Chief Correspondent, Hong Kong
Michael's Feed
Jan 27, 2011

Nearly all of Citi’s Q4 profit came from Asia -memo

HONG KONG, Jan 27 (Reuters) – Nearly all of Citigroup Inc’s
(C.N: Quote, Profile, Research, Stock Buzz) fourth-quarter profit came from its Asia-Pacific unit,
according to an internal memo seen by Reuters, further evidence
of the growth Wall Street and European banks are seeing in the
region, particularly in commercial banking.

Much of Citi’s fourth-quarter results focused on its return
to profit for the full year, combined with a drop in bond trading
revenue that caused the bank to miss profit estimates.

Jan 27, 2011

Dealmaker Moelis tests Asia talent war with launch

HONG KONG, Jan 27 (Reuters) – The independent investment bank
founded by veteran dealmaker Ken Moelis has announced its launch
in Asia on Thursday, a move likely to heat up the already intense
war for banking talent in the region.

The Asia expansion by Moelis comes as many top investment
bankers in the fast growing region are grumbling over flat to
lower annual bonuses after tougher regulation on large publicly
traded U.S. and European investment banks.

Jan 25, 2011

Analysis: Banker bonuses spur discontent as pay gap grows

HONG KONG/LONDON (Reuters) – Annual bonuses at top global banks are causing ructions that could drive an outsized round of defections as weaker profits and tougher rules widen the pay discrepancy between star performers and everybody else.

That growing difference between a small number of top-fee earning investment bankers and the bulk of their colleagues may see an exodus from big European and Wall Street banks to smaller upstarts or different industries in the weeks and months ahead.

Jan 25, 2011

Banker bonuses spur discontent as pay gap grows

HONG KONG/LONDON, Jan 25 (Reuters) – Annual bonuses at top global banks are
causing ructions that could drive a outsized round of defections as weaker
profits and tougher rules widen the pay discrepancy between star performers and
everybody else.

That growing difference between a small number of top-fee earning investment
bankers and the bulk of their colleagues may see an exodus from big European and
Wall Street banks to smaller upstarts or different industries in the weeks and
months ahead.

Jan 17, 2011

Competition intensifies for banking talent in Asia

HONG KONG, Jan 17 (Reuters) – The gloves are off in the fight for talent in
the Asia investment banking industry, with newly arrived financial institutions
establishing a foothold in the rapidly growing region.

While competition for talent is always intense for the banking sector, Asia
based executives, recruiters and analysts say the talent wars in the region have
reached new heights.

Jan 12, 2011

Asia private equity exits outstrip new deals

SYDNEY/HONG KONG (Reuters) – Asia’s private equity industry has quickly turned into a sellers’ market, as firms cash out of investments made on the back of the region’s robust economic growth.

And the trend is expected to continue as long as Asia’s stock markets remain steady and institutional demand holds up.

Jan 12, 2011

Analysis: Asia private equity exits outstrip new deals

SYDNEY/HONG KONG (Reuters) – Asia’s private equity industry has quickly turned into a sellers’ market, as firms cash out of investments made on the back of the region’s robust economic growth.

And the trend is expected to continue as long as Asia’s stock markets remain steady and institutional demand holds up.

Jan 7, 2011

DealTalk: Xinmao has itself to blame for failed Draka bid

BEIJING/HONG KONG (Reuters) – If there are 10 steps to successfully gatecrashing a large, cross-border, public acquisition, China’s Xinmao seems to have missed most of them.

Xinmao, a conglomerate little known outside its hometown of Tianjin, pulled the plug on its 1 billion euro ($1.3 billion) bid for Dutch cable company Draka (DRAK.AS: Quote, Profile, Research, Stock Buzz) on Thursday, conceding it would be unable to formally launch an offer before Italian rival Prysmian (PRY.MI: Quote, Profile, Research, Stock Buzz) closed its 870 million euro agreed bid.

Jan 7, 2011

Xinmao has itself to blame for failed Draka bid

BEIJING/HONG KONG, Jan 7 (Reuters) – If there are 10 steps to successfully
gatecrashing a large, cross-border, public acquisition, China’s Xinmao seems
to have missed most of them.

Xinmao, a conglomerate little known outside its hometown of Tianjin,
pulled the plug on its 1 billion euro ($1.3 billion) bid for Dutch cable
company Draka on Thursday, conceding it would be unable to formally
launch an offer before Italian rival Prysmian closed its 870 million
euro agreed bid. [ID:nLDE7050QD]

Jan 7, 2011

China OKs JPMorgan, Morgan Stanley joint ventures

HONG KONG (Reuters) – Chinese securities regulator on Friday approved the joint ventures of J.P. Morgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), bringing the banks a step closer toward operating securities businesses in China that they, and other banks, have long sought.

The approval will enable the two Wall Street banks to underwrite stocks and bonds in one of the fastest growing securities market in the world.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
    • Contact Michael

    • Follow Michael