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New equity capital markets talent and Bernstein joint venture have helped Société Générale win eye-catching mandates. Next, it will expand sector teams
BNPP is rebuilding strength in advisory in France
I thought the grass would be greener in fintech land, but it’s patchy and dreary
Years of underperformance are behind it and the bank has launched a new growth plan
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Russia’s efforts to expand its capital markets and privatise state-owned companies could be benefit from a deal announced on Thursday evening to bring BlackRock, Goldman Sachs’ special situations group and Templeton Asset Management into a pre-IPO co-investment scheme with the government’s flagship investment fund.
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John D’Abo, former Asia head of ECM syndicate at Royal Bank of Scotland, has been hired to create an Asian ECM team at RBC Capital Markets.
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The resignation of the head of Morgan Stanley’s European private equity unit is symptomatic of a broader problem, writes David Rothnie. How can banks stay relevant to the world of private equity?
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It was Keynes who said that markets can stay irrational longer than you can stay solvent, but I’m proving to myself daily that I can also be irrational longer than I can remain solvent. When I was prop trading and a position was going sour (the tautologies abound) you would gradually adjust to the deteriorating situation in increments. You would first of all find yourself long in the middle of the spread, then matching the offered side of the market to come out flat, then it would trade down beneath your in-price. At this stage you doubled up and your loss was smaller but your position bigger.
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Renaissance Capital announced the hires of four managing directors to its equity sales and trading business on Wednesday. The hires — which it had flagged last week when responding to coverage of cuts in its investment bank, which is losing 12% of its headcount — show that it is still selectively investing in products and markets.
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Russia’s independent emerging markets investment bank is scaling down some of its loftier global ambitions but insists it is still committed to its core markets, writes David Rothnie.