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Morgan Stanley CEO Ted Pick expressed optimism about the stock market, predicting continued U.S. economic outperformance into 2025, driven by strong corporate balance sheets and consumer spending. While acknowledging potential risks from policy uncertainty and inflation, he remains constructive on sectors like financials and industrials. Pick also highlighted the importance of U.S.-China economic cooperation amid geopolitical tensions and proposed tariffs.
Bill Hwang, the South Korean founder of the collapsed hedge fund Archegos, has been sentenced to 18 years in prison for massive fraud. A jury found him guilty on ten of eleven charges, with his actions leading to billions in losses for banks, including Credit Suisse, which faced near bankruptcy in 2023. Hwang's fund, which initially thrived by betting heavily on a few stocks, collapsed in March 2021 after failing to meet collateral demands.
Bill Hwang, founder of the hedge fund Archegos, has been sentenced to 18 years in prison after causing billions in losses for major banks. His fund, which initially thrived by making risky bets on a few stocks with borrowed money, collapsed in March 2021 when it could not meet collateral demands, leading to significant financial fallout for institutions like Credit Suisse and Morgan Stanley.
Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation, following the collapse of his hedge fund in 2021, which was valued at $36 billion. The court found that Hwang's actions led to significant losses for major banks, including Credit Suisse, Morgan Stanley, and UBS. The prosecution had sought a 21-year sentence, but the judge deemed this excessive.
UBS Private Wealth Management has welcomed Jason Zachter to its New York office, enhancing its team at 1285 Avenue of the Americas. Zachter, who previously spent 14 years at Morgan Stanley, will focus on serving multigenerational families and institutions. He is joined by Debra Rosenbach, who takes on the role of Senior Registered Client Associate. Zachter holds an MBA from Baruch College, City University of New York.
OfBusiness, a SoftBank-backed Indian shopping platform, has appointed five investment banks, including Axis Capital and JPMorgan, for its upcoming IPO targeting up to $1 billion in 2025. The company reported a $72.6 million after-tax profit on $2.3 billion in revenue for the fiscal year ending in March. With a valuation of around $5 billion in 2021, OfBusiness provides raw materials and exports food and apparel to major clients like Lulu and Costco.
U.S. markets rebounded from geopolitical tensions, with Nvidia"s upcoming earnings report taking center stage, driving its shares up 4.9%. Analysts believe Nvidia"s performance will significantly impact the S&P 500, overshadowing other economic indicators. Meanwhile, Japan"s exports showed signs of recovery, and Burberry"s stock outlook improved following a strategic revamp.
At the Global Financial Leaders’ Investment Summit in Hong Kong, Apollo CEO Marc Rowan highlighted a U.S. "industrial renaissance" driving significant capital demand, fueled by government spending on infrastructure and technology. Panelists noted a resurgence in capital raising, particularly in energy and data centers, with expectations for robust M&A activity in 2025 as economic conditions improve.
China"s central bank has maintained its benchmark lending rates, with the 1-year loan prime rate at 3.1% and the 5-year rate at 3.6%, as it evaluates the impact of recent stimulus measures amid a sluggish economy. Despite a recent cut in rates, economic indicators show weak industrial production and a steep decline in real estate investment, although retail sales have shown some improvement. Analysts predict continued slow growth, with Morgan Stanley forecasting around 4% growth for the next two years, while Goldman Sachs anticipates a slight deceleration in GDP growth to 4.5% by 2025.
PGIM is focusing on expanding its private credit, real assets, and international markets as David Hunt transitions leadership to Jacques Chappuis. The firm aims to enhance its private credit capabilities through acquisitions in Europe and Asia, while also growing its insurance asset management business and maintaining a commitment to active management. Hunt believes Chappuis" experience aligns well with PGIM"s strategic growth plans.
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10:42 21.11.2024
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21:38 19.11.2024
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