sad trombones

Unfortunately for the IKOS Asset Management co-founder and quant (if not husband) extraordinaire, it’s not ready and those losses are mounting rapidly. Read more »

Hedge fund manager Louis Bacon and thespian Sean Connery, among others, want to know why the Bahamian government is letting “eccentric Canadian fashion mogul” Peter Nygard stick around and bother its citizens. Read more »

Small Hedge Funds Throw Pity Party In Pink Newspaper

Weep for the sub-$1 billion hedge funds: It seems investors would rather risk pedestrian returns than the humiliation of putting their money with someone like this. Plus it’s just so much easier. Read more »

Bank of America Corp. co-Chief Operating Officer Thomas K. Montag received a 21 percent raise to $14.5 million for 2012, topping his boss Brian T. Moynihan for the third straight year. Montag, 56, got a $5.46 million cash bonus for 2012, $8.19 million in restricted stock units and an $850,000 base salary, the Charlotte, North Carolina-based lender said today in a regulatory filing. That compares with the $12 million awarded to Moynihan, 53, giving the chief executive officer a raise of more than 70 percent from 2011. “This says to everybody that Brian is OK with Tom getting a superior compensation; Montag is doing a great job in a business that’s very tough right now,” said Jeanne Branthover, managing director at Boyden Global Executive Search Ltd. in New York [Bloomberg, earlier]

  • 14 Feb 2013 at 1:18 PM

Happy Valentine’s Day, You Unlovable Scamps

If clichés were true, the spouses and partners of investment bankers and hedge fund managers would be showered with expensive gifts on Valentine’s Day. Bankers, after all, can afford deliveries of Bollinger and blooms. The reality is less seductive and more sterile. Financial services is not a romantic industry. Bankers aren’t actually seen as desirable dates. A 2012 survey of 5,000 Britons by dating website Match.com found that bankers don’t feature in either sex’s definition of their preferred partners. Most of all, women want to date firemen, teachers and musicians. Men are keenest on nurses, scientists and accountants. One reason, of course, is bankers just don’t have much time for romance. “They tend to work extremely long hours and don’t really cross paths with anyone romantically. They are at their desks a lot,” said Hayley Bystram, a director at elite introductory agency the Bowes Lyons Partnership, which charges £6k for alerting like-minded professionals to each other’s existence. Many of her clients are financial professionals. [eFinancial]


[via cgasparino]

Point: “Our enthusiasm about MS’s turnaround benefits from our generally macro views. We expect CEO confidence to rise and global corporate activity levels to increase markedly in 2013. Morgan Stanley, with its sterling reputation, talent pool, and record in execution in investment banking advisory and capital markets, is uniquely positions to benefit from this improvement.” Counterpoint: “Even in early 2010, however, it was clear to many inside the firm that [James Gorman] would have his work cut out for him. Every Wednesday, executives from various corners of the bank who belonged to what was known as the asset liability committee would meet at noon to examine the cost to the firm of everything from looming credit-rating downgrades to regulatory changes. ‘It was the most depressing meeting ever,’ said one attendee who spoke on the condition of anonymity. ‘It was very clear the Morgan Stanley we knew was never coming back.'”

  • 07 Nov 2012 at 2:37 PM

Tim Geithner May Not Want To Pack His Bags Just Yet

President Barack Obama, newly re- elected, now confronts two questions that he has been avoiding for more than a year: Who will replace Treasury Secretary Tim Geithner and when…The timing of Geithner’s replacement depends on whether the White House can reach an agreement with the lame duck Congress on a deficit reduction plan to avoid triggering spending cuts and tax increases known as the fiscal cliff. If a deal can be reached before the Jan. 1 deadline, Geithner might leave as soon as it is completed. If the solution is left for the next Congress, Obama may ask Geithner to stay, either to work on a deal or to reassure financial markets about the U.S. government’s ability to trim the deficit. [Bloomberg, earlier re: Tim Geithner’s many unapproved requests to go home]