Tuesday's Headlines: Advisory firms are hiring - just not recent grads
While financial planning jobs abound - openings have exceeded pre-crisis figures - advisory firms are reluctant to fill them with entry-level job hunters, according to an Investment News story.
The article goes on to explain: "Solo practitioners are second-guessing their abilities to spot good candidates and to train them. Large firms, meanwhile, are reluctant to invest in training new recruits for fear that they will be lured away once they develop profitable books of business."
However, the market is perking up a bit, as middle-aged advisors think about succession planning.
Credit Suisse Asset Management is relaunching its $80 million Credit Suisse High Income Fund as the Credit Suisse Floating Rate High Income Fund, the latest to jump on the floating bond trend. [Investment News]
Hana Financial's agreement with Lone Star Funds planned $4.35 billion takeover of Korea Exchange Bank, has been put on hold because of South Korean regulatory hurdles. [Bloomberg]
Goldman is poised to reclaim the top spot in German equity underwriting as ties to private equity firms propel it to the fore. [BusinessWeek]
Goldman agreed to sell Litton Loan to Ocwen Financial for $263.7 million cash, ending the bank's 3-1/2 year experiment in processing home-loan payments. [Bloomberg]
Surging Indian demand for assets like coal will takeovers in Australia, says Barclays. [BusinessWeek]
Chinese companies are stepping up investment in Europe, where they have bought stakes in hundreds of businesses in recent years.[WSJ]
HSBC agreed to pay $62.5 million to investors in a fund it serviced that lost money from the Bernard Madoff fraud. [WSJ]