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. Britain’s £7tn asset management industry must introduce sweeping reforms to cut costs and improve returns for savers after years of raking in sustained, high profits, the City regulator has said. ... [Read full article on Guardian ]
Wednesday 28th of June 2017 07:28:17 AM
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Latest Finance News related to Asset Management

FCA says UK's £7tn asset management industry needs radical reform image
Source : Guardian [Read Article] Wednesday 28th of June 2017 07:28:17 AM
. Britain’s £7tn asset management industry must introduce sweeping reforms to cut costs and improve returns for savers after years of raking in sustained, high profits, the City regulator has said. ...
Barclays: who are the four charged bankers? image
Source : Guardian [Read Article] Tuesday 20th of June 2017 02:17:46 PM
.... He lost out to Royal Bank of Scotland in a battle to buy Dutch lender ABN Amro – which turned out to be toxic – but snapped up the US assets of the collapsed Lehman Brothers. He then sold Barclays’ asset management arm and oversaw two share issues to raise capital from the royal families of Qatar and Abu Dhabi. ...
Venezuela opposition condemns Goldman Sachs debt deal image
Source : BBC [Read Article] Tuesday 30th of May 2017 10:33:46 PM
....In a statement, Goldman Sachs said it made the purchase in the expectation that the political situation in Venezuela would improve. "We are invested in PDVSA bonds because, like many in the asset management industry, we believe the situation in the country must improve over time," it said. ...
Ineos buys Dong Energy's oil and gas business in £1bn deal image
Source : Guardian [Read Article] Wednesday 24th of May 2017 04:16:05 PM
....The move out of fossil fuels is one several major European energy companies are currently pursuing, such as France’s Engie, which plans to earn 90% of its earnings before tax and interest from low carbon businesses by 2019. Experts at asset management firm Bernstein said the sale had fetched an attractive price for Dong, which floated on the stock market last year for £10bn. ...
Opec oil producers poised to extend production cuts image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 11:27:42 AM
.... “A big macro change is the Aramco IPO driving Saudi policy,” McMonigle said. The asset management firm Bernstein said: “Avoiding an oil price crash in the run-up to the IPO will be another key factor in decision making. ...
Big energy firms lobby Theresa May to water down price cap pledge image
Source : Guardian [Read Article] Monday 22nd of May 2017 03:23:19 PM
....”. Analysts at asset management firm Bernstein said a price cap on 17m households would cost British Gas owner Centrica £150m a year. ...
Vanguard move sparks price war for personal investors image
Source : BBC [Read Article] Tuesday 16th of May 2017 12:45:12 PM
.... . "Only recently, the FCA's interim asset management market study report stressed asset managers' obligation to act in the best interests of investors, including requiring the industry to show how it delivers value for money. ...
Giant US fund manager to shake up UK investment market by halving fees image
....5% charge means a fund manager and advisers help themselves to 38% of an individual’s pension savings, much of it, they alleged, the result of pointless short-term positions and over-trading. Sean Hagerty, head of Vanguard’s European business, said: “Only recently, the FCA’s [Financial Conduct Authority’s] asset management market study highlighted that fees have not decreased enough based on the economies of scale achieved by the industry. ...
Barclays boss sees off shareholder rebellion image
Source : BBC [Read Article] Wednesday 10th of May 2017 07:04:15 AM
....Barclays shares closed 1. 8% higher at 209p, shortly before it emerged that the bank will pay more than $97m to settle civil charges in the US for overcharging clients at Barclays Capital's asset management business. ...
Green Investment Bank sold to Australian firm Macquarie image
Source : BBC [Read Article] Thursday 20th of April 2017 09:25:36 AM
....It requires the new owner to retain its name and headquarters team in Edinburgh. A new asset management division is being set up in the Scottish capital. ...
Brexit’s unpredictable outcome poses risk to global stability, says IMF image
Source : Guardian [Read Article] Wednesday 19th of April 2017 12:30:21 PM
....Some European governments use the City’s bond markets to raise money more cheaply than they could do at home, but the IMF warned that they could find it harder and more costly to do if business was moved out of London after Brexit. The IMF said banks were likely to be the hardest-hit sector of the City, followed by insurance, with asset management firms least affected. ...
