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...But the discussions underscore JPMorgan’s efforts to own a payments network to support its cards business and lessen its reliance on third parties such as Visa and Mastercard....
...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...There will also be an undisclosed amount of debt financing provided by a group of private lenders including Blackstone Credit, HPS Investment Partners and Blue Owl Capital....
...Warburg Pincus has teamed up with former Credit Suisse chair Sir António Horta-Osório on a €6bn-plus bid by the US private equity firm for Altice’s Portuguese telecoms assets, according to people familiar...
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...The deal allowed Credit Suisse to cut its holdings of such assets from $75bn to $20bn. Apollo rebranded the business as Atlas....
...Citadel Securities has bid about Rmb2bn ($280mn) for Credit Suisse’s Chinese securities business, as the market maker founded by billionaire Ken Griffin pushes ahead with expansion plans in China, people...
...UBS put the business up for sale after taking control of Credit Suisse when it collapsed last year. It already has a securities unit in mainland China and cannot hold two licences....
...So I thought it was a good time to catch up with Armen Panossian, who will become Oaktree’s co-chief executive by March and currently heads up its performing-credit business....
...“Direct lenders made significant market share gains on the banks because the banks were undergoing periods of stress,” said Kipp deVeer, head of Ares’ credit business....
...As the name suggests, this is a “business development company”, a weird but fascinating and uniquely American construct....
...The deal’s ability to win over competition regulators may depend on which business they focus on....
...It has expanded into areas such as invoice financing and credit cards, and acquired a business that connects customers with professional contractors....
...It’s one of the many things we’ll be discussing at The Business of Football Summit, which returns next month in London....
...Speaking at an event at Stanford University, he claimed credit for recognising years ago how significant AI would be for all of Google’s products....
...There was a ban on imports of Russian diamonds but that did not cover industrial diamonds. Croatia also secured an exemption on importing Russian vacuum gas oil....
...The EU today added Russia’s largest diamond-mining company and its CEO to its sanctions list, complementing the ban on imports of Russian diamonds that came into effect on January 1....
...Guggenheim currently manages nearly $300bn and is considered one of the savviest credit market investors in the world....
...The credit business Zito leads includes roughly $461bn of the firm’s investments across structured credit, corporate bonds and loans and private credit....
...Argus subsequently grew by acquiring other companies and counts Platts, part of credit rating company S&P, among its competitors....
...It also suffered from poor performance during the early days of the pandemic, when Hintze’s flagship fund took a 34.8 per cent hit as a result of structured credit bets....
...Barriers to entry in the private credit business are either quite low....
...In April, the New York firm bought Iron Park, a private credit fund manager. It acquired a stake in Clipway, which buys second-hand investor stakes in private equity funds — or secondaries....
...“If we lend private debt to borrowers in Turkey, we can get gas stations and apartments and shopping malls as uncorrelated collateral to their business yet still get 10 per cent additional yield per annum...
...Credit Suisse investors want their money back Swiss politicians labelled UBS’s emergency rescue of Credit Suisse the “deal of the century”....
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