Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo to Pay $480 Million for Failing to Warn Shareholders of Investigations by Regulators

Wells Fargo has agreed to pay $480 million for a class action settlement in the Northern District of California in United States.  The US bank was investigated for creating almost 3.5 million fake customer accounts, and had failed to warn shareholders of investigations by US regulators.  Wells Fargos shareholders who had bought the shares between 2014 to 2016, were not informed of the investigations by US regulators till at least 6 months later, which would affect their buy or sell decisions.

“Wells Fargo to Pay $480 Million forFailing to Warn Shareholders of Investigations by Regulators”

In the class action settlement, Wells Fargo will pay $480 million  to shareholders of Wells Fargo who bought the stock between 2014 to 2016.  Wells Fargo denies the claims and allegations in the action and entered into the agreement in principle to avoid the cost and disruption of further litigation.

Source: Wells Fargo, Reuters, Bloomberg

 

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Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017

Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017

Facebook spent $608,000 a month to protect CEO Mark Zuckerberg in 2017.  The total annual security bill works out to more than $7.3 million in 2017.  He was paid a base salary of $1 with a total compensation of more than $8 million that included his $7.3 million security expenses and $1.5 million of private jet expenses, according to the latest filing to the United States Securities and Exchange Commission (SEC).

“ Facebook Spent $608,000 a Month to Protect CEO Mark Zuckerberg in 2017 “

Mark Zuckerberg is the founder of Facebook, which he started in 2004 in his Harvard University dormitory.  He grew Facebook into one of the world’s largest social networking platform with more than 2.2 billion monthly active users and going public (IPO) in 2012.  Today, he is one of the top 10 wealthiest man in the world with more than $60 billion.

Source: SEC, CNBC, Fortune

 

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World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

World’s Top Private Equity KKR Changes from Partnership Structure to Corporation

The world’s top private equity firm, KKR has announced changes from a partnership structure to corporation, with effect from 1st July 2018.  The change will attract more index, ETF and mutual funds investors into KKR, and potentially be included in indexes and widening its investor base.

“World’s Top Private Equity KKR Changes from Partnership Structure to Corporation”

In the existing partnership structure, KKR pays corporate taxes only on revenue of management fees charged to investors, and not including performance fees.  In the new corporate structure, the firm will pay taxes on all revenue (Corporate tax in United States was lowered from 35% to 21%).

Earlier in 2018, Ares Management, one of the world’s largest alternative asset manager with $112 billion AUM, have moved from a partnership structure to a corporate structure.  In the latest Q1 2018 financial report, KKR manages $176 billion AUM.

Source: KKR, Bloomberg, Reuters

 

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81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund

81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund

81 Years old Mark Mobius, most famous at Franklin Templeton for investing into emerging markets and retired in early 2018, has announced plans to launch a $1 billion fund.  He has set up Mobius Capital Partners with co-founders Carlos Hardenberg and Greg Konieczny to invest into emerging and frontier markets.

“ 81 Years Old ex-Franklin Templeton Legend Mark Mobius to Launch $1 Billion Fund “

Earlier in 2018, Mark Mobius has announced retirement after more than 30 years from leading fund management firm, Franklin Templeton, managing more than $700 billion AUM.  Both his co-founders in Mobius Capital Partners, were both fund managers from Franklin Templeton.

The firm is headquartered in London, and will launch a Luxembourg-based fund.  They are targeting to raise $1 billion within 2 to 3 years.

Source: Mobius Capital, Bloomberg, Reuters

 

 

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Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs has agreed to pay $109.5 million to US Federal and New York state authorities for sharing foreign exchange order information of clients with other banks using electronic chat rooms.  Currency traders in the investment bank had shared order information of clients with other banks using electronic chat rooms to gain advantage in currency trades and in pricing the foreign exchange rates.

“Goldman Sachs to Pay  $109.5 Million for Sharing Clients FX Order Details”

In the settlement, Goldman Sachs will pay $54.75 million to the New York State Department of Financial Services  and $54.75 million to the Federal Reserve.  The US investment bank will also implement compliance and internal controls to prevent future occurrences.

Source: Reuters, The New York Times

 

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Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong

Ping An Good Doctor, China’s largest online healthcare platform and a business unit of Ping An Insurance, has raised $1.1 billion (HK$ 8.77 billion) for an IPO in Hong Kong.  It is expected to be priced at the top end of the HK$50.8 – HK$54.8 price range and to begin trading on the   Hong Kong stock exchange on the 4th of May 2018.

” Ping An Good Doctor Raised $1.12 Billion for IPO in Hong Kong “

Ping An Healthcare and Technology, known as Ping An Good Doctor in China, operates the largest internet healthcare platform in China, providing on-demand healthcare through its mobile platform.  In 2017, it has 192.8 million registered users, 888 in-house medical personnel and 370,000 daily consultations.  The healthcare platform have also established a nationwide network of healthcare service providers with 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.

The IPO of Ping An Good Doctor is one of the hottest in recent years, with brokers extending an unprecedented $20.3 billion (HK$160 billion) to retail clients in margin loans. The IPO is the biggest by an internet-based business since ZhongAn Online P&C Insurance’s HK$11.9 billion IPO in Hong Kong in September 2017. The capital raised is expected to fund acquisitions, strategic alliances and for research and development.