EU financial centres vie to poach tens of thousands of City jobs image
Source : Guardian [Read Article] Monday 3rd of April 2017 05:30:14 AM
....Some of the fastest-growing areas of financial services in London could be lured abroad, along with back-office operations that are the backbone of an industry regarded as one of the most sophisticated in the world. The report by the Political Economy Research Institute, based at Sheffield University, said clearing and asset management were the most vulnerable sectors. ...
Wood Group extends contract with Premier Oil in £40m deal image
Source : BBC [Read Article] Monday 27th of March 2017 09:25:05 AM
...."We have consistently and successfully assured the management of safety and integrity and applied our innovation and technical expertise to maximize uptime and production, whilst also reducing field lift costs. "This will be our continued focus; leveraging both our late life asset management expertise and production enhancing technical solutions as we continue to collaborate with Premier Oil on the safe and effective delivery of this latest contract. ...
Charge electric cars smartly to take pressure off national grid – minister image
.... However, most of the UK’s existing 10,000-plus charging points do not have such technology. Stewart Reid, ‎head of asset management and innovation at SSE, said realistically some network upgrades, which would ultimately be passed on to energy bills, would be required if electric cars took off in a big way. ...
Gina Miller urges FCA investigation into fund management 'price fixing' image
....The research is the latest attack on Britain’s fund management industry by Miller, who in 2012 set up the True and Fair Campaign. It has called for more transparency and an end to hidden fund charges and mis-selling in the City of London’s asset management industry. ...
Standard Life and Aberdeen seek to tie in key staff in £11bn merger image
Source : Guardian [Read Article] Monday 6th of March 2017 08:06:34 AM
.... The Scottish government has been in contact with both companies and said this would continue as “the merger progresses to discuss employment and investment in Scotland”. “We welcome the intention to grow the business in Scotland and to build on the expertise and skills of both companies and strengthen Scotland’s reputation for fund and asset management,” a Scottish government spokesperson said. ...
Deutsche Bank shares hit by cash call image
Source : BBC [Read Article] Sunday 5th of March 2017 04:57:28 PM
....The sale by the troubled bank is part of a wider shake-up. Deutsche will also partially float its asset management business and retain Postbank - the retail banking business that it had been expected to sell. ...
Warren Buffett, 'Oracle of Omaha', criticises Wall Street and praises immigrants image
.... In 2014, Buffett said he planned to put 90% of the money he leaves his wife when he dies into an S&P 500 index fund and 10% in government bonds. During the financial crisis, Buffett bet a founder of the asset management company Protege Partners $1m that a Vanguard S&P 500 stock index fund would outperform several groups of hedge funds of over the 10 years through 2017. ...
UK home to 80% of top-earning European bankers image
Source : Guardian [Read Article] Thursday 2nd of February 2017 11:00:28 AM
....Some 2,927 of the UK’s high earners received between €1m and €2m in salary and bonuses. Stefan Stern, director of the High Pay Centre, said: “These figures reveal a closed world where massive pay packages are considered normal, including in parts of the asset management industry. ...
'Please talk about it' image
Source : BBC [Read Article] Friday 9th of December 2016 12:02:19 AM
....She returned to work, but suffered a second breakdown and spent two weeks in hospital before she recovered. Similarly Brian Heyworth, now the head of the client strategy business in HSBC's asset management arm, says it took him years to understand his condition. ...
Smart money? image
Source : BBC [Read Article] Friday 2nd of December 2016 12:23:08 AM
....". The International Finance Corporation, an arm of the World Bank that offers investment and asset management services, says student lending in many developed countries is in crisis, and that emerging markets need to come up with new ways to fund learners. ...
Steven Mnuchin nominated for US treasury secretary image
Source : Guardian [Read Article] Wednesday 30th of November 2016 10:49:30 AM
....He is worth an estimated $40m (£32m) and was in charge of raising funds for Trump’s successful election campaign. He was selected in preference to contenders including Jeb Hensarling, the chairman of the house financial services committee, Jamie Dimon, the chairman and chief executive of JP Morgan, and David McCormick, the president of asset management company Bridgewater Associates. ...
FCA to shake up fund management to get better deal for investors image
Source : Guardian [Read Article] Friday 18th of November 2016 11:28:19 AM
.... It recommended a review into the investment consultant market in which three firms, Aon Hewitt, Mercer and Wallis Towers Watson, have a 60% market share. Much of the FCA’s year-long review was into the wider asset management industry which it found left investors unclear about the objectives of funds, and performance which was not always measured against an appropriate benchmark. ...
