Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge. Follow Richard on Twitter @richardbeales1
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As global regulators hunt for future systemic risks, BlackRock argues that individual investment vehicles, especially leveraged ones, are the danger – not the firms that run them. That’s self-serving for the $4.3 trln asset manager, but also makes sense and fits with history.
Agitators like Carl Icahn say they operate for the benefit of all investors. It depends on the goals and methods. Critiquing lax governance or nominating qualified new blood to a dozy board fits the bill. Special dealing doesn’t. Breakingviews shows how to spot the right animals.
The “technology-enabled market maker” may say it’s different, but much of what it does sounds similar to the controversial trading method that’s back in the spotlight. Delaying the float could protect a mooted $3 bln valuation – and anyway, there’s no obvious rush to go public.
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