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...Castlelake would sit in Brookfield’s recently formed credit unit, which also houses a controlling interest in Oaktree Capital Management....
...It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts....
...The asset manager, whose founding family is its largest shareholder and which has £750.6bn in assets under management, has hired headhunters Russell Reynolds to work on “a full and executive global search...
...Job moves Credit Suisse’s final chief executive Ulrich Körner is set to leave UBS in the coming weeks....
...Bond yields have “come down enough from their peak that we see demand [from companies and households] for credit going forward”....
...Others, such as Goldman Sachs and Morgan Stanley, have relied on their wealth and asset management arms....
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...Bespoke rules make contracts “very, very difficult to port from one provider to another”, said Nikesh Patel, chief investment officer at Van Lanschot Kempen Investment Management....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...And don’t miss Antoine and Brooke’s profile of Ogunlesi, who rose to head investment banking at Credit Suisse before founding GIP in 2006....
...It’s amazing to think quite how recently private capital management was a pretty-much-nothing industry. Back in 2003, the entire sector’s AUM was less than $500bn....
...In July 2021, the SEC fined UBS Financial Services, now owned by Credit Suisse, $8mn for holding short-term, volatility-linked ETPs for customers longer than designed....
...BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager....
...As Fink built BlackRock into a force in traditional asset management, Ogunlesi rose to head investment banking at Credit Suisse before founding GIP in 2006 with a group of other alumni of the now-defunct...
...Liontrust’s fortunes illustrate how M&A is not a panacea for the challenges facing the fund management industry....
...The management of Altice’s heavily indebted French telecoms business badly burned bondholders last month, when they carefully explained on a results call that, because modern-day debt covenants have more...
...In 2008, Blackstone acquired GSO Capital, a credit manager with $10bn in assets managed. Today, Blackstone has $300bn in credit assets, even as most of the original GSO brass have long departed....
...Flynn will retain another role as co-head of private wealth management, and succeeds Kim Posnett....
...Per Bloomberg: Apollo Global Management Inc bet on the longevity of senior citizens by acquiring illegal life insurance policies and funneling the payouts through shell entities, according to a new lawsuit...
...Apollo Global Management’s Marc Rowan called it a “worldwide phenomenon”, and Ares Management’s Michael Arougheti sees “risk-reward characteristics that are as favourable as we’ve seen in many years”....
...Blackstone will combine its insurance and credit businesses into an integrated unit called Blackstone Credit & Insurance, which chief executive Steve Schwarzman says could grow to manage $1tn in the next...
...Moelis has hired Robert Mendelson as a managing director focused on credit investment institutions and platforms. He joins from Venor Capital Management....
...Capital for the loans would come from overseas credit funds and local banks, Arora said....
...Combs’ picks in the financial services sector have been prescient, with Berkshire generating large gains on credit card processors Visa and Mastercard....
...A $600mn equity investment in UK waste management company Biffa in early 2008 proved disastrous....
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