Investment fees: FCA plans shake-up to help investors image
Source : BBC [Read Article] Friday 18th of November 2016 09:56:45 AM
....An industry association said price transparency had been improving. The FCA has studied the asset management system for a year, and has now published its interim report. ...
Deutsche Bank 'fails to reach swift US deal' image
Source : BBC [Read Article] Monday 10th of October 2016 08:00:50 AM
.... . "Talks are continuing while the bank looks at potentially spinning off a stake in its asset management division in order to free up some extra capital. ...
Apple tax case: Ireland's other taxing issue image
Source : BBC [Read Article] Tuesday 6th of September 2016 06:01:10 PM
....Its accounts for the first eight months of operation show that income of £113m was largely swallowed up by interest payments and other fees. Those fees include a £31m "asset management fee" paid to Promontoria Holding 82 BV, a Cerberus subsidiary registered in the Netherlands. ...
Deutsche Bank threatens deeper cost cuts as profits dive image
Source : BBC [Read Article] Wednesday 27th of July 2016 07:18:57 AM
....Mr Cryan, a British banker who took the helm at Deutsche last year, has embarked on an overhaul and has previously warned restructuring costs are likely to peak this year. The impact of the shake-up was seen in restructuring charges of €207m and a writedown of €285m on its asset management business. ...
Ask.fm changes hands once again image
Source : BBC [Read Article] Monday 4th of July 2016 03:28:15 PM
....fm is under new ownership, less than two years after it last changed hands. IAC - the owner of the dating app Tinder - has sold the business to Noosphere, an asset management firm that specialises in tech. ...
'Reassurance needed' image
Source : BBC [Read Article] Friday 24th of June 2016 11:57:47 AM
....The organisation that speaks for the huge industry looking after pension funds and other investments predicts "challenges ahead" - but is unsure what they will be at the moment. The Investment Association said: "Today, the UK remains a member of the EU and the rules and regulations governing asset management remain unchanged, and the protections that were in place for clients yesterday remain in place today. ...
Axa sells UK businesses including SunLife to insurer Phoenix image
Source : Guardian [Read Article] Friday 27th of May 2016 09:13:37 AM
.... It recently sold its Elevate business, a platform which handles almost £10bn of UK investments, to Standard Life, as well as an Isle of Man offshore bonds business to Life Company Consolidation Group. The disposals mean a loss of €400m for the French company, but will enable it to focus on property and casualty, health and asset management in the UK. ...
Revealed: 9% rise in London properties owned by offshore firms image
Source : Guardian [Read Article] Thursday 26th of May 2016 05:21:34 PM
....Gala Bingo (Guernsey). Dozens of Gala Bingo halls across England and Wales were sold to the asset management firm M&G Investments in 2014 for more than £170m as part of a deal whereby the property would be rented back to the bingo company. ...
How did we get pension calculations so wrong? image
Source : Guardian [Read Article] Saturday 21st of May 2016 06:00:05 AM
. There is a rule of thumb that financial advisers and asset management companies use to tell us how much we need to save, and how long our pensions will survive in retirement. ...
British business needs investment and vision. But most of all it needs purpose image
.... Thirdly, we need more blockholding and long-term shareholders. Next, the asset management industry needs a makeover itself; there are too many small pension funds and the stewardship code could be made tougher. ...
Online gaming group GVC's full-year profits fall 38% image
Source : Guardian [Read Article] Monday 25th of April 2016 12:36:23 PM
....“I have visited all the key [bwin] operations and am very encouraged by what I have seen,” he added. Banking and asset management firm Investec, issued a buy note for GVC and raised its target price from 545p to 592p. ...
Would Brexit really force up your mortgage rate? image
Source : Guardian [Read Article] Friday 15th of April 2016 05:55:42 PM
....“If the UK votes to leave the EU, then the BoE is likely to cut interest rates to 0. 25 percent, but also restart quantitative easing,” said Azad Zangana, London-based senior economist at asset management firm Schroders. ...
Source : Reuters [Read Article] Wednesday 13th of April 2016 01:15:05 PM
...."If the UK votes to leave the EU, then the BoE is likely to cut interest rates to 0. 25 percent, but also restart quantitative easing," said Azad Zangana, London-based senior economist at asset management firm Schroders. ...
