Author: Lily Harper

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldPolicymakers in Washington are considering a multibillion-dollar tax break for private credit funds as part of President Donald Trump’s flagship spending plan, even as the bill would swell US debt and cut programmes such as indigent medical care.The proposal would limit taxes on dividends paid to investors in so-called business development companies, one of the primary investment vehicles utilised by the private credit industry. The terms were included in Trump’s “big, beautiful bill” that passed the US House of Representatives,…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Andy Baldwin, the British consulting executive who lost the race to become global boss of EY, has joined IBM in another example of the US technology group recruiting a senior figure from the Big Four.Baldwin, an architect of EY’s unsuccessful attempt to spin off its advisory arm, will become general managing partner at IBM Consulting, the company announced on Monday.The role puts him in charge of growth and service offerings at a big EY competitor, a year and a half after he…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe race to decide the next Democratic candidate to be mayor of New York is going down to the wire and there are more than a few Wall Street titans sweating over the outcome.Polling for the lead contenders — former mayor Andrew Cuomo and a 33-year-old assembly member Zohran Mamdani — has suggested the outcome will be close. For prominent Wall Street figures, the prospect of a socialist Mamdani taking the helm of the world’s largest financial capital has provoked…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Chamath Palihapitiya is back! The self-styled “Spac King”, whose blank-cheque deals incinerated billions of investor dollars, has announced he’s “probably” launching another one. That’s despite an abysmal record and the overwhelming thumbs-down verdict of a 58,000-person X (formerly Twitter) poll. “The last time wasn’t a success by any means,” he magnanimously admitted.Incredible that almost 58k people voted. I hope everyone that voted “No” feels seen. Now onto business. I got calls from many Wall Street and Crypto Titans yesterday. They all want…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Vanguard, the world’s second largest asset manager, is cutting fees on nearly half of its bond exchange traded funds in Europe as part of a push into the fixed income market and as competition among the biggest fund providers heats up. The US-based asset manager, which oversees more than $10.5tn globally, is reducing the charges on seven of its total 15 fixed income ETFs in Europe, in an attempt to attract more customers to its bond funds and win a greater market…

Welcome to FT Asset Management, our weekly newsletter on the movers and shakers behind a multitrillion-dollar global industry. This article is an on-site version of the newsletter. Subscribers can sign up here to get it delivered every Monday. Explore all of our newsletters here.Does the format, content and tone work for you? Let me know: harriet.agnew@ft.com A pair of scoops to start: Chancellor Rachel Reeves is exploring reversing a decision to charge UK inheritance tax on the global assets of non-doms, following a spate of departures and lobbying by the City of London.Hedge fund Millennium Management is working with Goldman…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Revolut’s chief executive Nik Storonsky is in line for a multibillion-dollar windfall if he steers the fintech’s valuation to about $150bn, under a long-standing Elon Musk-style pay package. Storonsky, who founded the $45bn start-up in 2015, has an outsized incentive deal that would increase his stake in Revolut by several percentage points if the valuation more than triples from its current level, according to people familiar with the matter. The total amount of shares on offer could be worth as much as 10 per…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Lloyds Banking Group is planning to move £6bn of workplace retirement savings from Willis Towers Watson to Scottish Widows, as the bank’s in-house pension provider carries out a major overhaul of its offerings.The bank has written to more than 100,000 of its pension scheme members to tell them about the changes. The consultation closes in August and the switch is expected to complete in the second quarter of next year.The move would more than double the assets in Scottish Widows’ “master trust…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The Spac market was shrivelling when the industry’s annual conference rolled around in mid-2022, with a hastily arranged guest appearance by porn star Stormy Daniels failing to brighten the gloomy mood.  This year’s event at a golf club in an upscale suburb of New York was markedly more upbeat, attended by some of Wall Street’s most illustrious money managers, delegates from several of America’s largest law firms and dozens of banks, consultants and private investors.Special purpose acquisition companies are enjoying another moment in…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.What a busy life Filippo Gori must lead. The JPMorgan banker used to live in Hong Kong, where he headed the Wall Street bank’s Asia-Pacific business.He moved to London last year after he was given two big new jobs, co-head of global banking and head of Europe, the Middle East and Africa, or Emea as it is known in business speak.You might think that move made sense, considering his Emea responsibilities. But as FT readers learnt this week, Gori is about to…