Photo: Courtesy of Bloomberg
Jamie Dimon, Steve Schwarzman Richard Parsons and Josef Ackermann met in Moscow last week in an effort to push for Moscow to become a global financial centre.Hedge fund titan Paul Tudor Jones spoke at the Memphis Daily’s 125th Anniversary last night where he said he understands the Occupy Wall Street movement and will step up his own charitable giving. He also said “Nothing is more important than the ability to communicate.”
Dan Loeb, whose flagship fund Third Point Ultra fund declined 6% in the third quarter, acknowledged he was too cautious during last months rally saying, “We only gradually increased our exposures near the market bottom and thus underperformed during the dramatic rise in October.” His largest fund was up 0.8% last month.
Milk Street Cafe at 40 Wall Street had to cut around 25% members of his staff on Thursday and Friday after seeing sales plummet by 30% in the six weeks since the Occupy Wall Street protests began.
Billionaire hedge funder Daniel Och’s fund Och-Ziff Capital Management reported that profit fell 4% in the third-quarter to $49.9 million, or 12 cents a share, from $52.1 million, or 13 cents in the same period a year earlier thanks to increased market volatility.
BNP Paribas’ Emma Sugarman says undoubtedly more hedge funds will close this year after missing the October rally.
United Arab Emirates investment bank Al Mal Capital has cut 25% of its staff in an effort to wind down its brokerage business in the Persian Gulf nation.
NYU’s Thomas Sargent, this year’s co-recipient of the Nobel in economic science, is now a consultant for Hutchin Hill, a multi strategy hedge fund with $1.5 billion AUM.
John Paulson has added Harvard economics professor Martin Feldstein, who has long been rumoured to be a Nobel Prize receipient in economics, as a member of his fund’s advisory board.
Bank of America employees are desperately trying to jump ship by sending out resumes to rival firms before the massive wave of layoffs hits the embattled North Carolina-based bank.
The night before MF Global posted its biggest quarterly loss, Jon Corzine appeared at a steak dinner at New York’s Helmsley Park Lane Hotel for a “delightful” speech to a group of bankers and traders.
A London-based headhunter Johnny Walker says he thinks he can solve the financial crisis by requiring banks to value their CDO portfolios at above zero.
Yuan Wang’s hedge fund Prudence Investment Management is bullish on utilities, resources and consumer sectors and bearish on the Chinese property sector. The fund’s $250 million China-focused credit hedge fund Prudence Enhanced Income gained 4% last month to erase its entire loss for the year. It’s up 0.16% YTD.