Neil Unmack is a Reuters Breakingviews Associate Editor based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
Paul Singer’s hedge fund has taken control of Italian soccer team AC Milan, while rival Juventus has bought goal machine Cristiano Ronaldo for 100 mln euros. Neither looks an easy financial score. But Elliott’s bargain price and Milan’s scope to improve combine for better odds.
Britain’s market watchdog has deemed the hedge fund manager not “fit and proper”, making it harder for him to operate in Europe. The tough stance is admirable, especially when London is at risk from Brexit. There are some standards regulators won’t ease to stay competitive.
Under pressure from the European Commission, the Dutch government removed a benefit for banks that issue hybrid bonds. Other countries will follow. Tax breaks helped lenders rebuild capital after the crisis. The sector’s relative health means it no longer needs special treatment.