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Trader Gets $300m To Stay With Firm
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The 38-year-old trader, who also doubles up as Chief Investment Officer of one of the firm's main funds, has now joined the elite group of five other controlling shareholders who together own 77% of the business. The firm went public in 2007, and the private shareholders have not sold one share since then.
In the meantime, Bloomberg reports that the immediate outlook for the $1.9 trillion hedge fund industry looks somewhat gloomy. The news agency quotes former LTCM partner Hans Hufschmid (now CEO of GlobeOp Financial Services), who said: 'It's definitely a trickier market. The market is much worse than it was in 1998. Then it was just LTCM, but this impacts everybody.
One person who doesn't appear to have been impacted by the credit crunch, however, is Lily Safra, the widow of private banking billionaire Edmond. Mrs Safra has just exchanged contracts for the sale of her villa in the South of France for a cool $750m, making it the world's most expensive residential property. And the buyer ? A Russian, of course.
The credit crunch will, however, affect New York City's tax revenues. Reuters reports that Mayor Michael Bloomberg said Monday that 'I think that it will be a number of years before they (Wall Street firms) start paying taxes again. Look at those losses. They can carry them forward for a number of years'.
Finally, a rare word of unqualified praise for Merrill Lynch CEO John Thain. Bloomberg quotes former firm CEO Daniel Tully, who has come out fully in support of Thain, saying that he 'is doing a hell of a job. He inherited a difficult situation, and he is doing the best he can'. Tully also said that the firm 'will go back to basics, and we will once again be very profitable'.
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