's guide to economic indicators: Surprise indices, ISM surveys
Posted by on May 14, 2012
Amid a blizzard of macroeconomic data, what are the most important numbers to watch and why? Financial News investigates in a series this week (read more)
Rising Star moves to Mazars
Posted by on May 14, 2012
The former head of financial institutions for the Central Bank of Ireland, who was named a Financial News Rising Star in 2010, joins accountancy firm (read more)
HSBC restructures exchange-traded fund business
Posted by on May 14, 2012
UK bank moves European ETF platform into its global asset management division (read more)
BNP Paribas adds to India custody team
Posted by on May 14, 2012
The French bank has boosted its custody business in India with a high-profile hire to support increased investor interest in the country (read more)
Prologue hires PMs for US mortgage push
Posted by on May 14, 2012
The fixed income hedge fund manager has roughly doubled its team of portfolio managers over the past 18 months (read more)
JP Morgan shareholders get to vent anger at AGM
Posted by on May 14, 2012
The meeting today is likely to hinge on a vote for the bank to strip Jamie Dimon of the title of chairman (read more)
Dresdner bonus trial provides ammo for City’s critics
Posted by on May 14, 2012
The ex-Dresdner bankers may be close to winning their battle, but will it be a pyrrhic victory? (read more)
Goldman names head of new institutional client group
Posted by on May 14, 2012
The new group is made up of sales people with cross-product experience (read more)
Clive Capital hedge fund manager paid $60m
Posted by on May 14, 2012
The highest-paid employee at the UK commodities hedge fund manager had their pay halved in 2011 but still took home one of the biggest disclosed packages by a financial services firm this year (read more)
Shareholder slams Plus Markets management
Posted by on May 14, 2012
The junior exchange's second-largest shareholder tells Financial News it will provide funds to 'safeguard the future' of the troubled group – if the management steps down (read more)
F&C loses more 'strategic partner' assets
Posted by on May 14, 2012
The fund manager, which today concluded an 18-month review of the business, said more money had been pulled by strategic partners (read more)
Investors echo bankers on LTRO III
Posted by on May 14, 2012
Results of an investor survey by ratings agency Fitch provide further evidence that the idea of fresh ECB intervention is gaining ground (read more)
GSAM flies the flag for emerging markets
Posted by on May 14, 2012
Goldman Sachs Asset Management has reconfirmed its view that investors should put a significant amount of their money into the emerging markets sector (read more)
ISS backs Deutsche management in activist campaign
Posted by on May 14, 2012
Influential voting adviser gives Deutsche Bank a shot in the arm for its handling of Ackermann succession (read more)
China may give foreign pension funds new investment opportunities
Posted by on May 14, 2012
Regulators are considering a new way for foreign pension funds to invest in China's capital markets (read more)
BofA Merrill’s European operating chief to step down
Posted by on May 14, 2012
Another key member of the team put together by outgoing Emea president Jonathan Moulds is to leave the bank (read more)
Richard Saunders: A tough act to follow at the IMA
Posted by on May 14, 2012
The chief executive of the Investment Management Association is to step down at the end of 2012 (read more)
Carlyle sees fundraising environment improving
Posted by on May 14, 2012
In its first quarterly earnings since its IPO, the private equity firm say they expect fundraising to accelerate over the summer as they market new European and Asian buyout funds (read more)
New figures reignite prop trading battle
Posted by on May 13, 2012
JP Morgan loss renews support for Volcker Rule, but bankers maintain regulatory focus is misguided (read more)
A cull of bankers this summer is beginning to look inevitable
Posted by on May 13, 2012
Banks can't even count on natural attrition this time round. They may be forced to cut deep just to stand still (read more)
Arle primes Fokker for take-off
Posted by on May 13, 2012
Dutch engineering group Stork is being divided into two separate capital structures by owner Arle Capital Partners (read more)
High-spending Sunrise spoils for Icap fight
Posted by on May 13, 2012