The key investors are global asset managers, BlackRock and Capital Group, Singapore and Malaysia’s sovereign wealth fund GIC and Khazanah Nasional, Canada Pension Plan Investment Board and a subsidiary of Thailand’s billionaire Charoen’s CP Group.  Citigroup Inc and JP Morgan Chase are the joint sponsors.

Source: HKSE, Reuters, SCMP

 

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Google CEO Sundar Pichai Receives $380 Million Payout

Google CEO Sundar Pichai Receives $380 Million Payout

Google CEO Sundar Pichai has received $380 million payout, one of the biggest payout in recent years.  He had received 359,939 restricted shares in 2014, that is worth almost $380 million when the shares were vested on 25th April 2018.

” Google CEO Sundar Pichai Receives $380 Million Payout “

Sundar Pichai had joined Google in 2014, and became the CEO in August 2015, taking over from Google co-founder, Larry Page.  In October 2015, Google restructured to be under Alphabet, the parent company of Google.  In August 2015, Google (Alphabet in Oct 2015) share price was in the mid-$600, and on 25th April 2018, traded above $1,000, representing more than 60% increase.

Sundar Pichai had worked in engineering and product management at Applied Materials and in management consulting at McKinsey & Company. He did his Bachelor in Metallurgical Engineering from IIT Kharagpur, and went onto do his Masters at Stanford University in materials science and semiconductor physics and MBA from the Wharton School of the University of Pennsylvania

Source: Bloomberg, Dailymail

 

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China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet

China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet

China’s largest truck hailing platform Manbang, has raised $2.5 billion from leading investors including Softbank and Alphabet, giving the company a valuation of around $6 Billion.  The $2.5 Billion investment is led by leading global technology companies, sovereign wealth funds, private equity and venture capital firms, including Softbank’s Vision Fund, Alphabet venture capital unit CapitalG, Saudi Arabia’s sovereign wealth fund, China Reform Fund, Ward Ferry, Farallon Capital, Tencent, Sequoia Capital China and GVC Capital.

” China Largest Truck Hailing Platform Manbang Raises $2.5 Billion from Softbank and Alphabet ”

Manbang, China’s largest truck hailing platform and also known as the “Uber for Trucks” in China, connects truck drivers with shippers.  The platform also provides an after-service platform which covers truck fuel, auto insurance, auto financing and other services.  Today, China’s largest truck hailing platform has over 5.2 million truck members and 1.25 million logistics company members.

Manbang was founded in 2017 with the merger of Yunmanman and Huochebang.  Yunmanman is backed by Sequoia Capital and Yunfeng Capital, a private equity firm co-founded by Jack Ma, founder of Alibaba. Wang Gang, the Chairman and CEO of Manbang, is an angel investor in Didi Chuxing, China’s largest ride-hailing technology company.

Source: Reuters, Yunmanman

 

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Heir of Rothschild Bank Replaces Father as New Executive Chairman

Heir of Rothschild Bank Replaces Father as New Executive Chairman

The heir of Rothschild & Co., Alexandre de Rothschild, will be replacing his father David de Rothschild as the new Executive Chairman of Rothschild & Co Gestion, Rothschild & Co’s Managing Partner at the upcoming Annual General Meeting (AGM) in May 2018.

” Heir of Rothschild Bank Replaces Father as New Executive Chairman ”

Rothschild & Co. was founded over 200 years ago by Mayer Amschel Rothschild. It is one of the most famous banking dynasty, with Austrian noble family roots, and have worked on the biggest financing deals in history, including financing Britain’s war against French military leader Napoleon.  Rothschild & Co. is the financial holding company for all the family’s banking interests, covering investment banking, corporate banking, private equity, asset management, and private banking.

Alexandre de Rothschild had joined Rothschild investment banking in 2008. Prior to Rothschild, he was in investment banking in Bear Stearns in New York and private equity in Bank of America in London

Source: Rothschild, Reuters, Business Insider

 

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Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire Matthew Taylor Mellon and descendent of founder the now BNY Mellon, has died at the age of 54 in a hotel room in Mexico.  He was due to check in at a rehabilitation centre for drug addiction in Cancun, Mexico.  He had been reported to be addicted to the painkiller, OxyContin.

” Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54 “

Matthew Mellon is a descendent of founder of Mellon Financial Corporation (BNY Mellon) and founder of the now defunct investment bank, Drexel Burnham Lambert.  A billionaire, businessman & investor, he had also made a fortune in the digital currency company, Ripple Labs. His investment of $2 million investment is valued at more than $1 billion.  He had also served as the Chairman of the New York Republican Party’s finance committee.

In 2007, BNY Mellon was formed with the merger Mellon Financial Corporation and The Bank of New York, to form one of the largest bank in United States.  Mellon Financial Corporation is founded as T. Mellon & Sons’ Bank in 1869 by Thomas Mellon and his 2 sons, Andrew W. Mellon and Richard B. Mellon.  The Bank of New York is one of United States’ oldest bank, was founded in 1784 by a group that includes American Founding Fathers Aaron Burr and Alexander Hamilton.  Drexel Burnham Lambert was one the largest investment bank in United States until its closure in 1990.

Born in New York City in 1964, Matthew Mellon had graduated Wharton School of the University of Pennsylvania and married his first wife Tamara Mellon, co-founder of Jimmy Choo.  He is survived by his second wife, Nicole Hanley, and 4 children, Force, Olympia, Minty and a daughter from his first marriage.

Source: Bloomberg, BBC, The Guardian

 

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