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☆ Citadel CEO Ken Griffin says the anti-Israel college campus protests are just 'performative art'
▼ + stars: | 2024-05-13 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Anti-Israel protesters are just engaging in a form of performance art, says Citadel CEO Ken Griffin. Griffin said he was pausing his donations to Harvard over its approach to on campus antisemitism. AdvertisementCitadel founder and CEO Ken Griffin, 55, isn't a fan of the anti-Israel protesters that have taken over American college campuses. That's just anarchy," Griffin said of the student protesters. Griffin's criticisms of student protesters highlight the huge influence that Corporate America has on higher education.

Persons: Ken Griffin, Griffin, —, we're, That's, Griffin didn't, Harvard didn't, Darren Woods, Kevin O'Leary, O'Leary Organizations: Israel, Citadel, Harvard, Service, Financial Times, Columbia University, UCLA, The New York Times, BI, mater, Harvard University, Harvard Gazette, Senate, IBM, Funds Association Network Miami, Ivy League, CNBC, Fox News Locations: Israel

☆ Citadel CEO and billionaire Ken Griffin donated $5 million to Nikki Haley super PAC
▼ + stars: | 2024-01-30 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Citadel CEO Ken Griffin, a billionaire and major Republican campaign donor, gave $5 million to a political action committee backing former South Carolina Gov. Nikki Haley over Donald Trump in the GOP primary for president, according to his company spokesman. Despite the Haley donation, Griffin also praised Trump on Tuesday during his conversation with CNBC. He has also donated $10 million to a super PAC supporting Pennsylvania Senate candidate Dave McCormick, the former CEO of hedge fund Bridgewater Associates. A super PAC that is backing Montana Senate hopeful Tim Sheehy received $5 million from Griffin, according to a Citadel spokesman.

Persons: Ken Griffin, Nikki Haley, Donald Trump, Griffin, Haley, Trump, Ron DeSantis, DeSantis, Dave McCormick, Tim Sheehy, Sheehy, Democratic Sen, Jon Tester, Matt Rosendale Organizations: Citadel, Republican, South Carolina Gov, GOP, SFA Fund, CNBC, U.S . House, Funds Association, Forbes, United Nations, Florida Gov, Trump, Pennsylvania, Bridgewater Associates, Democratic, GOP Rep, CNBC PRO Locations: Miami, U.S, Iowa, Trump, New Hampshire, South Carolina, Griffin

The group usually has one active case against financial regulators, but currently has two against the Securities and Exchange Commission (SEC) and one against the Consumer Financial Protection Bureau (CFPB), he said. To be sure, the financial regulators have been sued many times during previous administrations, including by pro-reform advocacy groups. "There are some financial regulators that are walking right into it," he added. In September, for example, bank groups accused regulators including the Federal Reserve of violating the APA with a new capital rule. According to research by Wharton School professor David Zaring, neither industry groups nor individual lenders have filed more than one suit over the past decade challenging Fed policymaking.

Persons: Jim Bourg, Gibson, Dunn, Crutcher, Joe Biden's, Donald Trump's, Tom Quaadman, Jack Inglis, CFPB, Dennis Kelleher, Trump, Eugene Scalia, Gibson Dunn, Scalia, Antonin Scalia, Rebeca Romero Rainey, David Zaring, Kelleher, Douglas Gillison, Chris Prentice, Pete Schroeder, Nate Raymond, Jody Godoy, Megan Davies, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, WASHINGTON, Democratic, Republican, Reuters, APA, U.S . Chamber of Commerce, Securities and Exchange Commission, Consumer Financial Protection Bureau, Funds, Alternative Investment Management Association, Fifth Circuit, Appeals, Better Markets, Biden, American Bankers Association, Labor, Supreme, Independent Community Bankers of, Federal, Wharton School, Thomson Locations: Washington, Independent Community Bankers of America

Both changes to the process for designating a non-bank as a "systemically important financial institution," or SIFI, were proposed in April. Friday's vote reversed a Trump administration policy that regulators should police risky activities rather than single out individual firms. Under the revamped process, FSOC will identify potential SIFIs based on existing information and give the company a chance to respond. Similarly, the Managed Funds Association, which represents hedge funds, said non-banks do not pose the same risks as banks. "The guidance imposes a black box designation process that introduces uncertainty for market participants," said MFA President and CEO Bryan Corbett.