JP Morgan profit falls on US oil loans image
Source : BBC [Read Article] Wednesday 13th of April 2016 12:39:28 PM
....Jamie Dimon, JP Morgan's chairman and chief executive, admitted "challenging markets" had "impacted the industry". "We maintained our leadership positions and market share in the corporate and investment bank and asset management, reflecting the strength of our platform. ...
...."If the UK votes to leave the EU, then the BoE is likely to cut interest rates to 0. 25 percent, but also restart quantitative easing," said Azad Zangana, London-based senior economist at asset management firm Schroders. ...
Source : Reuters [Read Article] Friday 8th of April 2016 08:04:01 AM
...."Investment firms providing both execution and research services should price and supply them separately," the draft rules say. An official from Europe's asset management sector said such "hard" unbundling would be good for customers by giving transparency on what is being paid for and how much. ...
Source : Reuters [Read Article] Friday 1st of April 2016 08:13:31 AM
.... Global regulators will propose safeguards in coming months to avoid asset managers destabilising markets with fire sales of assets or making promises to investors they can't keep. The Financial Stability Board said it would put out draft recommendations for public consultation in the summer to address "structural vulnerabilities" from asset management activities. ...
Apps are getting millennials interested in money – but can they be trusted? image
.... Vikram Pandit, CEO of Citigroup during the crisis, is backing a peer-to-peer lending group called Orchard; John Mack, erstwhile CEO of Morgan Stanley, is supporting a rival model, Lending Club. BlackRock, the world’s largest asset management firm, is a big fintech investor. ...
Old Mutual plans to split into four units image
Source : Daily Express [Read Article] Saturday 12th of March 2016 07:14:00 AM
....” . The break-up of Old Mutual into emerging markets, wealth, Nedbank and asset management companies is expected to be largely completed by the end of 2018. ...
Old Mutual to split into four units image
Source : Guardian [Read Article] Friday 11th of March 2016 09:59:17 AM
. Old Mutual is to split into its four main businesses, strengthening expectations of the sale or listing of its UK asset management operations. ...
FTSE slips back but Old Mutual soars on £9bn break-up talk image
Source : Guardian [Read Article] Monday 7th of March 2016 09:44:13 AM
....3p following weekend reports it could be preparing a £9bn break-up. Sky News said it was working on a plan to split into standalone companies comprising its stake in South Africa’s Nedbank, its UK wealth business, its South African emerging markets division and its institutional asset management operations. ...
Old Mutual 'considering all options' image
Source : BBC [Read Article] Monday 7th of March 2016 08:23:29 AM
....5bn. The group, which was founded in South Africa in 1845, is made up of a wealth management arm, an international asset management business, an emerging markets division, and a majority stake in South African lender Nedbank. ...
Profits ‘jump by a third for LSE ahead of Deutsche Börse merger’ image
Source : Daily Express [Read Article] Saturday 5th of March 2016 12:00:00 AM
....LSE, which owns Borsa Italia and LCH. Clearnet, a clearing house for trades in derivatives, said it is on track to sell Russell’s asset management business for £813million over the next few months, using the proceeds to repay debt. ...
London Stock Exchange backs Deutsche Börse merger as profits rise image
Source : Guardian [Read Article] Friday 4th of March 2016 08:56:49 AM
....3bn, boosted by the acquisition of US index provider Russell Investments. The LSE said it was on track to sell Russell’s asset management business for £1. ...
The fund management fees you have to pay even if you lose money image
Source : Guardian [Read Article] Saturday 27th of February 2016 07:00:02 AM
....3% over that period, adding that it is “still one of the best performing China funds available to UK investors”. But the fact that asset management companies such as Fidelity, which reported a $3. ...
Source : Reuters [Read Article] Friday 26th of February 2016 09:49:19 AM
...."For example, lower interest rates create space for fiscal policy to boost domestic demand directly, should it be necessary, by lowering the financing cost faced by governments," he said. Carney also said the push to prevent the build up of risks in the financial sector would lead the Financial Stability Board, grouping regulators from around the world and which Carney heads, to recommended measures to reduce "structural vulnerabilities" in the asset management sector. ...
Brexit concerns rattle British stock markets – while US investors just shrug image
.... But if you ask US market pundits what their domestic clients – Mr and Mrs America – should be doing to prepare for what many political analysts agree is a heightened risk of “Brexit” when the vote is held in June, you’re likely to find their guidance distinctly unhelpful. Press representatives for one large asset management company declined to make anyone available to chat about the topic, noting that the referendum is still four months distant. ...
