asset management

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Quinn: Don't Wait to Go Bankrupt

It's an embarrassment, but it offers a 'fresh start'

(Newser) - Your new year should be a “fresh start”—and if that means filing for bankruptcy, so be it, writes Jane Bryant Quinn in Newsweek. “If you're reaching the end of your rope, don't try to hold on. Save what you can,” Quinn says. Many families try... More »

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and... More »

Firms Wary of Treasury's Stalled Toxic-Asset Bailout

As Treasury shifts gears from assets to equity stakes, firms shy away

(Newser) - A survey of more than 400 financial institutions found a large percentage are reluctant to participate in the $700 billion bailout program because of confusion, the Wall Street Journal reports. As Treasury hastily shifted gears from the original plan to buy toxic debt to taking equity positions in banks, more... More »

Bailout Hits Hiring Hurdles Over Fees, Vetting

Low fees for managers and lack of Treasury manpower put brakes on bailout

(Newser) - Though the $700 billion bailout deal won approval Oct. 3, the Treasury has yet to begin purchasing bad loans that are poisoning the credit pool, due to delays in hiring financial firms to oversee the program, the Wall Street Journal reports. Concern over the fees that will be paid to... More »

For Paulson, Toughest Part Lies Ahead

Treasury has just weeks to create asset-buying behemoth

(Newser) - The real work for the Treasury Department begins now that the bailout bill has passed, the New York Times writes. Secretary Henry Paulson has less than a month to get a massive asset management firm up and running, and to start pricing the toxic securities that have flummoxed experts. The... More »

Lehman's Asset Management Arm Sold on Cheap for $2B

Prestigious Neuberger Berman goes to 2 private equity firms

(Newser) - Two private equity firms will acquire Neuberger Berman, the largest and most prestigious component of Lehman Brothers, for $2.15 billion. Bain Capital and Hellman & Friedman will pay in cash for the wealth management firm—an indication of just how stultified credit markets have become. Only a month before... More »

Industry Shakeout Clips Hedge Funds

It's a fund-eat-fund world as companies mature, face crunch

(Newser) - A massive shakeout is transforming the world of hedge funds, the Wall Street Journal reports. Tougher market conditions mean smaller funds are merging or closing their doors, and new ones are facing difficulty getting started. The business, which mushroomed from a few hundred firms to 8,000 over a decade,... More »

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own... More »

Romney's So Rich It Surprised Even Him

With up to $247M, he's worth the other major candidates combined

(Newser) - Mitt Romney looks to be richer than the other presidential candidates combined, Bloomberg reports. In a filing today with the Federal Election Commission, the GOP contender today revealed that he and his wife jointly own assets worth between $190 and $270 million. Since their assets have been in a blind... More »

Private Equity Pounces on Nuveen

$5.75B Madison Dearborn offer is highest ever for asset-management firm

(Newser) - Private equity fund Madison Dearborn has made the biggest-ever play for an asset management firm, offering $5.75 billion to buy out Chicago-based Nuveen Investments. The $65-per-share offer—a 20% premium over Nuveen's closing price yesterday—signals the growing demand for cash-rich money-management firms as buyout targets. More »

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