Persons: Brendan McDermid, Donald Trump, FSOC, Trump, Janet Yellen, Eric Pan, Bryan Corbett, Barack Obama, Ian Katz, Pete Schroeder, Chris Reese, Michelle Price, Richard Chang Organizations: Wall, REUTERS, WASHINGTON, Treasury Department, U.S . Federal, BlackRock, Bridgewater, Investment Company Institute, Association, MetLife, Inc, General Electric Capital Corporation, American International Group, Prudential Financial, Capital Alpha Partners, Carolina, Thomson Locations: New York, U.S, BlackRock, Bridgewater

Short selling involves borrowing a stock to sell it in the expectation the price will fall, then repurchasing the shares and pocketing the difference. Short interest in the U.S. market totaled $927 billion as of Thursday, according to analytics firm S3 Partners. The new rules require institutional investors to report their gross short positions to the SEC monthly and certain "net" short activity for individual dates on which trades settle. "Investment advisers will face more risk when selling short, which will harm investors, market participants, and market efficiency," said its CEO Bryan Corbett. SEC officials said the new rules, which the commission agreed upon in a 3-2 vote, support the agency's efforts to police the practice.

Persons: Jim Bourg, Gary Gensler, Gensler, Stephen Hall, FINRA, Bryan Corbett, Douglas Gillison, Chris Prentice, Michelle Price, Chizu Nomiyama, Chris Reese Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, GameStop, Financial Industry Regulatory Authority, Partners, Stephen Hall of Better, Justice Department, Thomson Locations: Washington, U.S

☆ Hedge fund legend Ray Dalio warns the US will suffer a 'debt crisis' - and predicts an economic slump
▼ + stars: | 2023-09-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Ray Dalio is worried about America's borrowing binge and economic growth cooling. Dalio has previously flagged interest rates, civil unrest, and geopolitical tensions as concerns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementRay Dalio rang the alarm on the ballooning federal debt, and warned the US economy is set to slump, in a CNBC interview on Thursday. Dalio, an official mentor to Bridgewater's three co-chief investors, cautioned the mountain of federal debt and other challenges could mean US growth dwindles to zero.

Persons: Ray Dalio, Dalio, — Organizations: Service, CNBC, Bridgewater Associates, Association, Federal Reserve Locations: Russia, China, Dalio

☆ Ray Dalio says the U.S. is going to have a debt crisis
▼ + stars: | 2023-09-28 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Billionaire investor Ray Dalio is watching closely the "risky" U.S. fiscal situation. "We're going to have a debt crisis in this country," the founder of hedge fund Bridgewater Associates said in an interview with CNBC's Sara Eisen that aired on Thursday. U.S. debt levels surpassed $33 trillion for the first time this month as lawmakers negotiate a U.S. spending bill before the Oct. 1 deadline. Dalio is concerned there are more headwinds for the economy than just high debt levels, saying growth could fall to zero, give or take 1% or 2%. "I think you're going to get a meaningful slowing of the economy," Dalio said.

Persons: Ray Dalio, CNBC's Sara Eisen, Dalio Organizations: Bridgewater Associates, Association, Treasury Department, Investors Locations: U.S

In those cases, the SEC asked companies to review staff messages and report to the agency how many discussed work. SEC staff reviewed only a sample of messages themselves, according to three sources with knowledge of the previous investigations. As with broker-dealers, the SEC initially sought details on investment advisers' record-keeping policies. The SEC later demanded that the investment advisers hand over the messages, the sources said. The agency is ignoring important differences in investment advisers' recordkeeping requirements, said Jennifer Han, the MFA's executive vice president and chief counsel.

