Tuesday's Headlines: Banks bloom microlending branches in Indonesia
Top banks in Indonesia are rolling out hundreds of microlending branches, the latest indicator that global financial institutions are bullish on the service which reaches the multitudes of less affluent, according to a Wall Street Journal article.
While microlending has triggered debt crises in Indonesia, the total amount of microloans in the country has surged 75% in the past five years to more than $30 billion. The country is estimated to have more than 50 million entrepreneurs - the focus of the microlending industry.
Regulation creates an opportunity for money market funds, private investment companies and hedge funds, putting the economy at risk. [DealBook]
Lloyd's of London insurance market is considered ripe for M&A, including with
Legg Mason's continued exodus of its sales execs, outflow struggles and an unexpected comp expenses has many doubting it will hit its goals. [Investment News]
UBS will push at least a quarter of its offerings in India 2012 after equities slumped. [Bloomberg]
FrontPoint hedge fund founder Philip Duff is starting Massif Partners which will offer services to pension funds. [DealBook]
The founder of Toronto-based hedge fund Portus was sentenced to four years in jail for defrauding investors. [HFN]
KKR will buy Academy Sports & Outdoors. [NY Times]