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Bloomberg – The office of Kenneth Moelis in Los Angeles is a shrine to an investment banking career spent catering to the rich. Shelves and a table groan under the weight of dozens of Lucite deal tombstones featuring companies controlled by Carl Icahn, John Kluge, Donald Trump, Steve Wynn, Sam Zell and other business-section boldface names.
“My job is to be ready when the bat phone rings,” says Moelis, 51, perched on the edge of a leather chair. He’s referring to the hot line used in the 1960s-era Batman television series. Reinforcing the point, a framed architectural drawing of the fictional Wayne Manor that housed Batman’s wealthy alter ego, Bruce Wayne, leans against a table.
Bloomberg – Geneva banks, which began investing client money in funds of hedge funds during the 1960s, are struggling to rebuild the business after market losses and Bernard Madoff’s Ponzi scheme cut assets by 72 percent.
The assets of funds of funds managed from Geneva slumped to $15 billion in May from $54.2 billion at the end of 2007, according to data compiled by Singapore-based Eurekahedge Pte. Almost 25 percent of the 227 funds operating in the city at the end of last year shut in the first five months of 2009 and only six opened, less than a fifth of the 2008 number.
Bloomberg – Geneva banks, which began investing client money in funds of hedge funds during the 1960s, are struggling to rebuild the business after market losses and Bernard Madoff’s Ponzi scheme cut assets by 72 percent.
The assets of funds of funds managed from Geneva slumped to $15 billion in May from $54.2 billion at the end of 2007, according to data compiled by Singapore-based Eurekahedge Pte. Almost 25 percent of the 227 funds operating in the city at the end of last year shut in the first five months of 2009 and only six opened, less than a fifth of the 2008 number.
Forbes – Bank of East Asia, Hong Kong’s fifth-largest lender, posted a bigger-than-expected second-half loss and slashed its dividend, after selling a debt portfolio at a steep loss.
The bank (BEA), which reported its first half-year loss since the 1960s, warned of a tough market environment this year but said on Tuesday it had no strong need to raise capital in the near term.
‘BEA may not need to raise capital immediately but the market will remain bearish on the stock as loan growth drops and mortgage demand slows down,’ said Castor Pang, a strategist with Sun Hung Kai Financial.
