The Latest Financial News In Brief
Bloomberg says that Credit Suisse has a new global head of equities. Co-head Tony Ehinger takes sole charge after the announced departure of Jim Kreitman, who leaves after 14 years to work outside the industry. Todd Sandoz becomes global head of convertibles and equity risk, whilst Simon Yates is to run global equity derivatives.
According to Financial News, Goldman Sachs is to beef up its investment banking operations in Dubai by moving over some top talent from Europe and other locations. The pool of investment banking talent locally in Dubai is said to be very small - whilst most firms are fighting a 'war for talent' in the US and Europe, they are waging a 'war for no talent' in Dubai!
Reuters reports that Morgan Stanley is getting back in on the private equity act. The firm has just hired Goldman veteran Stephen Trevor to spearhead its return. The banker will, however, be on gardening leave until March 2007.
Bloomberg reports that Societe Generale is expecting assets managed for its richest Asian-based clients to have risen to around $20bn by 2008. The bank is launching its private banking operation in China next year.
Staff at New Star Asset Management are said to have received around $79m, after placing their shares, which represented around 4% of the firm.
The Wall Street Journal reports that a NASD arbitration panel has awarded former Wachovia broker Frederick O'Meally $3.8m, after finding that he was wrongly dismissed as a result of the 2003 mutual funds trading abuse affair. O'Meally said that the 'award proves what I have always known - that Wachovia had no cause to fire me for any reason'.
Finally, New York City major Michael Bloomberg has appointed McKinsey & Co to examine why an increasing number of companies are looking to IPO outside New York. The Wall Street Journal says that, out of the top 25 global IPOs in each of the last 2 years, 11 have been listed in London, 6 in Hong Kong and 4 in The Big Apple.