London's hedge fund community were said to be out in force on Friday, as several big-shots attended the annual ARK (Absolute Return for Kids) charity dinner at Marlborough House, Pall Mall, and raised a whopping £17.5m for worthy childrens' causes.
Fortune magazine and human resources consultants Hewitt Associates and the RBL Group have combined to create a ranking of the world's companies that do the best job of developing strong leaders. Here's the top 20:
Deutsche Bank's shares fell 3% Thursday, after CEO Josef Ackermann admitted that his bank had 'made mistakes in this (recent market) crisis' and confirmed that Deutsche's third-quarter profits would be hit harder than originally thought.
Lehman Brothers kicked off the third-quarter investment banking reporting season Tuesday, and somewhat soothed the market by posting profits of $887m, a fall of just 3.2% on the same period 12 months ago. Although Lehman took a $700m loss on asset mark downs in the period, firm CFO Christopher O'Meara said that the firm believed that 'the worst of the credit correction is behind us'.
The Financial Times reports that US regulator the Securities and Exchange Commisssion (SEC) has charged 38 folks, including several who work at Wall Street firms, with civil fraud alleging participation in an abusive stock-lending scheme which is said, over an 8 year period to 2006, to have netted the participants at least $12m.
Here's the contents of the letter sent by Goldman Sachs Asset Management about the performance of its hedge fund Global Alpha - in the first two weeks of September, Global Alpha fell 2.8%, bringing the year-to-date decline to 34.9%, yet no where in the letter do the words 'We're sorry' feature.
We're seeing a lot stuff out in the media about difficult market conditions, hiring freezes and job losses. Well, we want to know how recruiters are viewing the situation.
Reuters reports that ABN AMRO CEO Rijkman Groenink told shareholders at the bank's extraordinary meeting Thursday that Barclays will need to up its offer. At $82.3bn it is signficantly lower that the $97.6bn bid tabled by the Royal Bank of Scotland (RBS) consortium. The RBS deal is also mostly made up of cash. Groenink said that 'the offer of Barclays is too low. We cannot ask shareholders to pay the difference from the consortium's bid'.
Calyon, Credit Agricole's investment banking arm, will swallow a $347m trading loss in the third-quarter, after the firm took a hit because of unauthorised trading at one of its prop desks in New York.
Although Lehman's third-quarter profits came in better than expected Tuesday, Chris O'Meara, the firm's CFO, said that headcount reductions will follow in the fourth-quarter. Lehman does, however, expect to be on the hire again come next year.