The world’s largest exotic equity derivatives brokerage, has gone on a spending spree for staff and technology to challenge arch-rival Icap amid OTC boom (read more)
Dresdner bonus trial provides ammo for City’s critics
Posted by on May 13, 2012
The ex-Dresdner bankers may be close to winning their battle, but will it be a pyrrhic victory? (read more)
JP Morgan plots Asian prime brokerage push
Posted by on May 13, 2012
US bank aims to replicate the model it rolled out with some success in Europe last summer (read more)
Springtime in Japan as activist manager launches new fund
Posted by on May 13, 2012
Governance for Owners is launching a new fund targeting small and medium-sized business in Japan (read more)
Madoff investor UBP shuts London funds
Posted by on May 13, 2012
Swiss asset manager and private bank closes institutional funds in the UK capital (read more)
Instinet shake-up could see broker exit markets
Posted by on May 13, 2012
The global agency brokerage wholly owned by Nomura, will become the electronic arm of the Japanese bank's equities franchise (read more)
HSBC to focus dark pool strategy on Europe
Posted by on May 13, 2012
Banking giant is in the advanced stages of planning for a new European dark pool trading platform, and has quashed plans to develop a similar venue in Hong Kong (read more)
Ballardie exits Barclays amid cost-cutting drive
Posted by on May 13, 2012
One of the European trading industry’s high-profile female executives, has left Barclays after a broader review of the bank's cost base (read more)
Afme prepares for launch of securitisation kitemark
Posted by on May 13, 2012
Move to revive Europe's ailing ABS market is expected to go live in the third quarter (read more)
Plus Markets set to close after early-hours deal collapses
Posted by on May 13, 2012
The junior London stock exchange – which this morning announced it had decided to close – had been locked in sales talks with a Middle East bank until the early hours of this morning (read more)
FN's guide to economic indicators: US nonfarm payroll and GDP
Posted by on May 13, 2012
Financial News will this week profile 10 pieces of macroeconomic data and look at why they are the most important numbers to watch (read more)
Shareholder rebellion at Deutsche Bank gathers steam
Posted by on May 13, 2012
US voting advisers Glass Lewis add their voice to an Anglo-German campaign against the bank's handling of succession issues (read more)
Meet the new head of JP Morgan’s chief investment office
Posted by on May 13, 2012
Matt Zames, who has in the past been touted as a successor to Jamie Dimon, takes charge of the division responsible for last week's huge trading losses (read more)
Trade of the Week: Shorts on nickel
Posted by on May 10, 2012
Slumping prices offered up handsome profits for short-sellers of the metal on the LME this week (read more)
JP Morgan's Dimon says bank took $2bn in trading losses
Posted by on May 10, 2012
The losses stemmed from derivatives bets in the bank's chief investment office (read more)
People in the news this week
Posted by on May 10, 2012
(read more)
FSA's new target may be too high a price
Posted by on May 10, 2012
The regulator's attempted fine of the former chief executive of UBS’s wealth management division – which was overturned last week – shows the regulator been seeking to target individuals of significant influence; but this approach may have unwanted consequences (read more)
JP Morgan holding talks with UK regulators
Posted by on May 10, 2012
The FSA has been requesting information from JP Morgan about how the bank's trading losses occurred and what steps are being taken to avoid such situations in the future (read more)
Meet JP Morgan's chief risk officer
Posted by on May 10, 2012
John Hogan, who only became the bank's group CRO in January, has been described as 'so close to Jamie Dimon, he can smell his sweat on a hot day' (read more)
Busson's Ark gala raises £14m
Posted by on May 10, 2012
The children’s charity founded by hedge fund financiers Arpad Busson, Paul Marshall and Ian Wace, last night raised £14.5m at its annual gala fundraiser in London (read more)
LCH adds risk and legal expertise
Posted by on May 10, 2012
The two appointments come at a critical time for LCH.Clearnet, which is preparing for new rules that are set to transform the clearing market (read more)
Rubin departs BC Partners New York
Posted by on May 10, 2012
