Wednesday, 1 October 2014
Last updated 1 hour ago
Jan 11 2010 | 2:50am ET
Richard Branson has found success in music, retail, airlines, cell phones and commuter rail service. Now, he’s setting his eye on banking, possibly with the help of the Blackstone Group.
The billionaire entrepreneur has approached the private equity giant about joining his new Virgin Money in a bid for part of nationalized British lender Northern Rock, The Telegraph reports. If Branson and Blackstone reach a deal with the British government for the “good bank” spun off from the failed parent, it would make Virgin Money the first private-equity backed bank in the U.K.
According to the Telegraph, Blackstone’s interest in a Northern Rock bid—the “good bank” could be worth as much as £2 billion—depends on finding a partner who understands how to run a bank.
It is unclear that Branson is such a partner. Virgin Money has been in the banking business for little more than a week, having just purchased Church House Trust for its full banking license. CHT has just 3,000 customers and no branches.
Nor is it certain that Branson, who made a £1.5 billion bid for Northern Rock before its nationalization, is set on Blackstone, which was advising Northern Rock at the time. The Telegraph said Branson is talking to several potential partners. His 2007 bid—thought to be the favorite to get Northern Rock before it was taken over by the government—included private equity honcho Wilbur Ross and hedge fund Toscafund Asset Management.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...