Remember when London was the new New York? It was only a year ago that London was proclaimed the global capital of finance. But that story is so last year. New York City is back.
London’s reputation as the place where movers and shakers move and shake is suffering under the weight of recent financial scandals and political backlash against well-heeled financiers, the Financial Times reports today. A global survey of finance professionals undertaken by the City of London Corporation reveals the shift.
What’s dragging down London? The FT cites the collapse of Northern Rock as damaging the reputation of the City’s elite, but inventing SIVs and being responsible for some of the more exotic credit market related financial structures probably has not helped much either. Another downer: those Brit politicos keep threatening to raise taxes on private equity partners, hedge fund managers and non-domiciled residents. Meanwhile, the tax enforcers have been on something of an enforcement spree.
London’s edge over New York eroded [Financial Times]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
heard fortress blew up. someone please blow up the blow up rumor
well healed
is that like healthy?
It must be bad because their hookers apparently are now in NYC and appearing on a certain network’s show singing… And who wants teeth that are yellow or missing? And having to put up with a certain “singer’s” fake British accent. It’s just not in vogue if ya catch my drift. Even the Beckams left.
any color on the Fortress smoke?
heard 11 of 15 fundss shuttered
don’t consider source too reliable.
i’m calling bollocks (since this article is london related), but i figured i’d ask around/spread the rumor
“has helped much either”? Did you mean “has not helped much either”? Did I miss another joke?
if we can get another 5% off commodities it’s going to be a nice buy signal the way BB is talking
@ 3:57,
We should be there by Wednesday at this pace…
London has been attracting Arab money. Is it that NY is a bargain and the Arabs are looking to NY more and more?
Terrible infrastructure doesn’t help…
Bad food (unless you’re willing to pay £80pp), 3rd world infrastructure, high prices for everything, and taxes on everything.
Keep it up London. Many of us are making plans to move to Zurich and Amsterdam.
Fortress is in fine shape.
Cramer ranted against them this week knowing almost nothing about their business. The only viable critique is that people who bought their equity on the opening day, at the post ipo highs, have been fcked hard. Their listed equities, Newcastle, Gagfah etc have suffered as leveraged real estate trusts that dabble in credit. But these vehicles makeup less than 10% of their earnings and the other businesses are all doing fine. Largest earner right now is their hedge fund business which is growing and up on the year by 3-5%.
They fired a few PMs in the equities business, but that was house cleaning. Not desperation.
Earnings released later today. Conf call should be worth listening to….
I was wrong. Earnings not out today. Later this month.