A column at the The New York Times' The Dealbook argued that money managers and investors should take responsibility for betting on bad investments and that it should be their utmost responsibility to do research, especially when investing other people's money.
Finance/Venture
Peltz's Trian Fund sells 1.86 million shares in State Street
Trian Fund Management LP, an alternative investment fund, had put its stake in State Street Corp up for sale. It sold 1.86 million shares worth USD121.5 million. Trian Fund was founded by activist investor Nelson Peltz.
China reveals major plans in economic and social reforms following leaked document
Top leaders of the Chinese government released its plans to make major reforms in the economy and social systems, and vowed that such reforms would make decisive results by 2020.
ECB reduces amount of banks' crisis loan payments but urges them to pay next week
The European Central Bank's attempt to reduce the excess liquidity levels of banks in the financial system had prompted the central bank to call on banks it had loaned to repay its debts at a reduced rate.
Private Equity Partners exits Link stake for AUD200 million
Australian investment firm Private Equity Partners had put up for sale 25% of its stake in Link Administration Holdings for AUD200 million. The holding company was acquired by PEP for AUD132 million.
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Japan-based Secured Capital, the real estate arm of private equity firm PAG, raised USD1.5 billion to invest in real estate and debt opportunities in Asia.
A Reuters report said hedge fund managers in the US bought and exited from shares of hotly-debated firms like retailer JC Penney, nutrition and weight management company Herbalife Ltd and auction house Sotheby's.
Boston-based hedge fund Highfields Capital Management exited from its stake in JPMorgan Chase & Co and Oracle Corp and halved its holdings of Capital One Financial Corp.
Italian life and non-life insurance company Generali bought a 40% stake in Generali Asia for EUR40 million. Generali Asia is a joint venture of Generali and Banca della Svizzera Italiana in Switzerland.
The state of Jefferson County, Alabama planned to sell sewer system securities worth USD 1.7 billion to pay off its debts to its creditors. Jefferson County is still under bankruptcy protection.
United Kingdom-based Apax Partners aimed to become one of the largest equity holders of textbook publishing company Cengage Learning Inc after the latter exits from bankruptcy.
US Federal Reserve Vice Chair Janet Yellen showed strength and loyalty in a two-hour confirmation hearing with the US Senate Banking Committee regarding her nomination for the Fed Chairman role.
Data released by mutual group Investment Company Institute showed an overall drop of money market mutual fund assets in retail, institutional, taxable funds, and tax-exempted fund segments.
Lone Pine Capital increased its holdings in online companies by buying shares in China-based search engine Baidu Inc and ecommerce firm Amazon.com Inc. The fund also bought shares in MasterCard Inc.
