M.B.A. Applications at Some of the Country’s Best Schools Fell This Year [WSJ]
Northwestern’s Kellogg School of Management reported a 20% drop in applications to its M.B.A. program for the incoming fall of 2021 class. Columbia Business School reported a 6% decline…. At the University of Pennsylvania’s Wharton School, applications ticked up 2%, after climbing 21% in the prior year. Harvard Business School reported about a 5% increase in applications, which was far below what many admissions experts had predicted….
Several factors made this fall look less enticing than the fall of 2020 to prospective M.B.A.s., said deans and admissions coaches. Among them, the finance and technology sectors boomed, leading many to stay in the workforce.
Former Mylan executive pleads guilty to insider trading [Reuters via Yahoo! Finance]
Authorities said that between October 2017 and July 2019, [Dyakar] Mallu traded Mylan stock based on material nonpublic information about the company's results, U.S. Food and Drug Administration drug approvals, and the Upjohn merger…. Mallu could face 57 to 71 months in prison under recommended federal guidelines at his Jan. 24, 2022, sentencing….
Allianz Asset Management Head Jacqueline Hunt in Talks to Depart [WSJ]
[Jacqueline Hunt’s] contract was renewed in 2019 and was due to expire in 2022. Instead, Ms. Hunt will likely leave earlier than planned, the people said…. “These considerations are longstanding and strategic in nature, but also relate to the asset management division, which is facing specific challenges at the moment because of the Structured Alpha matter in the U.S.,” the statement said, referring to a suite of Allianz investment funds at the center of the DOJ investigation.
Investment Firms Tiedemann and Alvarium Near Deal to Merge, Go Public Via SPAC [WSJ]
The combined investment firm would be called Alvarium Tiedemann Holdings and be valued at roughly $1.4 billion in the deal with the SPAC Cartesian Growth Corp., the people said…. Alvarium Tiedemann would be expected to have about $54 billion in assets under management and advisement after combining Tiedemann’s U.S. focus with Alvarium’s global presence, the people said.
Banks Strike Back, but Returns Remain Strong With Fintech [WSJ]
It is tempting to view all this as an indication that the bank, for all its issues, has proven to be the ultimate platform for lending: insulated from ever-shifting Washington views on “fintech,” with cheap deposits acting as the most durable form of crowdfunding, and stress tests providing an incentive to keep credit risk at a minimum…. Banks might have won a few skirmishes, but the battle is far from over. Still, as long as consumers are in good shape, everybody can win.
Hedge fund AUM increases 14.2% on disruptions [P&I]
Returns of nearly every hedge fund strategy category were positive over the 12- month period, buoying worldwide assets under management in hedge funds to $1.31 trillion…. In contrast, hedge fund assets under management worldwide for the prior year ended June 30, 2020, by the same managers were down 7.6%....