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Aberdeen’s CEO has a turnaround plan, and a private credit boss warns ‘don’t screw it’

Asset Management Correspondent

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Private credit is one of the hottest areas of the market right now, with asset managers scrambling to acquire expertise or sign distribution deals with some of the world’s biggest alternatives firms.

This week’s asset management news, all in one place

David Ricketts

Investing

JPMorgan’s Ed Byers retiring after 36 years at the bank

Citigroup hires JPMorgan’s Vargas in ECM shake-up

Goldman Sachs’s European dealmaking bosses bet on mid-market in push for top spot 

Milbank hires private equity M&A rising star in Germany

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

SS&C Technologies Holdings has struck a deal to buy funds network operator Calastone from private-equity firm Carlyle Group for roughly $1 billion.

SS&C Technologies to Buy Calastone From Carlyle for About $1 Billion

Consumers are spending again after the spring’s tariff chill. But some expect growth to be slow.

The U.S. Economy Is Regaining Its Swagger

The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

Sales of $10 million-plus paintings have collapsed as high interest rates have flushed speculators out of the market.

The Worst Performer in Billionaires’ Portfolios? Trophy Art.

Chinese authorities have placed an exit ban on a China-born executive after she entered the country recently. The bank has suspended travel to China.

China Confirms It’s Blocking Departure of U.S.-Based Wells Fargo Banker

U.S.-Based Wells Fargo Banker Blocked From Leaving China

Erica Williams to depart auditing watchdog July 22 at request of SEC chairman.

PCAOB Chair, in Last Days, Warns Against Potential for Budget Slashing

The bond manager hasn’t adjusted its portfolio saying it seems unlikely the president will get his way.

Bond Giant Pimco Dismisses Trump’s Threats to Fed’s Powell

ChatGPT tells me I’m thoughtful and wise, and write as well as a Nobel Prize winner. An ego-boost like that is worth $20 a month.

Is It Bad That I Desperately Need My Chatbot’s Approval?

Jittery markets are swelling trading revenue and profit, prompting banks to put more money to work on Wall Street.

Big Banks Are Spinning Market Chaos Into Gold

Politicians often want lower rates. Central banks seek stable prices.

What History Tells Us About the Perils of Firing Jerome Powell

Now that AI is screening résumés, it’s time to rethink that commandment about fitting all your work experience onto a single page.

It’s Time to Rethink the One-Page Résumé

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

Dimon Defends Fed Independence After Trump Attacks

Temperatures have been rising since the world’s oldest underground transportation system opened in 1863, presenting challenges that air conditioning can’t easily fix.

The London Tube ‘Feels Like Hell.’ Efforts to Cool It Just Make It Hotter.

Aircraft and booze are among imports that would be targeted as EU debates how to respond to President Trump’s latest trade threats.

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached

The four-day minimum requirement will begin in the new fiscal year, and some leaders will have to relocate to Seattle or Toronto within 12 months.

Starbucks Tells White-Collar Workers to Come to the Office More—Or Take a Buyout

JPMorgan, Wells Fargo lead the banks whose quarterly results may offer clues on how consumers and companies fared during a volatile period. The S&P 500 climbed 0.1%, and the Nasdaq rose 0.3% to a record.

Financial Stocks Rise Ahead of Busy Week for Earnings, Inflation Data

The bank put $50 billion toward lending to riskier companies to compete with nonbank giants dominating the market. The Walgreens deal was the payoff.

Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It

More men than women are back in their cubicles, but remaining remote comes with risks. “It creates that barrier.”

In America’s Return to the Office, Women Are Falling Behind

Mexico and Europe are grappling with how to respond to a U.S. administration that is using trade policy for a range of political and economic objectives.

Nations Find That Neither Anger Nor Appeasement Deflects Trump’s Tariff Threats

Continuation vehicles were once used by “zombie funds” but now usually contain top-performing companies.

The Private-Equity Maneuver Allowing More Investors to Cash Out

The short-term rental company now enables guests to book services at its properties. But hosts worry about liability—and not getting a cut.

Airbnb Lets You Add a Private Chef to Your Rental. Your Host Might Not Like It.

The 59-year-old hedge fund titan made his pro-tennis debut in a competitive ATP doubles tournament alongside a Grand Slam champion, and it ended in a straight-set defeat.

Bill Ackman’s Pro-Tennis Debut Lasted 67 Minutes

The president again pushed the Fed to lower rates, helping power the S&P 500 and the Nasdaq composite to fresh record closing highs.

Stocks Climb After Investors Look Forward to Trade Deals, Corporate Earnings

A new group plans to raise at least $20 million to stop the democratic socialist in the city’s mayoral race.

By Brian Schwartz, Kevin T. Dugan and Ben Glickman

New York’s Financial Crowd Rushes to Build Anti-Mamdani War Chest

Recent graduates who haven’t started their gigs at big banks are being recruited for jobs that don’t start for another couple of years.

By AnnaMaria Andriotis, Ben Glickman and Alexander Saeedy

Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms

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Financial News

This is an online version of FN’s asset management newsletter. Get it straight to your inbox each week here

SS&C Technologies to Buy Calastone From Carlyle for About $1 Billion

The U.S. Economy Is Regaining Its Swagger

Europe Prepares for a U.S. Trade Fight

The Worst Performer in Billionaires’ Portfolios? Trophy Art.

China Confirms It’s Blocking Departure of U.S.-Based Wells Fargo Banker