Paritosh's Feed
Oct 10, 2014

Blackstone gives up its roots in advisory unit spin-off

NEW YORK, Oct 10 (Reuters) – Blackstone Group LP said
on Friday it would spin off its advisory units into a company
headed by star Wall Street investment banker Paul Taubman, to
avoid potential conflicts of interest in the sprawling private
equity empire.

The advisory business, which includes mergers and
acquisitions, restructuring and private equity fundraising, will
merge with a firm founded last year by Taubman, a former Morgan
Stanley president who has been behind some of the biggest
mergers in recent years.

Sep 29, 2014

‘Bond King’ Bill Gross quits Pimco for Janus

NEW YORK (Reuters) – Bill Gross, the bond market’s most renowned investor, quit Pimco for distant rival Janus Capital Group Inc on Friday, the day before he was expected to be fired from the huge investment firm he co-founded more than 40 years ago.

Gross, 70, had been clashing with the firm’s executive committee and had threatened to resign multiple times, a source familiar with the situation said. The committee had planned to accept his latest resignation from the post of chief investment officer on Saturday.

Sep 28, 2014

Japan’s SoftBank in talks to buy DreamWorks: source

TOKYO/NEW YORK (Reuters) – Japan’s SoftBank Corp (9984.T: Quote, Profile, Research, Stock Buzz) is in talks to acquire DreamWorks Animation SKG (DWA.O: Quote, Profile, Research, Stock Buzz), the Hollywood studio behind the “Shrek” and “Madagascar” movie hits, a person with knowledge of the situation said.

An acquisition of DreamWorks by SoftBank would make it part of a cash-rich Japanese communications and media company that, under founder and chief executive Masayoshi Son, has shown a willingness to take big bets on combining disparate businesses.

Sep 26, 2014

How Bill Gross became too hot for Pimco to handle

NEW YORK, Sept 26 (Reuters) – Bill Gross’ abrupt departure
from Pimco, the giant bond firm that he co-founded more than
four decades ago, was preceded by months of clashes between the
star investor and the firm’s executive committee that got
progressively worse, according to sources familiar with the
situation.

Tensions had been building within Pimco, the Newport Beach,
California-based asset manager with about $2 trillion under
management. Co-Chief Investment Officer Mohamed El-Erian,
Gross’s long-time heir-apparent, made an acrimonious exit in
January. The flagship Total Return Fund, the world’s largest
bond fund, suffered 16 straight months of outflows. The
wrangling and the underperformance grated on the executive
committee, chaired by Chief Executive Douglas Hodge.

Sep 26, 2014

Insight – Gross’ departure from Pimco followed clashes, threats to quit

NEW YORK (Reuters) – Bill Gross’ abrupt departure from Pimco, the giant bond firm that he co-founded more than four decades ago, was preceded by months of clashes between the star investor and the firm’s executive committee that got progressively worse, according to sources familiar with the situation.

Tensions have been building within Pimco, the Newport Beach, California-based asset manager with about $2 trillion (1.23 trillion pound)under management. Co-Chief Investment Officer Mohamed El-Erian, Gross’s long-time heir-apparent, made an acrimonious exit in January. The flagship Total Return Fund suffered 16 straight months of outflows. The wrangling and the underperformance grated on the executive committee, including Chief Executive Douglas Hodge.

Sep 26, 2014

Gross’ departure from Pimco followed clashes, threats to quit

NEW YORK, Sept 26 (Reuters) – Bill Gross’ abrupt departure
from Pimco, the giant bond firm that he co-founded more than
four decades ago, was preceded by months of clashes between the
star investor and the firm’s executive committee that got
progressively worse, according to sources familiar with the
situation.

Tensions have been building within Pimco, the Newport Beach,
California-based asset manager with about $2 trillion under
management. Co-Chief Investment Officer Mohamed El-Erian,
Gross’s long-time heir-apparent, made an acrimonious exit in
January. The flagship Total Return Fund suffered 16 straight
months of outflows. The wrangling and the underperformance
grated on the executive committee, including Chief Executive
Douglas Hodge.

Sep 26, 2014

“Bond King” Bill Gross leaves Pimco for rival firm Janus

NEW YORK (Reuters) – Bill Gross, one of the bond market’s most renowned investors, on Friday quit Pimco, the huge investment firm he co-founded more than 40 years ago and with which his name has been effectively synonymous, for Janus Capital Group, a distant rival in the asset management arena.

The surprise development, which rattled the U.S. bond market, came the day before Pimco and its parent, German insurer Allianz SE, planned to dismiss Gross, a source familiar with the matter told Reuters.

Sep 26, 2014

Storied bond investor Bill Gross quits Pimco for Janus

NEW YORK (Reuters) – Bill Gross, one of the bond market’s most renowned investors, on Friday quit Pimco, the huge investment firm he co-founded more than 40 years ago and with which his name has been effectively synonymous, for Janus Capital Group, a distant rival in the asset management arena.

The surprise development, which rattled the U.S. bond market, came the day before Pimco and its parent, German insurer Allianz SE, planned to dismiss Gross, a source familiar with the matter told Reuters.

Aug 1, 2014

SEC launched extensive probe to identify sources in Reuters stories

NEW YORK/WASHINGTON (Reuters) – A U.S. Securities and Exchange Commission watchdog conducted an extensive, months-long investigation to find out who had leaked information that appeared in two Reuters stories published last autumn, but it was unable to identify the sources, according to a report of the probe seen by Reuters on Thursday.

The SEC’s Office of Inspector General (OIG) started the investigation after Reuters published information about the regulator’s decision, taken in a closed-door meeting on September 12, 2013, to settle its probe into JPMorgan Chase & Co’s massive London Whale trading loss.

Jul 6, 2014

When CEO has cancer, board must plan for more than succession

NEW YORK, July 6 (Reuters) – When Goldman Sachs’ then-senior
partner, Gus Levy, suffered a stroke in the middle of a client
meeting in 1976 and died shortly after, the bank’s management
didn’t know who would lead the firm. No one, it seemed, had
planned for succession.

What happened next is not entirely clear. As Roy Smith, a
former Goldman partner, tells the story, Levy had left a
note in the top drawer of his desk in the office. It said if
anything were to happen to him, the management committee should
name John Whitehead and John Weinberg as co-senior partners, and
so Goldman did that, Smith said.