Wednesday's News: PE Firms See Lower Fees, Consolidation Ahead
Private equity executives admit they face lower fees and consolidation as the tough fundraising environment leads to better terms for investors in their battle for more power over private equity firms. [Financial News]
Credit Suisse acquired a stake in hedge fund York Capital Management, strengthening its position in alternative investments. [WSJ]
Man Group is building its North American institutional and private client businesses in the U.S., hiring four people for its sales and marketing team.
Broker dealer BTIG launched a global fixed-income group in London as part of a global rollout of the business. [ IDD via On Wall Street]
The Alternative Investment Management Association is set to meet with the FSA to discuss rules that could limit bonuses on thousands of hedge fund managers in the UK [Dealbook]
Bank of America sees more opportunities for its financial advisers to cross-sell products to customers, mainly due to the Merrill Lynch acquisition.