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domain-B – Indian financial services firm Religare Enterprises is reported to have bid for the investment management arm of beleaguered US insurer, American International Group (AIG) as part of its plans to expand its financial services portfolio.
he reports say the Delhi-based company, leading the race for fund management unit among eight others, could pay around $600-700 million for the US insurer’s investment subsidiary. Religare has been talking to AIG Investments top management, led by Win Neuger, for nearly two months.
Reuters – World stocks steadied on Friday but were still on track for a sixth consecutive week of gains, while the euro fell on worries about the region’s prospects.
MSCI‘s main world stock index was flat despite modest gains in Europe and a rebound in Japan. But the index was up 1.6 percent on the week, gaining around 28 percent since a March 9 low.
U.S. financial services firmState Street said evidence was building that big investors were buying into the rally, particularly in U.S. and emerging market stocks.
Bloomberg - John Costas and Michael Hutchins, are reuniting to start a financial services firm after running UBS AG’s hedge fund Dillon Read Capital Management LLC, according to people familiar with their plans.
Costas, 52, took over UBS’s investment bank in 2001 and spun off the proprietary trading desk to form Dillon Read in 2005. Zurich-based UBS shut down the unit in May 2007 and said it accounted for $3 billion of the $19 billion in losses the bank reported that year. Hutchins, 53, was president of Dillon Read and previously headed the debt unit of UBS.