James Rubin, the son of former US Treasury Secretary Robert Rubin, was a key figure in the firm's US expansion although his departure will not trigger a 'key-man' clause (read more)
Deutsche Bank and Guggenheim Partners in talks on RREEF sale
Posted by on May 10, 2012
The bank is focusing on the sale of its alternative investments platform, but has terminated talks on three other asset management units (read more)
Ten questions to be answered on 'London Whalegate'
Posted by on May 10, 2012
JP Morgan's revelation of a $2bn loss last night has shocked the markets, but key questions remain unanswered (read more)
Hedge funds profit as JP Morgan sees losses
Posted by on May 10, 2012
BlueMountain Capital Management and BlueCrest Capital Management each scored gains of about $30m (read more)
City bonuses at lowest level since mid-Nineties
Posted by on May 9, 2012
A 48% plunge in bonuses this year will leave payouts at just a fifth of their 2007 peak, as fresh data from the Centre for Economics and Business Research think tank heaps further gloom on London’s wholesale financial sector (read more)
Head of IR departs from Alchemy Partners
Posted by on May 9, 2012
Jill Newton becomes the third senior figure to leave the embattled turnaround specialist since the beginning of 2011 (read more)
Goldman cracks door on client events as it buffs image
Posted by on May 9, 2012
The bank's latest public relations charm initiative may involve a closer view of high-profile conferences (read more)
Voras hedge fund to close
Posted by on May 9, 2012
Former Morgan Stanley co-president Zoe Cruz is closing the hedge fund she started two years ago (read more)
Knight Capital loses shareholder vote on pay
Posted by on May 9, 2012
The result extends a string of defeats for financial services firms this year in votes around remuneration (read more)
European bailout code puts sovereign stability under threat
Posted by on May 9, 2012
Fears grow that the text establishing the permanent bailout mechanism for eurozone countries could lead to 'multi-notch downgrades and widespread selling of secondary debt' (read more)
Chi-X Global to shut Singapore venture
Posted by on May 9, 2012
The alternative exchange operator will mothball its Asian dark pool Chi-East later this month (read more)
Investment bankers of the Week: BofA Merrill UK ECM
Posted by on May 9, 2012
The bank was mandated as sole underwriter on a £1bn-plus block trade of stock in consumer goods group Reckitt Benckiser (read more)
CDC backs maiden Ethiopia fund
Posted by on May 9, 2012
The fast-growing economies of sub-Saharan Africa are drawing the gaze of many in the private equity industry (read more)
JP Morgan taps RBS for corporate banking hires
Posted by on May 9, 2012
The US bank hires two from RBS as JP Morgan’s corporate banking chief for Emea continues his rapid expansion of the division (read more)
Tullett Prebon cuts 140 staff
Posted by on May 9, 2012
Impact of thin trading volumes continues to bite across the financial sector as interdealer broker reports drop in first-quarter revenues (read more)
Instinet co-chief to leave amid shake-up
Posted by on May 9, 2012
Anthony Abenante, co-chief executive of Instinet, is set to leave his role at the Nomura-owned agency brokerage following a management shake-up, Financial News understands (read more)
Martin Currie hit with twin fine in conflict of interest case
Posted by on May 9, 2012
The Edinburgh-based fund manager has today been fined a combined $14m by regulators in the US and the UK (read more)
JP Morgan raises loss estimates on bad bets
Posted by on May 9, 2012
The bank has incurred $2 bn in trading losses in the past six weeks and could take an additional $1bn (read more)
Banking jobs set to fall to 1996 levels
Posted by on May 8, 2012
‘It feels more like a 50% drop,’ says one headhunter, as new figures paint a grim employment picture for the finance sector (read more)
Buy-and-build plunges to three-year low
Posted by on May 8, 2012
The difficult economic climate in Southern Europe has dragged down European ‘bolt-on’ deals by more than a third since the end of last year (read more)
Flash Crash ‘may occur again’
Posted by on May 8, 2012
The Federal Reserve Bank of New York is worried that stock markets remain prone to short, sharp falls after examining the evidence from the ‘Flash Crash’ of May 6, 2010 (read more)
Pensions service targets newly retired
Posted by on May 8, 2012
