Author: Lily Harper

The world’s largest listed hedge fund manager, Man Group, is at a crossroads. After years of high flying thanks to its innovative quant trading strategies, the company’s hedge fund unit has been faltering. Recently, the performance of Man Group’s core business has been lacklustre, and some institutional investors have pulled their money. The FT’s hedge fund correspondent Costas Mourselas analyses which strategies Man Group may pursue to rebound. – – – – – – – – – – – – – – – – – – – – – – – – – – For further reading:Can the world’s largest…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EY reported a 4 per cent increase in annual global revenue on Wednesday, as an artificial intelligence-driven rebound in consulting work was offset by shrinking activity in its strategy and deal advisory business.The Big Four accounting and consulting firm brought in revenue of $53.2bn for the year to the end of June, up from $51.2bn in the previous year and close to the same rate of growth in constant currency terms.EY is the second of the Big Four to report, against a…

Stay informed with free updatesSimply sign up to the Commodities myFT Digest — delivered directly to your inbox.In our excitement over the real Nobels yesterday a few interesting stories slipped between the cracks — primarily this one:MIAMI & HAMBURG, Germany–(BUSINESS WIRE)–Citadel, a leading global investment firm, has entered into a definitive agreement to acquire 100% of Hamburg-based power trading firm FlexPower.The proposed acquisition is a strategic investment by Citadel and will introduce a new era of growth for FlexPower. The combination of Citadel’s extensive risk management, technological and analytical capabilities with FlexPower’s renewable market expertise will enable FlexPower to deliver…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.JPMorgan Chase will take stakes in companies of up to a total of $10bn to help fund growth in areas it deems critical to US security, the latest sign of Donald Trump’s “America First” policies being adopted by big business.The investment plans are part of a broader 10-year initiative that JPMorgan announced on Monday through which it is aiming to facilitate and finance $1.5tn in so-called critical industries. “It has become painfully clear that the US has allowed itself to become too reliant…

US President Donald Trump has threatened new “large scale” export controls on China, and Wall Street’s investment banks just wrapped up a record-breaking quarter. Plus, dozens of European lawmakers are earning income from side hustles connected to their legislative responsibilities, and OpenAI’s ownership structure is making it harder for the company to raise money. Mentioned in this podcast:China blames Trump and US for escalating trade warWall Street investment banking revenues poised to top $9bn Scores of MEPs hold side jobs in sectors where they steer EU lawsWho owns OpenAI? blockbuster deals complicate investor payouts Check out ‘Toxic Legacy’ from the…

Stay informed with free updatesSimply sign up to the UK financial regulation myFT Digest — delivered directly to your inbox.The UK car finance mis-selling scandal will cost banks £8.2bn, the financial regulator has said, a lower-than-expected figure that is still on track to become one of the industry’s biggest compensation schemes.The Financial Conduct Authority previously estimated that the total cost of compensation could range from £9bn to £18bn. It said last month that most people were likely to receive less than £950 for each agreement.The scandal stems from commissions paid by lenders to motor dealerships as part of millions of…

One of the three deals Bain Capital has ever completed in Osaka, Japan’s third largest city, took a number of years to get over the line.The takeover of drugstore chain Kirindo had all the hallmarks of a classic Japanese private equity transaction, and included negotiating with the 96-year-old founder.“Of course, there is a problem with succession, with a lot of companies coming out of the drugstore business . . . so we have been suggesting that we can help both the succession and the growth strategy,” says Makoto Ono, private equity managing director in Japan for Bain. “But it took us about seven years.”The…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldSaudi real estate developer Dar Global has unveiled plans to build a $1bn Trump Plaza project in the Red Sea port city of Jeddah, as US President Donald Trump’s family business expands its footprint in the Gulf.The project will include offices, premium residences, serviced apartments and town houses, and is part of a larger scheme called the “Manhattan” master plan that will also feature a Central Park-inspired park, the company said.The plans follow Trump’s visit to Saudi Arabia and its…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UBS has agreed to pay €835mn in fines and damages to settle a long-running French tax evasion case that involved its bankers using “James Bond”-like tactics, a fraction of the original €4.5bn penalty. The Swiss bank said on Tuesday that it would pay a fine of €730mn and €105mn in civil damages to the French state after the lender was found guilty of helping rich clients evade paying tax between 2004 and 2012. The settlement represents less than a fifth of the…

Stay informed with free updatesSimply sign up to the Climate change myFT Digest — delivered directly to your inbox.Donald Trump’s administration is pressuring the World Bank to fund more fossil fuel projects, including drilling for new gas, as part of a broader backlash against efforts to tackle climate change. The US president, who has promised to unleash American fossil fuels and has railed against green energy, has torn up many of former president Joe Biden’s green energy and climate policies since returning to the White House.His administration is now targeting the financing of energy in developing countries, according to five development…