Top Firm Aims To Sort Out London / New York Rift
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According to the newspaper, things came to a boiling point over the summer, when the firm's Reputation Risk Committee for Europe signed-off on a deal, only to have bankers in New York 'second-guess' the transaction. The upshot is said to have been a spat between then unit co-heads Bill Winters and Steve Black. Winters has now left the firm, and Black is becoming executive chairman of the investment bank, but is understood to be retiring next year.
In the meantime, Morgan Stanley CEO John Mack has called for one global regulator to oversee the financial markets. Mack told Bloomberg News: 'A better system would be one uber-regulator. We do need an overall systemic-risk management that everyone buys into'.
And the news agency also reports that Macquarie has agreed to acquire Fox-Pitt Kelton in a deal worth around $146.7m.
The Evening Standard reports that Scott McCleskey, the former head of compliance over at rating agency Moody's, has said that his advice was regularly ignored, and that the firm was not properly monitoring the ratings of municipal bonds.
The Financial Times reports that the signs are that London is already starting to lose its position as the number two city (behind New York) for hedge funds. According to a new report issued from International Financial Services London, the Capital's share of hedge fund assets fell 2% in 2008. Hedgies, it seems, are concerned about the twin evils of increased taxation and more regulation.
Finally, Bloomberg reports that Neil Ellerbeck, the HSBC Investment Management executive on trial in London for murdering his wife, asked his HR department if he could delay getting his 2007 bonus, as he thought his marriage might end in divorce.
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