Actuaries Punter Southall take on insurers and retail financial advisers in growing pensions market by encouraging individuals to shop around for annuity contracts (read more)
Ice’s European profits surge
Posted by on May 8, 2012
Bourse's London base benefits from a boom in Brent trading as revenues and profits rise by a fifth (read more)
Losses narrow at Citadel Capital
Posted by on May 8, 2012
Egypt-listed private equity firm more than halves its losses in 2011 despite facing ‘substantial headwinds’ following the ousting of Hosni Mubarak (read more)
Ex-Dresdner Kleinwort bankers win bonus battle
Posted by on May 8, 2012
A group of 104 former Dresdner Kleinwort investment bankers have today won their long-running dispute against their former employer, after a London judge ruled that the bank broke its promise to pay guaranteed bonuses to them in 2008 (read more)
Slim moves on Europe
Posted by on May 8, 2012
Mexico's Carlos Slim made his first big move on Europe, offering $3.4bn to raise his stake in ailing Dutch phone company Royal KPN. (read more)
Tackling the growth dilemma for investment banks in Asia
Posted by on May 8, 2012
For all of the excitement about the long-term promise of Asian markets and the inexorable swing eastwards, investment banks have long known where the world’s financial centre of gravity lay (read more)
Esma sharpens focus on trade reporting
Posted by on May 8, 2012
Just weeks after the UK's Financial Services Authority began spot checks on trade reporting, Europe's super regulator launches its own consultation into the process (read more)
M&A bankers play second fiddle to in-house nous
Posted by on May 8, 2012
Company executives consider in-house teams to be their most important source of intelligence on potential M&A deals – in most sectors anyway (read more)
Pressure rises to ban £100bn pensions trap
Posted by on May 7, 2012
Former Pensions Regulator chairman calls for ban on cash incentives for members leaving DB schemes (read more)
Terra Firma sounds out investors for £1bn deal
Posted by on May 7, 2012
Buyout firm is taking a first step towards deal-by-deal financing by initiating talks with investors to raise funding specifically to buy residential property company Annington Homes (read more)
FSA ‘inducements’ review homes in on options market
Posted by on May 7, 2012
The FSA is investigating commission arrangements in the listed-options market and is expected to issue new guidance on the matter this week (read more)
Sovereign wealth firepower tops $5 trillion
Posted by on May 7, 2012
Total assets in sovereign wealth funds exceeded $5 trillion at the end of last month for the first time, fuelled by oil and other commodities (read more)
Grosvenor seeds FN Hedge Fund Rising Star
Posted by on May 7, 2012
The world’s fourth-largest fund-of-hedge-funds manager, has made a seed investment in Nightscape Capital, which was set up by FN Rising Star Nick Stukas (read more)
Fives and Wood Mackenzie for sale
Posted by on May 7, 2012
Buyout house Charterhouse Capital Partners is in the process of putting two of its businesses up for sale as it looks to raise a new fund next year (read more)
LCH takes on CME in swaps clearing battle
Posted by on May 7, 2012
Anglo-French clearing house is making an aggressive push to shore up its US market share in buyside swaps clearing (read more)
HFTs take flight from European exchanges
Posted by on May 7, 2012
High-frequency trading firms are reviewing their activities in the region ahead of potentially tougher regulation and a transaction tax (read more)
Bankers struggle to make sense of the M&A market
Posted by on May 7, 2012
In a bumpy market, heads of M&A are finding themselves stuck when asked to identify a trend (read more)
Verdict due in Dresdner Kleinwort bonus case
Posted by on May 7, 2012
The lengthy dispute between 104 former Dresdner Kleinwort investment bankers and their former employer over unpaid bonuses is set to draw to a close this week (read more)
Investors lose $5bn to ‘dumb’ routers
Posted by on May 7, 2012
US investors are losing about $5bn a year because equity trades in the US are not always sent to the exchange providing the best price (read more)
Analysts offer bullish views on Facebook ahead of Its IPO
Posted by on May 7, 2012
It is unusual for analysts to publish research before a company goes public (read more)
Europe powers HSBC investment banking arm
Posted by on May 7, 2012
