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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Calpers, the $300 bln pension manager, is offloading its $4 bln of hedge funds. Too many in the 2-and-20 crowd look like stock pickers yet still present liquidity risks and, lately, low returns. Endowments are different, but for retirement funds Calpers could be setting a trend.
Hackers seem to have cracked into the U.S. home improvement retailer on a huge scale. The Target breach six months earlier provided ample notice to fortify systems. Cyber-risk awareness must start at the top these days, and Home Depot’s departing CEO can set an example.
The Treasury wants companies to stop moving overseas and New York Senator Schumer is targeting a specific loophole. The distorting levy on offshore profit is a big factor in domicile-driven M&A. Rather than fudging the issue, Uncle Sam needs to decide if tax is local or global.
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