Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The European Central Bank is debating whether to publish sensitive research showing capital requirements for big EU lenders would rise by a double-digit percentage if they had the same rules as large Wall Street rivals.Some senior policymakers at the ECB are pushing for it to publish the report, or at least some of its findings, to counter heavy lobbying by the banking sector to water down rules implementing the Basel agreement on global capital requirements in the sector.The pressure from EU banks…

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Stay informed with free updatesSimply sign up to the Private equity myFT Digest — delivered directly to your inbox.Bahrain-based private equity group Investcorp is buying one of the largest privately owned tax and accounting partnerships in the US, part of a wave of dealmaking for accounting groups, talent agencies and professional service firms.Investcorp and Canadian pension fund PSP Investments are buying PKF O’Connor Davies, the 25th largest accountancy in the US by revenue, as it increases its investments in professional services groups, according to people familiar with the matter. The capital infusion, which will be announced later on Monday, is…

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Stay informed with free updatesSimply sign up to the Exchange traded funds myFT Digest — delivered directly to your inbox.Latest news on ETFsVisit our ETF Hub to find out more and to explore our in-depth data and comparison toolsJanus Henderson has filed to launch its first collateralised loan obligation exchange traded fund in Europe amid surging interest in the asset class.The US asset manager has applied to register an AAA CLO Ucits ETF as a legal entity in Luxembourg, according to a public register.The fund has the same name as an ETF that Janus Henderson manages in the US, which…

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Stay informed with free updatesSimply sign up to the Private equity myFT Digest — delivered directly to your inbox.A clash between KKR and Bain Capital over a $4bn buyout of Fuji Soft has entered a new phase of confrontation, creating what bankers and activist funds believe will become a template for corporate takeovers in Japan.On Friday evening, KKR said it would offer ¥9,451 a share for Fuji Soft — beating Bain’s competing offer by ¥1 and putting it in pole position to gain control of the Japanese software company.Fuji Soft’s board responded by saying it rejected Bain’s offer while approving…

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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Trillions of dollars of financial securities change hands every day. A few decades back, exchanges took place in raucous trading pits where dealers would bellow out prices to match buyers and sellers. Then the banks went electronic. Today, the task of market-making has evolved into a competitive and highly lucrative computerised sport beyond the banking sector, where wits, speed and technology are helping players gain an edge. And as the Financial Times’ New titans of Wall Street series has outlined, a handful…

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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.More than 5,000 people who invested in Neil Woodford’s collapsed equity fund are suing Hargreaves Lansdown, claiming the UK’s largest investment site continued to recommend the product even as it ran into trouble.Claims firm RGL Management said the number of people taking part in a group High Court claim against Hargreaves Lansdown had nearly doubled over the past two years. It added that the average individual claim, including interest, was about £20,000. The final number of claimants is expected to be larger,…

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Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.JPMorgan Chase has launched a £21.5mn lawsuit against a small UK construction company over alleged building defects at an east London warehouse the US lender uses to store precious metals. The Wall Street bank is suing Marbank Construction, which was contracted to design and build the warehouse, in London’s High Court after JPMorgan suffered “extensive losses” as a result of the alleged faults, according to court documents reviewed by the Financial Times. Better known for occupying skyscrapers in financial districts, lenders such…

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Stay informed with free updatesSimply sign up to the Investment Banking myFT Digest — delivered directly to your inbox.The trading accounts of US banks topped $1tn in the third quarter — their highest level in more than 16 years and close to an all-time high — as the nation’s largest financial firms seek to profit from rebuilding their market-making businesses. That growth has at the same time left the banks, particularly the largest ones, more exposed to market moves than at any time since the financial crisis as they hold ever-greater inventories of price-sensitive securities.Their trading accounts last peaked at…

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Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldShareholder advisory firms are bracing for a relentless attack on their business, as Donald Trump’s return to the White House heralds a tilt in the balance of power in corporate governance.The so-called proxy advisers, which make recommendations for shareholders on all manner of corporate governance issues from executive pay to proposed mergers, have long been the bane of C-suite executives at major publicly traded companies. But in recent years they have attracted scrutiny and criticism from conservatives who accuse proxy…

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The list of investors backing little-known life sciences fund Catalio Capital reads like a roll call of private equity and hedge fund titans. Among them: Thoma Bravo’s Orlando Bravo, Brevan Howard’s Alan Howard, Stanley Druckenmiller and KKR’s Henry Kravis. How a tiny biotech venture capital fund led by 33-year-old managing partner George Petrocheilos attracted such a kaleidoscope of finance luminaries is a story of equal parts hustle, chutzpah and connections.It has not hurt that the father of Petrocheilos’s co-founder Jacob Vogelstein is a famed geneticist who has allowed his son’s firm to incubate companies bearing some of his most promising…

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