Persons: Carlo Allegri, Wall, Carlyle, Gary Gensler, Jaclyn Grodin, Storrs, JPMorgan Chase, Wells, Goldman Sachs, Morgan Stanley, Jennifer Han, Chris Prentice, Michelle Price, Marguerita Choy Organizations: New York Stock, REUTERS, Securities and Exchange Commission, SEC, Reuters, Carlyle Group, Apollo Global Management, KKR, Co, TPG, Blackstone, Citadel, Apollo, Goulston, JPMorgan, Bank of America, Association, Bloomberg, Carolina, Thomson Locations: Manhattan, New York City , New York, U.S

The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.

Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France

☆ Watch CNBC's full interview with Managed Funds Association CEO Bryan Corbett
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Managed Funds Association CEO Bryan CorbettBryan Corbett, president and CEO at Managed Fund Association, joins 'Squawk Box' to discuss the MFA's problems over new private equity rules, the details in the rules, and more.

Persons: Bryan Corbett Bryan Corbett Organizations: Funds, Fund Association

Signage is seen at the headquarters of the U.S. Securities and Exchange Commission (SEC) in Washington, D.C., U.S., May 12, 2021. SEC Chair Gary Gensler said the rules will increase transparency and competition in the private funds industry, which oversees around $20 trillion in assets and has been accused by advocacy groups of opacity and conflicts of interest. The changes require private funds to issue quarterly fee and performance reports and to perform annual audits. Bryan Corbett, chief executive officer of the Managed Funds Association (MFA), said the rules will increase costs for investors and curb competition, he added. The other petitioners are the National Venture Capital Association, American Investment Council, Alternative Investment Management Association, National Association of Private Fund Managers and the Loan Syndications & Trading Association.

Persons: Andrew Kelly, Gary Gensler, Bryan Corbett, Carolina Mandl, Jonathan Oatis, Peter Graff, Cynthia Osterman Organizations: U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, Friday, Funds, U.S, Circuit, Appeals, National Venture Capital Association, American Investment Council, Alternative Investment Management Association, National Association of Private Fund, Trading Association, Gensler's SEC, Thomson Locations: Washington ,, New York

☆ US SEC readies vote on regulatory overhaul for private funds
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. At the time it was proposed, SEC Chair Gary Gensler said the changes would benefit investors in such funds, typically wealthy individuals and institutional investors like pension funds, and companies raising capital from them. "Private fund advisers, through the funds they manage, touch so much of our economy. Private funds reported holding $20.4 trillion in gross assets by the end of 2022, versus $8 trillion about a decade earlier, according to data available on the SEC's website. "We don't see that the SEC is solving anything with this," said Jack Inglis, CEO of the Alternative Investment Management Association.

Persons: Andrew Kelly, Gary Gensler, Sherrod Brown, Elizabeth Warren, Jennifer Han, Jack Inglis, Chris Prentice, Douglas Gillison, Michelle Price, Nick Zieminski Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Exchange, Fund, SEC, Democratic, Industry, Citadel LLC, Association, Alternative Investment Management Association, Carolina, Thomson Locations: Washington ,, New York, Washington

The private fund industry manages $20 trillion in assets. They would also require funds to perform annual audits. "Private fund advisers, through the funds they manage, touch so much of our economy," he said at the time. The rule would require fund managers to disclose so-called "side letters" - an industry practice through which funds can offer some investors special terms - when they are financially material. Earlier, the proposed rules would require investors and private funds to re-write all their contracts.

Persons: Jim Bourg, Exchange Commission's, Gary Gensler, Andreesen Horowitz, Michelle Price, Nick Zieminski, Mark Porter Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Securities, Exchange, Citadel, Industry, Association, Alternative Investment Management Association, Thomson Locations: Washington, U.S

☆ European Union agrees post-Brexit rules for hedge funds
▼ + stars: | 2023-07-21 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, July 20 (Reuters) - The European Union said on Thursday it has reached a deal on revising its rules for managers of hedge funds and other alternative investments, easing industry fears of a post-Brexit crackdown on managers in London. Representatives of EU states and the European Parliament reached the deal overnight to update the bloc's Alternative Investment Fund Managers Directive (AIFMD) rules that cover investments in hedge funds, private equity, private debt funds and real estate funds. Under the agreement, European asset managers will have to disclose more details to regulators about their investments with private funds in the United States, Britain and other non-EU countries. But it stops short of toughening up "delegation" rules for managers outside the EU that pick assets for funds listed in the bloc. The agreement includes new rules on funds that issue new loans, including higher requirements to keep money aside to cope with liquidity demands in stressed markets.

