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...Chicago-based Grant Thornton is the seventh largest accounting firm in the US after the Big Four, RSM and BDO, with $2.4bn in revenue in its past financial year, which ran to July 2023....
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...It also sells technology used by thousands of institutional investors and financial advisers worldwide....
...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....
...Such groups might have the benefit of a trailing wind from policymakers: Labour aims to double the size of the UK’s co-operative and mutual financial services sector, according to its financial services...
...The Financial Times last week asked Apollo about its billing practices after the appeals court ruling....
...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....
...The Financial Times reported in October that Schonfeld was in partnership talks with Millennium that would have seen Englander’s hedge fund put billions of dollars to work with its smaller rival....
...Millennium Management, the $60bn hedge fund led by Izzy Englander, and Schonfeld Strategic Advisors have terminated talks to form a partnership, according to people familiar with the situation....
...TPG has invested in partnerships such as talent agency Creative Artists Agency and registered investment adviser LPL Financial in recent years, and last year it made an unsuccessful pitch to buy into in...
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...The cuts largely related to non-investment roles in areas such as technology and back-office services, the person added....
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...The cuts would be equivalent to 5 per cent of the firm’s financial advisory division....
...US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies....
A ripple; not a wave
...Cannae is the vehicle of Bill Foley, the multi-billionaire who made his fortune in a series of financial technology and financial services companies....
...It is traditional and sensible to exclude the financial sector when valuing the market, because financials generally and banks in particular cannot be sensibly valued on earnings....
...An OCC spokesperson said the agency had “not received a filing from Capital One regarding Discover Financial Services”....
...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....
...It follows a broader trend in professional services....
...Software company Palantir has a “strategic commercial contract” with some of the companies it invests in....
Best-performing managers’ punchy bets on stock markets paid off in 2023
...In ISS’s report on the bank’s AGM, sent to shareholders on Friday and seen by the Financial Times, the proxy adviser recommends investors vote against the company’s new remuneration plan over concerns about...
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