by Wall Street Job Report on May 1, 2012
Man Group Reports $1 Billion of Client Outflows [DealBook] The Man Group, the world’s largest publicly traded hedge fund, said on Tuesday that client outflows from its funds totaled $1 billion during the first quarter of the year, as pressure mounted on the firm to improve its performance. The news comes as speculation builds that the group, based in London, may become a takeover target. An analyst report by UBS last week said the British hedge fund’s weak stock price performance — the firm’s shares reached an 11-year low last week — could entice a potential acquirer.
Large Hedge Fund Managers Control Lion’s Share of Assets [PionLine] Large single-manager hedge funds continue to control the majority of global industry assets, according to PerTrac’s ninth annual analysis of data from 11 major hedge fund databases. At the end of 2011, single-manager hedge funds with at least $1 billion under management accounted for just 3.9% of the 10,007 active funds, but controlled 60% of the aggregate $1.726 trillion invested in single-manager funds.
JPMorgan CEO Should Not Be Chairman: Recommendation [Reuters] Jamie Dimon’s $23.1 million paycheck is OK, but he should not be both chairman and CEO of JPMorgan Chase & Co, (JPM.N) an adviser to institutional investors said on Monday. ISS Proxy Advisory Services said it has recommended that shareholders endorse the company’s executive pay plan at the annual meeting on May 15, but urge directors to separate the roles of CEO and board chairman.
NYSE CEO Sees High-Speed Firms Heading For Dark Pools [FoxBusiness] Regulatory scrutiny around high-speed trading strategies appears to be pushing the business away from stock exchanges and into lesser-regulated platforms such as “dark pools,” according to the top executive of NYSE Euronext (NYX). So-called high-frequency trading firms’ move into other asset classes and geographies also seems to be gaining momentum from growing rhetoric on the method of rapidly trading shares and other products, said Duncan Niederauer, chief executive of the Big Board’s parent company.
Bankers’ Bonuses Put Boris on Back Foot in London Vote [Bloomberg] Boris Johnson’s quest to win a second term as London mayor on May 3 is complicated by his need to court voters battered by the government’s austerity measures and his desire to champion the city’s unloved bankers. Johnson’s pledge to stick up for financiers makes him a rarity among U.K. politicians. His main election challenger, Ken Livingstone, sparked controversy in a February speech calling to “hang a banker a week.” Since ousting Livingstone in 2008, Johnson has argued for lower taxes for the rich and an end to “banker-bashing,” often criticizing the policies of Conservative Prime MinisterDavid Cameron, his own party leader.
How Elite Colleges Still Feed Wall St.’s Recruiting Machine [Dealbook] Three and a half years have passed since the onset of the financial crisis, and the public hasn’t changed the way it talks about Wall Street and its future. Journalists, politicians and even the Occupy movement have shaped our discussion by analyzing — and often attacking — the bankers at the helm.