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Michael Hintze, chief executive and senior investment officer, CQS

1) What is the single most damaging unintended consequence of this year's wave of regulation?
My main concern is that regulatory complexity will lead to extra costs, without extra benefits. Whether this is Basel III which, among other things, is making it difficult for banks to lend to SMEs, Dodd-Frank which is leading to liquidity being taken out of markets or the AIFM Directive which threatens competition and to restrain trade. Do we really need more global regulation? Surely we need competing regulatory regimes and greater global transparency.
2) How far along the path to recovery are we?
This depends where. The US is still in the early stages of recovery with the major structural problems yet to be addressed. In Europe, the UK is dealing with these structural issues, but several European peripheral countries have not as yet. Asia is probably being over stimulated by US QE which is stimulating the world, but not the US. Capital markets, though likely to be increasingly volatile are well positioned, while many western real economies are not.

Financial News asked four senior figures from the hedge fund industry for their opinions on the unintended consequences of the latest regulations and the path to economic recovery.

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Lauren Willington

Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

Private equity’s wealth spree in the spotlight as AFH deal terms raise conflict concerns

FCA chief executive Nikhil Rathi reappointed for second term

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Find out who is on the move in the City and beyond this week

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Barclays hires Centerview dealmaker Woeber to lead global M&A

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The UK lender has tapped a veteran dealmaker to head up a key area of growth

Several big law firms are discussing $500 million in pro bono legal services with the White House to avert restrictions on their business, people familiar with the matter said.

By Emily Glazer, Josh Dawsey and C. Ryan Barber

Latham & Watkins, Simpson Thacher Near Deals With White House

Treasury Secretary Scott Bessent helped persuade the president to take some time and negotiate with trading partners in the face of pressure from business leaders.

By Annie Linskey, Josh Dawsey and Meridith McGraw

Why Trump Blinked on Tariffs Just Hours After They Went Into Effect

Generative AI is going to reinvent virtually every customer experience and enable entirely new ones that have only been dreamed about, Amazon.com Chief Executive Andy Jassy said.

Amazon CEO Says Generative AI Will Reinvent Every Customer Experience

Carney said the 90-day pause, and Trump’s pledge to negotiate new trading arrangements with dozens of countries, “will likely result in a fundamental restructuring of the global trading system.”

Trump’s Tariff Pause ‘Welcome Reprieve’ For Global Economy, Canada PM Carney Says

The BOE said that further sharp falls in asset prices are likely.

Bank of England Warns of Tariffs Threat to Stability of Global Financial System

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