Why Britain won't vote to leave the EU image
Source : Guardian [Read Article] Monday 22nd of February 2016 07:00:54 AM
....If Britain rejected these encroachments on national sovereignty, its service industries would be locked out of the single market. The French, German, and Irish governments would be particularly delighted to see UK-based banks and hedge funds shackled by EU regulations, and UK-based businesses involved in asset management, insurance, accountancy, law, and media forced to transfer their jobs, head offices, and tax payments to Paris, Frankfurt, or Dublin. ...
Brexit could benefit UK economy, says £8bn fund manager image
Source : Guardian [Read Article] Wednesday 17th of February 2016 07:40:59 PM
....”. The fund manager, who in 2014 quit asset management group Invesco Perpetual to set up his own operation – and attracted billions from small investors – commissioned research on the potential impact of a British withdrawal from the EU which he has posted on his website. ...
£80bn wiped off FTSE 100 this week as world markets gripped by panic - live image
Source : Telegraph [Read Article] Thursday 11th of February 2016 02:17:44 AM
.... . Nicholas Hyett, of Hargreaves Lansdown, said the “baltic bombshell” from the Swedes had taken its toll on Prudential, as its asset management arm, M&G, is one of the largest in Europe. ...
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Fund managers who ignore climate risk 'could face legal action' image
Source : Guardian [Read Article] Wednesday 10th of February 2016 06:00:21 PM
....Global warming poses a systemic risk to the world economy and could significantly cut the value of investments, the experts argue, so those with fiduciary responsibility have a duty to act to reduce that risk, or be taken to court. “Clients of investment firms and beneficiaries of pension funds might have a legal case to bring if those who manage money for them stand idly by as emissions erode the value of their stock,” said Howard Covington, the former CEO of a £20bn asset management company and a trustee of environmental law organisation, ClientEarth. ...
Old Mutual sells bond investor Rogge to rival insurer Allianz image
Source : Telegraph [Read Article] Monday 8th of February 2016 11:33:47 AM
.... Old Mutual took over the firm in 2000 when it acquired United Asset Management. Under new chief executive Bruce Hemphill, the Anglo-South African group is continuing its push into new businesses across Africa, having part-floated its US asset management arm and acquired the London wealth manager Quilter Cheviot in 2014. ...
Film investor Ingenious sells its £1.8bn asset management business to private equity image
. Ingenious, the film investor that backed Avatar and Dawn Of The Planet Of The Apes, has sold its asset management business to private equity as the group continues a lengthy battle over its tax affairs. ...
Long-term investors are taking on the hedge funds over short-term vision image
Source : Guardian [Read Article] Thursday 4th of February 2016 12:00:03 PM
.... Whether you believe it or not, the point of the hush-hush gathering wasn’t to corner the gold market or any such silliness, but to protect us all from the more toxic elements in the financial world, and their short-term thinking. The Wall Street representatives participating in what one newspaper has described as “secret summit meetings” included Jamie Dimon, CEO of JP Morgan Chase, Warren Buffett and the heads of three of the world’s four largest asset management firms. ...
UBS hit by Asian slowdown and market volatility image
Source : Telegraph [Read Article] Tuesday 2nd of February 2016 10:23:12 AM
.... UBS is chaired by former Bundesbank boss Axel Weber  Photo: Bloomberg. Despite an improvement in profits in some of its smaller divisions – such as personal and corporate banking, and asset management - the news could not stop UBS’ shares falling by 7pc. ...
Source : Reuters [Read Article] Tuesday 2nd of February 2016 10:04:00 AM
.... . It is the latest blow to the asset management sector where regulators are also scrutinising fees at a time cash-strapped governments want people to save more for their retirement. ...
A rare change at the top of asset management image
Source : Telegraph [Read Article] Monday 1st of February 2016 06:49:54 PM
. She may have just signed up for one of the biggest jobs in British asset management, but Anne Richards has barely had time to break open the bubbly. ...
