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...Other accounting firms are considering similar deals, so executives across the profession have been watching closely to see how the tussle between Grant Thornton and its retired partners might play out....
...The cash from New Mountain, together with some debt financing, will be used to return capital to current partners, buy out retirement obligations to former partners and build a war chest for investment,...
...Goldman has proved fertile hunting ground for Millennium founder Izzy Englander, who has tapped several of the bank’s partners for roles at his $62.2bn hedge fund as he moves to build out the management...
...In 2020, the bank lost out to Morgan Stanley in the $7bn bidding war to buy US investment manager Eaton Vance....
...H&F has invested in business services companies such as advertising agencies, advisory firms and insurance brokerages for decades....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...The Miami-based market maker has switched storage of trading data and running the programmes that simulate price moves out of its own servers and into Google’s cloud computing service, it told the Financial...
...Some have blamed this on Google’s fragmented structure, big-company bureaucracy and the lack of a coherent company-wide plan for rolling out generative AI across its range of products and services, the Financial...
...“We are putting a product into 2027, when there is not much other product coming out,” Mistry said, adding that the deal marked a “‘dramatic increase” in Citadel’s London footprint....
...Handler claimed the firm had badmouthed him to clients at the end of his tenure in order to ease him out and replace him....
...Private equity buyers see an opportunity that has sometimes played out inside their own firms....
...But he later fell out with his cousin Evelyn de Rothschild over the strategic direction of the bank, and struck out on his own in 1980....
...While 2023 turned out to be a quiet year for takeovers, the US M&A market saw record volume in 2021, when deals were worth $3.5tn, surpassing the previous records set in 2018 and 2019....
...Company insiders say big-company inertia, a fragmented organisational structure and the lack of a single, coherent company-wide plan for rolling out generative AI across its range of products and services...
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...The roll out highlights how the professional services industry is increasingly adopting generative AI to automate tasks....
...They send it to us because we provide a service, we provide better prices, right? The marketplace has created this unbelievable ecosystem, and it will continue to do it in asset classes around....
...They’re basically investment trusts that make loans to smaller companies, have a 2x cap on leverage, usually list shares on a stock exchange and have to pay out 90 per cent of profits to investors....
...Then SEC chair Gary Gensler used his personal X account to shoot down what turned out to be a hack....
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...Last year, Botín was one of several European bosses who spoke out against the European cap on banker bonuses, saying it put them at a disadvantage to global rivals after the UK lifted its own cap....
...Greater user choice may sound fine in theory, they argue, but it will challenge fundamental aspects of how services work....
...In its complaint, the FTC argued — as expected — that the tie-up would lead to higher prices, plus lower product quality and services for consumers....
...But even if Epic succeeded in removing in-app purchase fees Google could opt to recoup the lost revenue by charging a fee for distribution of apps....
...“Taking the long-term view, we will be able to service information needs in a deeper way, and I am pretty excited about what’s ahead.”...
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