Here's a little something to make you smile.
Here's a list of the top 10 private banking group in terms of assets under management as at the end of 2006.
BNP Paribas has confirmed that it is acquiring full ownership of New York-based fixed income fund manager Fischer Francis Trees & Watts. The firm has around $38bn under management. Deal terms have not been disclosed.
Personnel Today has just released its list of the Top 40 'Movers & Shakers in HR in 2007'. And, heaven's alive, there's someone from investment banking that made the list!
Interesting developments over at Deutsche Bank. The German firm has recently upgraded its IT software as it steps up its fight against spam e-mails. Excellent news on the face of it, but staff have been heard to complain that the e-mail filter is now so strong that it is even blocking e-mails they actually want to receive.
Bloomberg reports that Matthew Barrett, the ex-Chairman of Barclays Bank, told the Swiss-American Chamber of Commerce a few days back that 'there will be (bank) consolidation in Europe. If not, you'll have the barbarians at the gate (as) Europeans will get picked off by the surging behemoths from the US'.
Per Wimmer is expected to be one of the first Danish citizens ever to enter space. A trader at hedge fund Man Group, Wimmer, 38, has signed up to fly with Virgin Galactic, a Richard Branson company which is planning to begin tourist flights to sub-orbital space in 2009. According to the Evening Standard, Wimmer is one of several City traders who are among the 200 people already signed up to get spaced out for the small matter of $200,000.
We wondered if JPMorgan was up sh.t Greek a couple of weeks back - what with all that furore over the sale of $374m in government bonds which ended up in the hands of Greek pension funds, who claim that they purchased them at inflated prices. Amazingly, the affair was responsible for mass public strikes in Greece and the removal of a Greek cabinet minister.
Bear Stearns posted its second quarter profits Wednesday. They came in down 10% at $486m. Revenues from fixed income activities fell 21%, although fees from investment banking rose 28% to $357m. The firm also took a non-cash $227m charge related to the write down of intangible assets for the Bear Wagner Specialists business.
The Blackstone IPO is in the news again this week. And Stephen Schwarzman, the 5-foot-six chairman and co-founder of the firm, stands to cash out over $450m from the offering - and his remaining 24% stake in the business is likely to be worth some $7.7bn.