Sainsbury’s nears Home Retail Group takeover with £1.3bn offer image
Source : Guardian [Read Article] Monday 1st of February 2016 02:22:11 PM
....John Walden, Home Retail’s boss, insisted recently that Argos would be able to survive on its own, but the group’s ability to fend off a takeover was damaged by its profits warning after a tough christmas. Jamie Merriman, an analyst at the asset management firm Bernstein, has warned that a standalone Argos would struggle to lift sales at its established stores and faced increased costs from the implementation of the national living wage. ...
Prudential lures Anne Richards from Aberdeen Asset Management image
Source : Guardian [Read Article] Monday 1st of February 2016 11:40:13 AM
....Mike Wells, Prudential’s chief executive, said: “I am delighted that a person of Anne’s talent is joining the group and I look forward to working with her. Anne will be able to deploy her leadership skills and exceptional knowledge of the global asset management industry to provide the best possible outcomes for our customers, clients and shareholders. ...
Legal & General to build and rent out 3,000 new UK homes image
Source : Guardian [Read Article] Wednesday 27th of January 2016 10:28:44 AM
....Other insurance companies and pension funds have been investing in private rental housing in the hope of stable long-term rental yields. M&G, the asset management arm of insurer Prudential, and Hermes Investment Management have launched funds in the past two years. ...
Source : Reuters [Read Article] Wednesday 27th of January 2016 09:51:18 AM
....In his speech to the conference, he said fund managers, who he will also supervise as head of the FCA, must give investors clarity on the quality of assets they hold and how these are likely to behave in stressed markets. Bailey said shrinking bank balance sheets and the corresponding large growth in asset management since the financial crisis only made sense if two conditions were met. ...
Five priorities to help Andrew Bailey avoid burnout at the FCA image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 08:02:54 PM
.... . The FCA is working through a huge number of regulations (with incomprehensible names): Solvency II (insurance), Mifid II (market infrastructure), Prips (retail products), and the review of the asset management industry (on which more later). ...
How China became the global threat everyone saw coming image
Source : Telegraph [Read Article] Saturday 23rd of January 2016 02:00:37 PM
.... . James Barrineau, of asset management company Schroders, says that all this means that “for the first time in living memory, the country needs to learn to speak to markets”. ...
Close Brothers' loan book grows but market rout hurts investments image
Source : Telegraph [Read Article] Friday 22nd of January 2016 11:07:40 AM
.... Shore Capital analyst Gary Greenwood said he would knock a couple of percent off his profit forecasts following the update. “While the performance of the banking division is broadly as we had anticipated and is consistent with first quarter trends, both Winterflood and asset management have continued to be negatively impacted by weak market conditions,” he wrote. ...
Low oil price squeezing US frackers image
Source : BBC [Read Article] Friday 22nd of January 2016 12:04:04 AM
.... . "The cash flows that companies are turning out are lower and they have less borrowing capacity because lenders are more nervous," says Dan Pickering, head of asset management at Tudor, Pickering, Holt & Co, an energy focused investment bank. ...
Curtis Banks buys Suffolk Life from L&G in largest takeover since listing image
Source : Telegraph [Read Article] Friday 15th of January 2016 08:14:15 AM
.... . This is Curtis Banks' biggest takeover since floating on the junior stock market last April, and marks the latest disposal for L&G, as it divests its non-core assets to focus on fast-growth areas of the business, such as workplace pensions and asset management. ...
JP Morgan profits beat forecasts image
Source : BBC [Read Article] Thursday 14th of January 2016 02:55:54 PM
.... The consumer business continues to gather deposits, outpacing the industry," he added. "Markets were somewhat quieter, and we saw the impact reflected in the results of our trading and asset management businesses. ...
Saudi riyal in danger as oil war escalates image
Source : Telegraph [Read Article] Monday 28th of December 2015 08:00:14 PM
.... “If anything happens to the riyal exchange peg, the consequences will be dramatic. There will be a serious loss of confidence,” said Khalid Alsweilem, the former head of asset management at the Saudi central bank (SAMA). ...
Wall Street is Clinton's achilles heel and for Sanders's sake it will stay that way image
....Of course, substantive and lasting change in the way that Wall Street does business takes place can only happen from within. Only if the CEOs of the financial institutions – the hedge funds, the investment banks, the asset management firms – collectively establish the right set of incentives and punishments, and don’t turn a blind eye to those who transgress (unless and until they are caught by the FBI), will a new approach to risk taking take root and Wall Street bankers cease thinking of their hapless unsophisticated clients as “muppets”. ...

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