Financial News reports that Goldman is to make another $1bn when its Japanese golf course operator, Accordia, floats. The listing, which will start trading on November 1st, will be Japan’s second-largest float of the year.
Bloomberg reports that US fund manager Legg Mason’s profits have grown at their slowest rate for 42 months. Fiscal second quarter earnings came in up 19% to $143.7m. Firm chairman Chip Mason said that the integration with the former Citigroup unit it absorbed last year continues on track, and that the company has already achieved cost-savings from the deal of around $55m.
Reuters reports that Merrill Lynch has agreed to acquire niche investment bank Petrie Parkman & Co. The firm, which has about 50 staff in Denver, Houston and London, specializes in M&A and equity research in the North American oil & gas sector.
Dow Jones Newswires reports that Kenneth Steele, Morgan Stanley’s European head of interest rate trading, is to leave the firm after 20 years.
Nomura’s fiscal second quarter profits have fallen 29% to $365m, after a fall-off in brokerage commissions. According to Bloomberg, the firm’s shares have fallen 22% since reaching a five-year high in April.
A new report issued by International Financial Services London reveals that the average daily turnover in the UK foreign exchange market was $1.1 trillion in April – up 41% on the same period 12 months before. The City’s share of the global foreign exchange market now stands at 32.4%, compared to Japan (7.6%) and the United States (18.2%).
Finally, Reuters report that the number of IPOs done on US exchanges in the third quarter has fallen to a 3 year low. The news agency quotes a PricewaterhouseCoopers reports which says that 39 deals were done in the period, worth $7.98bn. This compares with 57 deals ($10.91bn) in Q2.