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...Two years ago Ruffer’s investment chief Henry Maxey promised us a full-blown liquidity crisis as the Fed tightened monetary policy. All we got were a few gormless US banks embarrassing themselves....
...The largest US bank by assets, JPMorgan Chase, was able to outbid smaller suitors. To be sure, there may be instances when a sale to a mega bank will minimise both financial and social costs....
...In fairness to Barclays, it has gone further on green policy than some other banks, notably most of its US counterparts....
...The US bank said efforts to cut back the use of coal, oil and gas had been hit by higher interest rates and inflation, as well as the wars in Ukraine and the Middle East....
...Board chair Larry Kellner will leave in May....
...US banks, including JPMorgan Chase, are getting going in size after a nod from the Federal Reserve last year. You can read the full piece here....
...But western lessors “may be at the start of a trend to de-risk” from China, said Eddy Pieniazek, head of advisory at aviation consultancy Ishka....
...bank SG Warburg....
...Both are now “overweight” US government bonds in the belief that the Fed may already be done raising rates and that Treasuries would perform well during a period of economic weakness....
...According to the Financial Services Forum, which lobbies for the eight largest US banks, its members had $940bn of capital at the end of 2023, up from just under $297bn in 2009....
...Meanwhile, scores of fund managers have left the firm or been axed in the past few years, including a large part of the company’s multi-asset team....
...DD readers may remember AT1s — which were introduced by regulators after the financial crisis to help shore up banks’ balance sheets — as the bane of many bondholders’ existence after Swiss regulator Finma...
...Private equity stakes unloaded at a discount as investors seek exits Pension funds may be starting to find that their private equity gold rush has some strings attached....
...And of course this isn’t just a US thing. The idea of Germany creating an even bigger “too big to fail” bank fills me with dread....
...It is building a facility in Penang, but some US lawmakers already want to restrict American companies from collaborating on RISC-V projects....
...The US Federal Open Market Committee and the UK’s Bank of England announce their rate decisions this week. We’re expecting a cut from both, just not this month....
...While some readers may think these two banks have made a mockery of their respective green pledges, others may consider it harsh to focus on them simply because they’ve bothered to adopt such policies....
...So if a hedge fund shorts a stock before a placement, that alone may not suffice as proof of insider dealing....
...This reflects how global investors are allocating billions of dollars to multi-manager hedge funds that emulate Ken Griffin’s Citadel and Izzy Englander’s Millennium Management....
...In May, when the Financial Times visited Tingo’s offices in Lagos, Nigeria, they were thinly staffed in a rundown building....
...This may be duplicated many times over in different and fully separate “pods” in the same multi-strategy firm, to ensure returns are uncorrelated....
...One podcast to start: In this episode of the Behind the Money podcast, Ortenca Aliaj and I explore how cracks are starting to appear in the multi-manager hedge fund strategy....
...What about HomeServe, the home repairs and emergency services group taken private by Brookfield in 2022?...
...Last week’s higher than expected inflation data for February, especially in services, means the European Central Bank is likely to resist calls for an imminent cut in interest rates....
...Job moves Deutsche Bank has named Vathany Vijayaratna, most recently head of non-financial risk for its investment bank, as chief executive of its UK and Ireland business....
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