Thursday's Headlines: Robertson's Tiger Begins to Re-Staff
Former hedge fund titan Julian Robertson promoted his youngest son Alex to managing partner of Tiger Management and hired a former Goldman Sachs executive as operations chief, as he mulls reopening to outside investors the fund business he wound down a decade ago.
TD Ameritrade Recruiting Breakaway Brokers At A Rapid Clip [Investment News]
TD Ameritrade attracted 212 breakaway financial advisors during the nine-month period ended in June - up 44 percent from a year earlier more than it recruited in its previous fiscal year ended last Sept. 30.
GM Agrees to Buy Lender AmeriCredit for $3.5 Billion [Bloomberg News]
Sub-prime mortgage lending may be dead, but businesses still need people who can initiate and manage sub-prime consumer loans, such as auto loans.
Credit Suisse Sees Small Increase in Profit [NY Times DealBook]
The Swiss bank's second-quarter results extend the pattern of pared-back client trading revealed by the U.S. big five investment banks. With risk-averse clients retrenching and proprietary trading in regulators' gunsights, near-term prospects for traders' jobs and bonuses appear increasingly shaky.
Economy Teetering, But Wall Street Back To Buying Posh Beach Homes [Investment News]
House sales in New York's tony Hamptons more than doubled in the second quarter from a year earlier, indicating that Wall Street professionals are back to spending serious coin for their summer getaways. The median price climbed 17 percent to $900,000. "Wall Street is employed again," says a Hamptons property broker. "They've had some winnings or earnings from the market and they're putting it into real estate."
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