Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
Cevian Capital is a multibillion dollar activist hedge fund that you’ve probably never heard of. That’s deliberate.
As part of our series “The Price of Profits” with public radio’s Marketplace, Business Insider interviewed Harlan Zimmerman, a senior partner in the firm’s London office, to learn more about Cevian’s process.
Sanjay Valvani, a portfolio manager at Visium Asset Management who was charged with insider trading last week, was found dead Monday night.
“We mourn the tragic loss of Sanjay, a devoted father, husband, and friend,” Jacob Gottlieb, Visium’s founder, said in a statement. “Our thoughts are with his family during this difficult time.”
In Brexit news:
- Investing legend George Soros has warned a vote for Brexitwould trigger a crash worse than Black Wednesday. Brexit is aperfect example of irrational behavior, according to economist Richard Thaler. A Brexit would shake global markets and have huge economic consequences, according to Fed chair Janet Yellen. 5 charts from Deutsche Bank show how thechance of a Brexit is moving global markets.
In other news, Airbnb and Uber used the same 3 factors to disrupt huge industries, according to Mohamed El-Erian, Allianz’s chief economic advisor. He also said we need a “Sputnik moment” or “something really bad is going to happen.”
And lastly, Jefferies put the hype about a Wall Street rebound into perspective with only four words.
Here’s the best of the rest in Wall Street headlines:
Private equity is hoarding $971 billion – here’s where that money will go–The oil market is wobbling, and that spells good news for private-equity firms.
The richest man in Hong Kong is freaking out about Brexit–Li Ka-shing, the richest man in Hong Kong, is super concerned about Brexit – the possibility that the UK could leave the European Union after aclosely contested referendumon Thursday.
A San Francisco-based boutique bank just made a senior hire– The financial tech, or fintech, boutique investment bank FT Partners has hired Stephen Stout as a managing director.
Deutsche Bank is shuffling its wealth management team-Deutsche Bank is reshuffling its wealth management team in the UK, promoting the head of compliance to run the day-to-day operations of the department.
Brutal report claims US economy would be ‘diminished’ under Trump’s policies–Donald Trump’s economic and business policies are coming under fire at a time when his campaign appears to be falling further behind presumptive Democratic nominee Hillary Clinton.
If the world were normal, this would signal that we’re ‘on the cusp of a major recession’-Economists often look at the yield curve as an indication of the health of the US economy.
Morgan Stanley just compared Japan’s ambitious economic program to one of the greatest tragic novels of all time– Abenomics, Japanese Prime Minister Shinzo Abe’s three-part economics program, was implemented with the intention of reversing decades of stagnation.
Go inside the most expensive home in San Francisco, on the market for $28.5 million– There’s a new most expensive home in San Francisco.