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...Read the full story here Five unmissable stories this week The board of Baillie Gifford’s flagship £14bn Scottish Mortgage Investment Trust has announced a £1bn share buyback in an attempt to prop up its...
...Which is what happened in 1997 and 2007 — and what I saw unfold in the sushi restaurant last month....
...The lines are already drawn: JPMorgan Chase’s Jamie Dimon and proxy adviser Glass Lewis have backed Iger, while ISS, the other main proxy adviser, has thrown its weight behind Peltz....
...Some of the biggest have come from the banks, such as Barclays’ £10bn capital return plan, but this week’s £1bn announcement from Scottish Mortgage shows investment trusts also hope to close the valuation...
...They include Baillie Gifford’s flagship Scottish Mortgage Investment Trust, Bill Ackman’s £7.4bn Pershing Square Holdings, and the £2.5bn RIT Capital Partners trust....
...(His successor at HKEX, Nicolas Aguzin, is also a former JPMorgan banker). Li made his name with ambitious dealmaking, including the £1.4bn acquisition of the London Metal Exchange in 2012....
...Richard Watts and Nick Williamson, the managers of the Chrysalis investment trust, are leaving asset management group Jupiter....
...Eventually, borrowers in the US and Europe will be pushed to the market because their mortgage terms are ending and they cannot afford to refinance at far higher rates....
...At the Sohn investment conference in London on Wednesday, Block said he is shorting Blackstone Mortgage Trust, a publicly traded real estate investment trust Blackstone took control of a decade ago as it...
...Carson Block’s hedge fund Muddy Waters has revealed a bet against the New York-listed Blackstone Mortgage Trust, a $22bn real estate investment trust managed by private equity giant Blackstone....
...Which brings us to the question of whether JPMorgan benefits from such deals. Looking back at its (far bigger) 2008 acquisitions yields a mixed conclusion....
...JPMorgan’s acquisition was a capstone by Wall Street’s most senior banker during an acquisition binge in which the bank made 80 strategic investments and acquisitions in 2021 and 2022....
...Micro Connect “communicated with us many times to gain our trust, letting us understand this way of obtaining funds”....
...Job moves Scottish Mortgage Investment Trust has named seasoned board trustee Sharon Flood and Unilever strategy head Vikram Kumaraswamy as independent non-executive directors....
...Despite a reputation for shrewd trades, Lewis swallowed a $1bn loss after buying shares in Bear Stearns in 2007, a year before JPMorgan rescued the Wall Street bank amid the credit crunch....
...“The difference is that unlike homebuyers who pay the mortgage, they transfer the mortgage back to the company so it’s the customers who pay the interest.”...
...In 2007, he sold First Republic to Merrill Lynch for a 40 per cent premium....
...He will be replaced by Timothy Flynn, CEO and chair of KPMG’s US firm and a board director at JPMorgan....
...Spreads on triple-B commercial mortgage-backed securities, the lowest rung of investment grade, are shooting up: And so are lenders....
...Dimon is on the defensive, not just in cutting JPMorgan’s risk, but in warding off outside threats....
...“Remember that problem of the rating agencies in 2007?”...
...You just have to trust him....
...Anna NicolaouStructurally, those securities are the same thing as subprime mortgages....
...And Peltz knows the company well, at least in pre-merger form, having invested in Heinz between 2006 and 2011 and in Kraft between 2007 and 2013. Would shareholders go for it?...
...He impulsively fired Warren Spector, the head of the firm’s massive mortgage business, in August 2007, because Spector had the temerity to be out of the office at the same time as Cayne the month before,...
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