BNP, Cantor/BGC, Enron, UBS, Hedge Fund News

BNP Paribas posted third-quarter profits Thursday, which came in up 25% to $2.15bn. Bloomberg reports that pretax profit at the bank's corporate and investment banking unit were up 12% to $1.09bn, after earnings from the advisory and capital markets businesses rose 25%. The bank said that it enjoyed 'a good level of business' in fixed income, mainly from its European operations, and that its equity derivative business put in a 'good performance'. Pre-tax profit at the bank's asset management arm rose 27% to $462m.

The Independent reports that, according to filings at Companies House, money broker BGC International made a pre-tax loss of $98.6m in 2005. There have been rumours that BGC is getting itself ready for a float.

The New York Times reports that Richard Causey, the former Enron Chief Accounting Officer who pleaded guilty last year to securities fraud, has been sentenced to five and a half years in prison.

Reuters reports that UBS is 'pushing hard' to build its prime brokerage business, and aims to take the number 3 slot globally in this business at some stage next year. The top 3 are currently Morgan Stanley, Goldman Sachs and Bear Stearns. UBS is around 5th.

Citigroup, Credit Suisse, Deutsche, Goldman, Merrill, Morgan Stanley and UBS confirmed earlier this week that they intend to start their own pan-European equity exchange, which will no doubt bother the likes of The London Stock Exchange. The firms are clubbing together in this way as they feel that there will be able to trade in a more cost-effective manner - they have been concerned about the costs charged by European bourses for some time.

Finally, The Daily Telegraph reports that, according to accounts filed at Companies House, 'hedge fund managers at London-based Cheyne Capital Management shared a $142m pay pot for just 9 months work' for the period ending December 2005. The firm is believed to employ around 150 people, although the payouts are thought to have been heavily biased towards senior staff.

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