Asia

Och-Ziff: Proxy for industry

Jim Kim — Tue, 04 Nov 2008 19:12:14 -0500

One nice thing about the fact that Och-Ziff trades publicly is that we have a rough proxy for the entire industry. So, the good news is that the alternative investment firm beat analysts' expectations for the third quarter by a penny. (It posted a loss but its "distributable" earnings were positive).

The news wasn't all good. MarketWatch notes that the firm's largest fund, OZ Master, fell 6.63 percent in October and is down 12 percent for the year. Its OZ Europe Master Fund is down 13 percent for this year. And the OZ Asia Master Fund is down a whopping 27 percent. Unsurprisingly, some investors have fled. Redemptions were $719 million in September and $220 million in October. As staying profitable becomes harder for some firms, costs take on more importance, and you have to think that many funds are below the high water mark.

For more:
- here's the article

Now hear this: Morgan Stanley is hiring

Jim Kim — Thu, 31 Jul 2008 13:09:14 -0400

People tend to assume that getting hired on Wall Street right now is all but impossible--with all the layoffs. For John Mack, CEO of Morgan Stanley, that spells opportunity. The Financial Times reports Morgan Stanley is looking to hire top executives and upgrade its status in key markets, like derivatives, risk management and prop trading. In particular, it would like to add expertise in the Middle East and Asia. It has already snapped up a few former Bear Stearns employees. Morgan Stanley has saved $1 billion by cutting about 10 percent of its employees, mainly in investment banking, fixed income and research. Those savings are being redeployed.

For more:
- here's the FT article

ALSO NOTED: Goldman Sach's first foray in SPACs; BCE stock in freefall as deal woes continue; and much more...

Fri, 23 May 2008 06:59:50 -0400

Company News:
> Eaton Vance shares get a pop. Article
> BCE stock in freefall as deal woes continue. Article
> First Marblehead upgraded. Article
> Goldman Sachs' first foray in SPACs. Article
> Financial Risk Management expands in Asia. Article
> Hedge fund heavyweights fight over Citi. Article
> Management blamed in Kervial affair. Article

Industry News:
> Hedge fund manager of football players' fund convicted. Article

Regulatory News:
> Rep. Laura Richardson faces personal mortgage crisis. Article

And Finally... How not to leave a company. Article

Will banks unload Asia investments?

Tue, 22 Apr 2008 06:59:58 -0400

Not too long ago, top Western banks were falling all over themselves to invest in big banks in China and elsewhere in Asia. The middle market was one of those "rare opportunities" not to be missed. Then came the credit crunch. Now Bank of America is in talks to sell its nearly 10 percent stake in China Construction Bank, to raise capital. What about other banks? American Express, Goldman Sachs, and Citigroup were among the American banks making sizable investments in the region. It's not fait accompli. The New York Times notes these deals have generally been good for American banks. And the market seems promising.

For more:
- here's the New York Times article

Search the web for: Bank of America | China Construction Bank | American Express | Goldman Sachs | Citigroup

More on the global worry over SWFs

Thu, 28 Feb 2008 06:59:58 -0500

We mentioned previously that there is a bill in the California assembly that would effectively prevent California pensions from investing in private equity funds that have sovereign wealth fund investors. That would have some major consequences were it to pass. However, there also is a backlash brewing in Washington--and now Europe. Most recently the EU president stoked some controversy in the Financial Times by suggesting that Europe needs to distinguish between funds like the Norway fund and those of other countries, presumably from the Middle East and Asia. You get the feeling that this issue isn't going away. It would help if SWF agreed to some transparency standards.

For more:
- here's the Financial Times article
- EU seeks code for SWFs. Article

Related Articles:
More sovereign wealth disclosure? Article
Shareholders cry foul over sovereign wealth. Article
Expect more sovereign wealth to flow into financial firms. Article

ALSO NOTED: Morgan Stanley to issue first Islamic bond by MNC; Goldman Sachs 1Q results to be mixed?; and much more...

Fri, 08 Feb 2008 06:59:50 -0500

Company News:

> UBS dealt setback in India. Article
> Goldman Sachs 1Q results to be mixed? Article
> JPMorgan, Lehman Brothers to lead underwrite MBIA offer. Article
> Deutsche Bank avoids another subprime hit. Article
> Bear Stearns spent half million on federal lobbying. Article
> Discover sells U.K. card business. Article
> Morgan Stanley to issue first Islamic bond by MNC. Article

Industry News:
> Bubble in Treasuries Building? Article
> Hedge funds seem to be taking root in Asia. Article

And Finally... Woman puts a seatbelt around the beer, but forgets the baby. Article

ALSO NOTED: Goldman Sachs PR-backed companies fare well in IPO aftermarket; Goldman cuts estimated for Morgan, Bear and Lehman;

Tue, 11 Dec 2007 06:59:50 -0500

Company News:
> Goldman Sachs boosts Asia property fund. Article
> Goldman Sachs PR-backed companies fare well in IPO aftermarket. Article
> Citigroup, others price blank-check IPOs. Article
> Blackstone to take Travelport public? Article
> Goldman cuts estimated for Morgan, Bear and Lehman. Article
> MBIA to get private equity infusion. Article
> UBS to pay dividend in stock. Article

Industry News:
> Debit card use increases. Article
> Man-machine model hanging on at NYSE? Article

And Finally... Why you should wear your wedding band. Article

SPOTLIGHT: Asia Debt Issuance

Fri, 30 Nov 2007 06:59:52 -0500

Asia once seemed like a safe haven of sorts. But no longer. Spreads between corporate and government issues have widened and underwriting of new issues has fallen off a cliff. Article

ALSO NOTED: HSBC, Citigroup spa over banker in Asia; Carlyle hedge fund hit hard; and much more... ; and much more...

Fri, 30 Nov 2007 06:59:50 -0500

Company News:

> HSBC, Citigroup spar over banker in Asia. Article
> Carlyle hedge fund hit hard. Article
> CIBC's Whitney cuts Lehman estimate. Article
> National Australia Bank buys U.S.-based Great Western Bank. Article
> TD Bank earnings rise. Article
> Wachovia downgrades Piper Jaffray. Article
> More on Citadel's investment in E*Trade. Article

And Finally... Parents rip airlines on kid rules. Article

SPOTLIGHT: Dynamism at Barclays

Wed, 21 Nov 2007 06:59:52 -0500

While the news at Barclays has been bas as of late, there are some good things afoot. Notably, the bank's heady plans to expand in the U.S. and Asia. As of now, it is planning to hire 1,500 next year. Article