Good morning and welcome to Insider Finance. I’m Dan DeFrancesco and this is today’s agenda:
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Money managers from Apollo to BlackRock are scrambling to take advantage of investor demand for the private market. Here are 16 people leading this push.
Su Ruobing/Inside Story; Samantha Lee/Inside Story
These are the key leaders driving asset management companies to increase their alternative investment distribution efforts. Check our list here.
Following Wall Street Bank, BlackRock is increasing the level of directors and the salary of more junior employees
Toru Hanai/Reuters
Starting September 1, BlackRock directors and employees below will see their base salary increase. The internal announcement was made after the Wall Street Bank raised primary wages for several months (we have been counting companies that raise wages- Check our list here).
Cathy Besant, Bank of America’s top technology leader, appointed a new right-handed executive to help oversee more than 95,000 employees
Bank of America
Sumeet Chabria, Head of Global Commercial Services at Bank of America, is now also the Chief Operating Officer of Global Technology and Operations. The following is what we know about his expanded role.
Morgan Stanley’s CEO wants employees to return to the office before Labor Day, but the bank has just told its latest batch of new employees that they can go to work as early as this month
Andrew Burton/Getty Images; Samantha Lee/Insider
Employees learned at internal meetings that new youths in investment banking and capital markets can join the company as early as July 27
Skyrocket
call. More details of the meeting.
Hedge fund investor Kelbas’s $34 million real estate short position could cost him $1 billion
Bloomberg
United Development Funding sued Bass, alleging that his “short and twist” strategy disrupted its business. Get the full outline here.
JPMorgan Chase and Goldman Sachs are snapping up hedge fund clients from Credit Suisse’s troubled prime brokerage business
![Jamie Dimon JP Morgan Chase]()
Mike Black/Reuters
Mike Black/Reuters
Goldman Sachs and JP Morgan Chase reported this week on the records of their main brokerage businesses. Read more here.
Why the global supply chain crisis is also terrible for Wall Street lenders
On April 4, 2021, a container cargo ship in the Port of Rotterdam, the Netherlands. Rotterdam is the largest shipping port outside of Asia.
Niels Wenstedt/BSR Agency/Getty Images
Global shipping delays and supply chain disruptions are leading to a reduction in commercial loans. What’s the problem.
odd number:
Startups turn to Wall Street to broker venture capital transactions (information)
AllianceBernstein CEO sees the strength of its private wealth business (Barron)
McKinsey: Mixed work will be more chaotic than anyone realizes (insider)
Blackstone concludes deal to manage AIG life insurance and retirement assets (WSJ)
