Bloomberg reports that hedge fund Moore Capital has confirmed that it is to open an office in Canada, which will be staffed with a new team of traders hired from failed rival Amaranth Advisors, the fund that is winding up following over $6bn in losses in natural gas trading last month.
Reuters reports that Barclays Capital has acquired a 40% stake in US private-equity firm NGP Energy Capital Management in order to 'boost its commodity business and expand its US presence'. The transaction price has not been disclosed.
According to Bloomberg, Citigroup and Credit Suisse are both gearing up in a bid to obtain a bigger slice of the action from Asia-Pac-based hedge funds. New start-ups in the region increased from 95 in 2002 to 215 last year.
Financial News reports that Jochen Grossmann, the 18-year Commerzbank veteran who runs the bank's capital markets group, has left. A spokesperson for the bank is quoted, saying that 'he has done a great job here, we are sad he is leaving'.
Daiwa Securities Group posted third-quarter profits this week, which were down 50% to $143m, after relatively weak trading, underwriting and investment banking figures in the period.
The Daily Telegraph reports that HSBC has launched an investigation after reports that former Chilean dictator Augusto Pinochet held a secret stash of gold worth $185m at a branch of the bank in Hong Kong. Pinochet's lawyer is quoted in the newspaper, saying that 'the only gold he owns is his wedding ring'.
Finally, The Wall Street Journal reports that JP Morgan Chase chairman Bill Harrison is to retire at the end of the year. CEO Jamie Dimon is expected to take the chairman's title too. Harrison, 63, said that 'I have worked my entire career - nearly 40 years - at JP Morgan Chase and its predecessor firms, and I am very proud of the leading role we have played in the transformation of global banking and the creation of our world-class franchise. I could not be more excited about the future of our firm and the leadership that Jamie Dimon is providing'. And the love-in is mutual, with Dimon describing Harrison as 'a tremendous partner and mentor to me'.