Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
Arki Busson has at long last found a buyer for his fund of hedge funds, EIM. He had to accept a $35 million no-cash offer and a courtesy title at the combined entity (which will not be called Gottex-EIM or GottEIM, merely Gottex), but the man who used to oversee a $14 billion firm couldn’t be happier about serving as the figurehead of what all involved agree might be an almost $10 billion firm in seven months.
“Consolidation is the name of the game for everybody in the industry,” Gottex Chief Executive Officer Joachim Gottschalk, 66, said in an interview, adding there may be some job cuts following the deal. “The cost base for regulation and in general is not on the way down. It is on the way up.”
The new group’s fee-earning assets are seen reaching “close to” $10 billion by the first half of 2014, “spanning across investment, advisory and risk-management solutions,” according to the statement. The transaction, which requires regulatory approval, may generate cost savings of as much as $12 million compared with the second half of 2013….
“To be in the very exclusive club of about $10 billion, shows scale and strength,” Busson said in an interview today. “I’m committed to the long term.”