Central bank interventions drive a rise in rates trading revenues that power HSBC's global banking and markets business back to profit in Europe after two quarters of regional losses (read more)
'Hardware failure' hits Deutsche Börse cash platform
Posted by on May 7, 2012
This morning's outage on Xetra marks the latest in a slew of technical problems to have afflicted Europe's trading infrastructure during the past year (read more)
Ex-Winton marketer joins US firm for Europe push
Posted by on May 7, 2012
The former co-head of European sales at Winton has been charged with opening a London office for a Princeton-based managed futures firm (read more)
Mandates of the Week: PPF; JP Morgan Worldwide Securities Services; Northern Trust
Posted by on May 7, 2012
A decision to curb administration mandates and costs by the UK's lifeboat pension scheme and an appointment by Sir Bob Geldof's pan-Africa private equity fund lead this week's round-up (read more)
US stocks drop on Greece concerns
Posted by on May 7, 2012
S&P 500 falls to two-month low (read more)
BNP and SocGen cut bonuses by about 50%
Posted by on May 7, 2012
The fall in bonuses reflect a decline in the French banks' performance in 2011 (read more)
Apollo looks to Europe for growth
Posted by on May 7, 2012
The president of Apollo Global Management says that Europe and the natural resources sector offer the biggest opportunities, after a sharp rise in earnings at the private equity firm (read more)
The DRCM diaspora: Five years on
Posted by on May 6, 2012
On May 3, 2007, UBS announced it would close Dillon Read Capital Management. Financial News charts the careers of some of those connected to the internal hedge fund (read more)
City watchdog matches bark with bite
Posted by on May 6, 2012
Tracey McDermott, acting director of financial crime at the FSA, tells Financial News why a more ‘muscular’ brand of regulation is needed (read more)
Shareholder revolution? It’s only a rubber guillotine
Posted by on May 6, 2012
The true test of investor feeling will come when the good times return (read more)
Tackling the growth dilemma for investment banks in Asia
Posted by on May 6, 2012
For all of the excitement about the long-term promise of Asian markets and the inexorable swing eastwards, investment banks have long known where the world’s financial centre of gravity lay (read more)
Humans still rule in the algorithm candy store
Posted by on May 6, 2012
Whether buying or building algorithms to trade in the futures market, fund managers are faced with a wider choice than ever (read more)
Politics fails to dampen Latin American passion
Posted by on May 6, 2012
State nationalisations aside, investment bankers remain enthusiastic about the region’s prospects (read more)
Gap to be bridged as funds eye bank infrastructure loans
Posted by on May 6, 2012
Infrastructure – one of the hottest topics in pension fund management – was high on the agenda at Financial News’ pension fund conference at the end of last month (read more)
Buyout firms squeeze teams for profits
Posted by on May 6, 2012
The size of buyout funds has exploded in the past decade but team numbers have remained largely unchanged (read more)
Investment bankers of the Week: Jefferies' healthcare team
Posted by on May 3, 2012
Three MDs on the healthcare team at Jefferies led the US bank's team advising Switzerland's Novartis on its $1.5bn acquisition of US peer Fougera Pharmaceuticals this week (read more)
Taking a tougher line on financial crime
Posted by on May 3, 2012
Tracey McDermott, the acting director of enforcement and financial crime at the FSA, tells Financial News about the regulator's crackdown on senior management (read more)
Otkritie suffers defections to rival broker
Posted by on May 3, 2012
Otkritie Capital has lost five of its sales and trading staff to rival BrokerCreditServices in recent weeks, as the battle for Russian order flow heats up (read more)
Trade of the Week: Flightless Kiwi a sitting target
Posted by on May 3, 2012
The New Zealand dollar was hit by a triple whammy of bad news this week, sending the currency crashing (read more)
Facebook sets IPO range
Posted by on May 3, 2012
The social network is on track to become the most valuable US web company at the time of an IPO (read more)
In Pictures: One World Trade Center
Posted by on May 3, 2012
(read more)
Rates and currencies shine at new-look RBS
Posted by on May 3, 2012
