Just three years ago, ABN Amro Asset Management had $40m of assets under management for funds of hedge funds. Now that figure has risen to $1bn.
Cantor Fitzgerald will be celebrating a moral victory of sorts, as former employee Steven Horkulak had his damages claim against the firm reduced on appeal by £116,667. Cantor thought that the original award of £912,000, made for alleged bullying and abuse, was somewhat excessive. The court also ruled that the trial judge, Mr Justice Newman, should review an additional £630,000 of the award to confirm that it was right and proper in the circumstances. A full retrial would be just too expensive.
Jamie Dimon, the real power at JP Morgan Chase these days, has spoken. The bank President and COO has indicated that JP Morgan may well look at domestic and international acquisitions when the dust has settled on the Bank One transition. And a brokerage house ? A bank spokesman confirmed that 'Jamie said it would be fine to have, but not essential'. Jamie said, Jamie said, Jamie said!
And Morgan Stanley is restating its financial statements for the first three quarters. But before anyone gets carried away and thinks of Enron, WorldCom and all, this one's all rather routine. According to The New York Times, the restatements will not affect net income (profit).
Oh, how the mighty have fallen! A few weeks ago it cost $120,000 to lease a seat on the New York Stock Exchange for one year. The current price is but $60,000. According to The New York Post, it costs a New York cabbie around $64,000 a year to run a leased taxi around town looking for fares. Just what is the world coming to ?
And finally, Singapore remains hot for M&A. According to research firm Dealogic, M&A activity there rose more than 160% in the first nine months of this year.