Persons: Taggart Davis, Davis, Jiri Krol, AIMA, Deborah Zurkow, Nell Mackenzie, Huw Jones, Dhara Ranasinghe, Sharon Singleton Organizations: European Union, European, Investment, European Commission, Collective Investment, Securities, EU, Alternative Investment Management Association, Alternative Credit Council, Allianz Global Investors, Thomson Locations: London ., United States, Britain, London, Luxembourg, Dublin, Europe

☆ UK scraps public disclosure of short selling
▼ + stars: | 2023-07-11 | by ( Nell Mackenzie | ) www.reuters.com time to read: +1 min

LONDON, July 11 (Reuters) - The UK government said on Tuesday it would no longer require short sellers to publicly disclose their trades on UK companies. Under the rule change funds will no longer have to tell the public their individual net short positions on a stock. Currently, funds must tell the FCA when they have borrowed 0.1% of a company's outstanding stock in order to short it. Critics say short sellers hurt companies and exacerbate market volatility, but short sellers and advocates say they act as an important check on public firms. She said the move would "unleash the benefits of short selling, including enhancing market liquidity, promoting price discovery, and exposing corporate fraud."

Persons: Jillien Flores, Nell Mackenzie, Dhara Ranasinghe, Mark Potter Organizations: Financial, Authority, Union, Financial Services, Markets, FCA, Critics, Association, Thomson

☆ Global securities watchdog to propose rules for cryptoassets
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Global regulators will shortly propose the first set of international rules for cryptoassets, including how existing norms could apply to the sector, a top regulator said on Tuesday. The European Union on Tuesday approved a first set of comprehensive rules, a step firms said would attract them to set up shop in the bloc. "Once finalised the recommendations will deliver a first globally coordinated set of rules for crypto-assets," Jean-Paul Servais, chair of global securities regulatory body IOSCO told an event held by the Managed Funds Association in Paris. IOSCO members, such as the U.S. Securities and Exchange Commission, Japan's Financial Services Authority and regulators in Britain, Germany and France commit to applying the body's recommendations. Servais, who also chairs Belgium's securities watchdog, also said that private finance will be a new priority for IOSCO's work this year.

May 8 (Reuters) - PacWest Bancorp (PACW.O) shares pared early gains on Monday, dragging down other U.S. regional banking stocks, as the Los Angeles-based lender's decision to slash its quarterly dividend failed to stem worries about its financial stability. Other U.S. regional banks also retreated. REUTERS/Mike Blake/File Photo 1 2The KBW Regional Banking index (.KRX) fell 2.82% after gaining nearly 4.7%. But hedge funds, which often engage in short selling, pushed back on Monday, saying in a letter to Gensler that a ban would be counterproductive. Yellen said it is in the SEC's purview to regulate short selling although there is a high bar for any controls if evidence of market manipulation was found.

May 8 (Reuters) - PacWest Bancorp (PACW.O) shares pared early gains on Monday, dragging down other U.S. regional banking stocks, as the Los Angeles-based lender's decision to slash its quarterly dividend failed to stem worries about its financial stability. "The dividend cut is not a good sign," said Jamie Cox, managing partner at Harris Financial Group. Other U.S. regional banks also retreated. The KBW Regional Banking index (.KRX) fell 1.5% after gaining nearly 4.7%. "I have a general fear that smaller banks are going to disappear, and we're going to end up with just a few large banks."

HONG KONG, Oct 19 (Reuters Breakingviews) - Solving Hong Kong's brain drain problem need not be complicated. Leader John Lee hopes lower property taxes and a new visa scheme will persuade foreign talent not to move to destinations like Singapore. As a result, Hong Kong's mid-year population dipped 1.6% to 7.29 million - the steepest year-on-year drop on record. Non-residents are also eligible to apply for a refund of the extra stamp duty paid for buying property in Hong Kong once they become a permanent resident. Lee may be ignoring them, but the main policy solutions are staring him in the face.

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