Royal Bank of Scotland this morning reported maiden results for its Markets business as a standalone entity, with the costs of restructuring the division eased by strong performance on its rates desk (read more)
BNP Paribas profit lifted by Klepierre stake sale
Posted by on May 3, 2012
The Paris-based lender said it had completed 80% of a restructuring plan intended to distance it from Europe's continuing debt crisis and posted firmly higher first-quarter net profit (read more)
People in the news this week
Posted by on May 3, 2012
(read more)
BNP Paribas targets growth in flow and US debt markets
Posted by on May 3, 2012
Global head of fixed income says eurozone crisis has 'strengthened the rationale' for global expansion into debt capital markets as French bank reports rise in FICC revenues in first quarter results (read more)
Norwegian SWF sells out of GIIPS exposure
Posted by on May 3, 2012
The biggest wealth fund in Europe now owns no Portuguese or Irish debt at all and its holdings in Spain and Italy are shrinking (read more)
Boleat lands top City policy role
Posted by on May 3, 2012
Mark Boleat, a former director general of the Council of Mortgage Lenders, is the new policy chair of the City of London Corporation, after being elected to replace outgoing Stuart Fraser (read more)
London mayoral election 2012: Who said what on the City
Posted by on May 2, 2012
Ahead of today's poll, Financial News examined the candidates views on finance (read more)
Dillon Read Capital Management: five years on
Posted by on May 2, 2012
On May 3, 2007, UBS announced it would close Dillon Read Capital Management, having reported subprime losses of SFr150m, in the first indication of the write-downs that were to come (read more)
Bank caution reflected in fixed income figures
Posted by on May 2, 2012
Credit trading desks cut their fixed income inventory substantially in the first quarter in what marks a structural change to the credit trading business as banks move to lower risk products (read more)
Carlyle Group IPO prices below range
Posted by on May 2, 2012
The deal's first day performance will be the latest test of investor interest in private equity (read more)
Marex circles prop trading firm
Posted by on May 2, 2012
The London futures brokerage is attracted by the market-leading technology of Schneider Trading Associates as it continues its bid to become a £1bn 'trading super-group' (read more)
SocGen gains from 'buoyant' FICC environment
Posted by on May 2, 2012
French bank's global markets unit records best set of quarterly revenues for more than two years – in part boosted by the flood of cheap money provided by the European Central Bank (read more)
Schroders' Dobson: 'Now is not the time for cost-cutting'
Posted by on May 2, 2012
Despite a drop in profits and a 'volatile' market outlook, UK's largest listed fund manager is not in a mood to retrench (read more)
Investment banks: Downhill for the rest of 2012?
Posted by on May 2, 2012
After a mixed first quarter, the question on the minds of many senior bankers is not whether things will get worse over the rest of the year, but by how much (read more)
Towers Watson talks tough on hedge fund fees
Posted by on May 2, 2012
The investment consultant thinks there is more work to be done on challenging hedge funds on the fees they charge investors (read more)
Companies favour JVs in bid for growth
Posted by on May 2, 2012
For cross-border acquisitions the world's largest companies are now more likely to pursue joint ventures or partnerships than traditional M&A (read more)
How pension fund money is hurting hedge fund returns
Posted by on May 2, 2012
Goldman Sachs says there are signs that the traits institutions show in their allocations could be dragging on performance (read more)
Aviva shareholders inflict rare defeat over pay
Posted by on May 2, 2012
Insurer is only the fourth FTSE-100 company ever to lose a shareholder vote over a remuneration report (read more)
The Sisters of Charity of Jesus and Mary edge closer to Morgan Stanley court battle
Posted by on May 1, 2012
A showdown between a group of Irish nuns and the US investment bank over a two-year old claim has moved a step closer (read more)
Wells Fargo eyes expansion of investment bank
Posted by on May 1, 2012
Tim Sloan, chief financial officer of Wells Fargo, says its investment bank will grow but will not become a 'disproportionate' share of the group's earnings (read more)
'Bond boom is on' as fund inflows rise
Posted by on May 1, 2012
