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...Berlinski, who will become co-chief operating officer, is the latest in a series of high-profile departures from Goldman, where chief executive David Solomon is contending with renewed upset over appointments...
...Additional reporting by Joshua Franklin and Jennifer Hughes in New York...
...The collision of the new world and the old, and combination of high stakes politics and high camp frivolity is fitfully diverting....
...The lender said net income increased to $13.4bn in the first quarter, up 6 per cent from a year earlier and better than analysts had expected....
...Pick pointed to pressure on private equity firms to sell existing assets and deploy new funds and big companies’ need to overhaul supply chains as drivers for more investment banking activity....
...It has put the mandate to manage the fund out to tender, with Franklin Templeton’s current tenure due to expire next year....
...Harriet A, Josh Franklin and Ortenca Aliaj have the scoop....
...With about 40 per cent of its assets in fixed-income funds, Franklin could benefit from the peak-rates wave of money coming back into bonds....
...Franklin reported $417mn in adjusted operating income for the last three months of 2023, down 18.5 per cent from the prior quarter and up 5.5 per cent from the year-earlier quarter....
...And then you’ve got the have-nots, the kind of mid-sized regional banks on down that have really seen their profit margins struggle in a period of high interest rates....
...Despite the brighter outlook for net interest income, on average across the six banks analysts are anticipating net income for the first three months of 2024 will fall about 14 per cent, according to consensus...
...In the end, the job went to Raghavan, a man, about the same age as Fraser....
...“If you are 24, someone 81 looks ancient, but if you are our age, you tend to think ‘he’s just getting started’,” says Franklin, who at 69 is a contemporary of mine....
...“Their income is getting squeezed,” said Christopher Whalen, a veteran industry analyst, who is the head of Whalen Global Advisors....
...Other investors included Hudson Bay Capital Management, which put in $250mn, and Citadel, the hedge fund led by billionaire Ken Griffin....
...The lower pay was blamed for a number of high-profile departures from Goldman this year....
...That eclipsed the bank’s previous high of $48.3bn set in 2021....
...First under Schlosstein and then Weinberg, the firm has aggressively pushed into once-esoteric areas of alternative assets investing: helping private equity firms raise money and trade secondary fund slices...
...The largest US bank reported fourth quarter net income of $9.3bn, down from $11bn a year earlier....
...Countries around the world are struggling to fund old age benefits as longevity increases, but the US has a particularly acute problem, as more than 4.1mn Americans retire annually — or a predicted 11,200...
...Bitcoin has fallen 16 per cent from its all-time high last week, as the investor flows into new stock market funds that had driven a huge rally this year go into reverse....
...The most significant move is Piepszak’s, whose switch from retail banking to co-head of investment banking and trading is a high stakes audition to show she can run JPMorgan’s two largest businesses....
...GQG holds 700,000 Goldman shares, worth about $260mn at Wednesday’s closing price, for its US fund. Goldman is the only US bank in its portfolio....
...Taiwan fund houses earned NT$9.1bn ($281.1mn) in management fees from exchange traded funds last year, up 28 per cent from 2022, as the local ETF boom drove the market to record highs....
...California-based Franklin, with $1.4tn in assets, experienced almost $7bn in net outflows in the latest quarter largely due to underperformance in its Western Core Plus fixed income fund, which was caught...
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