Monday, 22 September 2014
Last updated 5 hours ago
Feb 4 2013 | 4:02pm ET
The Blackstone Group has joined Apollo Global Management and Kohlberg Kravis Roberts with a toe in investment-banking waters: a securities underwriting license.
The private equity firm has quietly acquired one, the Financial Times reports. Initially, Blackstone's plans for its new business line are modest. But the firm could eventually expand into something more like a full-service investment bank, as KKR has done.
"It is just an arrow in the quiver," a source told the FT. "It is a way to serve clients in corporate restructuring or in the mergers advisory business or in the private equity portfolio. If it proves interesting, Blackstone may grow it over time."
Blackstone's move leaves the Carlyle Group as the only major listed p.e. firm without an underwriting license. Carlyle says it does not intend to apply for one.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.