Fixed-income funds were responsible for the lion’s share of inflows to long-term funds in the first quarter of 2012, according to a new report (read more)
Thomson Reuters outlines new Eikon rollout plan
Posted by on May 1, 2012
Sales of the group's news and data platform will be rolled out market-by-market after a disappointing first year of sales (read more)
UBS first quarter net profit falls on accounting loss
Posted by on May 1, 2012
The Swiss bank's net profit fell from a year earlier because of an accounting loss on its own debt, but it said it saw a 'partial recovery' in client activity levels (read more)
UBS shows glimmer of new era turnaround
Posted by on May 1, 2012
Investment bank exceeds 'low expectations' with better-than-expected underlying performance in the first quarter – as wealth unit is boosted by inflows (read more)
BofA Merrill salesman links up with ex-BlueCrest duo
Posted by on May 1, 2012
Mike Ward, whose imminent departure from the US bank was reported by Financial News yesterday, is to join hedge fund startup C8 Investments (read more)
Sellside faces extra $1bn tech bill
Posted by on May 1, 2012
Banks are set to spend more than $1bn this year on the back-office technology that underpins listed-derivatives trading (read more)
Staff costs drag on RenCap's UK arm
Posted by on May 1, 2012
Revenues at the UK arm of the Russian investment bank were more than offset by the cost of boosting its sales force last year (read more)
Montagu strikes deal with Apax for former Emap division
Posted by on May 1, 2012
Montagu Private Equity is to buy the CAP vehicle valuation unit for a reported £150m as media company looks to divest assets (read more)
ICE profits hit record as energy commissions rise
Posted by on May 1, 2012
The derivatives exchange beats expectations despite a fall in daily trading volumes (read more)
US Jobs Act sparks small-cap listings flurry
Posted by on April 30, 2012
The Jobs Act, one of the few moves to deregulate markets made by any government since the financial crisis, has had an early and positive impact in the US (read more)
Alternative lenders to help plug real estate gap
Posted by on April 30, 2012
Non-bank lenders are expected to provide an additional $150bn for European real estate lending through 2014 – although the deals they seek may not match opportunities in the market (read more)
Second proxy firm adds support to splitting roles at JP Morgan Chase
Posted by on April 30, 2012
ISS cites lagging returns as the reason to separate chairman and chief executive roles (read more)
Bank of America to cut from elite ranks
Posted by on April 30, 2012
The bank is planning about 2,000 staff cuts in its investment banking, commercial banking and non-US wealth-management units, said people familiar with the situation (read more)
Man Group's AHL slips further from fee milestone
Posted by on April 30, 2012
The hedge fund giant's flagship computer strategy has moved further from the point at which it can start charging performance fees, but funds run by GLG have been gaining ground (read more)
BofA Merrill rejigs European equities management
Posted by on April 30, 2012
US investment bank has moved its head of equity research for Europe, Middle East and Africa to run its equities distribution team, Financial News has learnt (read more)
Pensions advised to re-consider equities
Posted by on April 30, 2012
Former BoE economist Sushil Wadhwani says the equity-risk premium is at a 25-year high and schemes should try to overcome their risk aversion (read more)
Nomura positive on banking laggards
Posted by on April 30, 2012
Banking analysts at Japanese bank argue BNP Paribas and UniCredit are being unfairly penalised by the markets – and are set to outperform their peers in the short term (read more)
Ex-Morgan Stanley duo complete first buyout
Posted by on April 30, 2012
A private equity firm founded by two former Morgan Stanley executives has completed its first buyout deal – using deal-by-deal financing rather than a traditional fund structure, an approach increasingly favoured by buyout firms (read more)
Bats Europe completes Chi-X integration
Posted by on April 30, 2012
The alternative exchange operator puts the failure of its IPO behind it to complete technology migration of Chi-X Europe (read more)
Top Pimco Europe earner nets £30m
Posted by on April 30, 2012
