Archive for the ‘NY Jobs’ Category

Credit Suisse Junk Bonuses Turn Into $5B

Wednesday, February 24th, 2010

All of you probably remember last year how Credit Suisse did something “unthinkable” by giving bonuses in the form of CDOs and ABS.  Now it seems that CS bankers were some of the most highly compensated during the recession!

Credit Suisse sign

Bankers’ ‘junk’ bonuses turn into $5bn

By Alex Ritson
Business reporter, BBC World Service

Bonuses made up of so-called toxic debt and given to bankers at Credit Suisse as a punishment for poor investments, have soared in value.

Their bonus pool, made up financial products originally thought to be worthless, is now worth $5bn (£3.2bn).

The bank lost $7bn last year, in part due to the investment decisions of some of its best-paid staff.

The toxic debt bonuses had been described as a way of giving the bankers to taste of their own medicine.

But it has now emerged the value of the toxic bonus pool has climbed by 72% – far outperforming many safer investments.

Well-deserved?

The money had been put into complicated financial products linked to the risky commercial debt secured on among other things, a Japanese shopping centre, an American supermarket chain and other commercial property that had plunged in value.

At the height of the financial crisis, many people thought these investments were worthless. To Credit Suisse, it seemed right to share them out as annual bonuses among the people who had apparently got things so wrong.

But as confidence has returned to the market – it has become clear that the toxic asset pool wasn’t nearly as toxic it had been thought.

The toxic bonus fund has soared in value by 72%. That compares with a 60% rise in the value of Credit Suisse shares over the same period – or a mere 19% rise in the main US share index the Dow Jones.

The bankers may well feel they have earned the money though.

Credit Suisse is safely back in profit – and unlike its rivals at UBS, Credit Suisse did not take a bail-out from the Swiss Government.

~Sourced by I.S.

Prominent NY City Hedge Funds!

Tuesday, January 26th, 2010

NY Hedge Funds

Dear LA Member,

Enclosed is a list of the most powerful hedge funds in New York City.  Enjoy!

  • Alson Capital Partners, LLC
  • Amber Capital, L.P.
  • Arience Capital Management, L.P.
  • Atticus Capital, LLC
  • Blue Ridge Capital, LLC
  • Brahman Management, LLC
  • Brencourt Advisors, LLC
  • Bridger Management, LLC
  • Cantillon Capital Management, LLC
  • Caxton Associates, LLC
  • Citadel Investment Group, LLC
  • Clovis Capital Management, LLC
  • Coatue Management, LLC
  • Cumberland Associates, LLC
  • D.E. Shaw & Company, Inc.
  • D.M. Knott & Associates
  • Davidson Kempner Advisers, LLC
  • Duquesne Capital Management, LLC
  • Elm Ridge Capital Management
  • Eminence Capital, LLC
  • Fir Tree Partners
  • Force Capital Management, LLC
  • Fortress Investment Group, LLC
  • Galleon Management, LLC
  • Glenhill Advisors, LLC
  • Glenview Capital Management, LLC
  • GLG, Inc.
  • GoldenTree Asset Management, L.P.
  • Greenlight Capital, LLC
  • Highbridge Capital Management, LLC
  • HBK Investments, L.P.
  • Intrepid Capital Management, LLC
  • JANA Partners, LLC
  • Jay Goldman & Co.
  • JL Advisors, LLC
  • Karsch Capital Management, L.P.
  • Kinetics Advisers, LLC
  • Kingdon Capital Management, LLC
  • Kynikos Associates, L.P.
  • Level Global Investors, L.P.
  • M.D. Sass Investors Services, Inc.
  • Marathon Asset Management, LLC
  • Mason Capital Management, LLC
  • Maverick Capital, LTD
  • Millennium Management, LLC
  • Moore Capital Management, Inc.
  • MSD Investments
  • Omega Advisors, Inc.
  • OrbiMed Advisors, LLC
  • OSS Capital Management, L.P.
  • OZ Management, LLC
  • Paulson & Company, Inc.
  • Perry Capital, LLC
  • Principled Asset Administration, LLC
  • Ramius Capital Group, LLC
  • Renaissance Technologies, LLC
  • Ritchie Capital Management, LLC
  • Royal Capital Management, LLC
  • SAB Capital Management, LLC
  • Sandell Asset Management Corporation
  • Satellite Asset Management, L.P.
  • Scout Capital Management, LLC
  • Seneca Capital Advisors, LLC
  • Sigma Capital Management, LLC
  • Soros Fund Management, LLC
  • Steel Partners, LLC (U.S.)
  • SuttonBrook Capital Management, L.P.
  • Third Point Management Company, LLC
  • TIG Advisors, LLC
  • Tiger Global Management, LLC
  • TPG-Axon Capital
  • Trafelet Capital Management, L.P.
  • Tremblant Capital Group
  • Two Sigma Investments, LLC
  • Viking Global Investors, L.P.
  • Weiss Multi-Strategy Advisers, LLC
  • York Capital Management, LLC
  • Ziff Brothers Investments
  • Zweig-DiMenna Associates, LLC

~I.S.

BlackRock, $3T in Assets Under Management

Sunday, January 17th, 2010

BlackRock

BlackRock is certainly one of the most powerful financial firms today.  Not only does it manage $3 trillion dollars for the likes of China Investment Corp., FedEx, Boeing, ExxonMobil, the Federal Reserve, and the California Retirement System, it managers $165 billion in troubled assets for the U.S. government.

Recently, BlackRock even acquired Barclay’s ETF business, Barclays Global Investors and awarded $1.5 billion to its employees in bonuses.  So what makes Barclays so successful?  Risk management.  It has helped the U.S. government manage troubled assets from AIG, Citigroup, Freddie Mac, and Fannie Mae.  In 2007, JPMorgan also hired BlackRock to evaluate the risk of Bear Stearns assets after its bankruptcy.  BlackRock also sells a range of different risk measurement systems, including a system called Aladdin.  Thirty seven major clients use Aladdin to manage the risk of their fixed income portfolios, including BlackRock itself.

What does BlackRock do?  BlackRock manages assets that include equity, fixed-income, hedge, mutual, and cash funds.  It also provides advisory services to corporate pensions and sovereign wealth funds.  In BlackRock’s advisory business, 2,300 people work to serve clients and provide risk management services.  In 2009, the company may net $980 million on $4.3 billion in revenue.  That is a net margin of almost 25%.  It is certainly a fantastic business.

Most of BlackRock’s fixed income business consists of relative value managers, who look to exploit differences in spreads between corporate securities, Treasuries, and mortgages, depending on the risk-return properties of each.

Who runs BlackRock?  BlackRock is run by Larry Fink, a former bond trader for Credit Suisse First Boston (CSFB) in the 1970s.  He helped create the mortgage securities trading business.  He joined BlackRock, after the firm was spun off from Blackstone in 1988.  The firm went public in 1999, when the seven original cofounders, including Fink cashed out.

BlackRock also has 425 portfolio managers around the world.  It is certainly a fantastic place to begin one’s career!

For more information, please refer to Forbes magazine…

~I.S.