The highest-paid director at the European arm of asset manager Pimco was paid £29.9m in 2011, double that of JP Morgan chief executive Jamie Dimon (read more)
Barker to leave Liquidnet
Posted by on April 30, 2012
Barker, who played a major role in building Liquidnet's successful block trading business outside the US, is set to leave the company after 11 years (read more)
FSA prepares crackdown on market abuse
Posted by on April 29, 2012
Regulator will begin spot checks of firms’ reporting systems to review compliance with the rules (read more)
Former RBS staff are finding jobs market tough
Posted by on April 29, 2012
Only one in nine former Royal Bank of Scotland staff hunting employment over the past three months have found themselves new jobs (read more)
Will the real hedge fund industry please stand up
Posted by on April 29, 2012
Alternative and edgy or mainstream and less volatile? Time to decide and charge accordingly (read more)
Bank of England now steered by a new Compass
Posted by on April 29, 2012
Sir Mervyn King has quietly ditched the economic forecasting model he brought in when appointed governor (read more)
Venture deals fail to emerge from slump despite ‘great opportunities’
Posted by on April 29, 2012
European activity has failed to recover from the near 12-year lows of 2011 (read more)
Concerns raised over ETF index blind spot
Posted by on April 29, 2012
Industry participants warn UK regulator's report may not have scrutinised the sector enough (read more)
Goldman keeps on giving
Posted by on April 29, 2012
UK arm of the Wall Street bank's charitable foundation hiked donations by 137.5% in the year to last June (read more)
Fund managers launch recruitment offensive
Posted by on April 29, 2012
Institutional sales and marketing hiring aims to claw back crisis losses (read more)
AlpInvest London chief quits in Carlyle shake-up
Posted by on April 29, 2012
Europe's biggest private equity investor closes London office after Carlyle deal (read more)
Trading firms in uproar over Nasdaq OMX’s clearing U-turn
Posted by on April 29, 2012
Exchange group under fire after delaying planned reforms to its Nordic markets (read more)
Aberdeen profits rise in first half
Posted by on April 29, 2012
Underlying pre-tax profits at Aberdeen Asset Management have risen 14% since the end of September, as efforts to control costs and investor appetite for riskier assets paid off (read more)
NYSE aims for post-trade growth in 2012
Posted by on April 29, 2012
Duncan Niederauer, chief executive of the transatlantic exchange, expects trading volumes to remain muted and says 2012 will be 'critical' for the group’s post-trade products (read more)
CDC looks to build up direct division
Posted by on April 29, 2012
The government-backed emerging markets investor has set out plans to increase its headcount by 20% by the end of the year (read more)
Ex-Icap equities chief joins WH Ireland
Posted by on April 29, 2012
Glenn Poulter, a former head of equities at Oriel Securities and the banker hired to spearhead Icap's ill-fated push into equities in 2010, joins mid-cap broker (read more)
People in the news this week
Posted by on April 26, 2012
(read more)
LSE to launch real-time FTSE indices
Posted by on April 26, 2012
The FTSE100 and other indices will be provided on a real-time basis by the end of this year, the LSE has said (read more)
Investment bank of the week: UBS
Posted by on April 26, 2012
Jonathan Rowley, co-head of European mergers and acquisitions at UBS, has been the common denominator across a hat-trick of deals (read more)
CME moves up transition to new CEO Gill
Posted by on April 26, 2012
Phupinder Gill is due to take over as CEO before the exchange's shareholder meeting next month (read more)
Trade of the week: Warm milk
Posted by on April 26, 2012
An oversupply of milk in the first quarter – caused by unseasonably warm weather – provided some traders a potential 23% gain from the price drop (read more)
UK's Turner wants EFSF and ESM to recapitalise banks
Posted by on April 26, 2012
The eurozone's two bailout funds should be used to recapitalise the currency union's stricken banks, UK Financial Services Authority chairman Adair Turner will say on Friday (read more)
In Pictures: Barclays AGM
Posted by on April 26, 2012
(read more)
Nomura profits slump in wholesale division
Posted by on April 26, 2012
The Japanese bank falls to a full-year loss at its wholesale arm – despite its best quarterly performance in global markets in six quarters (read more)