- January 23, 2021
- Posted by: Bastion team
- Category: Markets
Goldman’s Stephanie Cohen, co-head of the firm’s consumer and wealth group
Michael Cohen/Getty Images
Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:
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Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Shayanne Gal/Business Insider
Other Goldman news this week:
- Tucker York and Stephanie Cohen announced a new strategy team to help grow consumer and wealth – and the two leaders who will be hunting for acquisitions and partnerships
- Goldman named six people to lead product development in its consumer and wealth management group – a sign of big innovations to come from the growing division
The Carlyle Group; Samantha Lee/Business Insider
Carlyle’s credit team has been around since 1999, but over the past four years its investing professionals have assembled as a single global unit. The firm has shifted personnel internally and snapped up outside hires from shops like Apollo Global Management, BlackRock, and Bain Capital to facilitate an expansion that has enabled the firm to extend a wide variety of loans to companies.
Merrill Lynch’s pipeline for thousands of new advisors is ‘in limbo’ as the firm overhauls its training program
Brian Moynihan, the chief executive of Bank of America.
Bank of America’s sprawling wealth management arm has maintained its months-long pause on financial advisor trainees’ client outreach, a temporary hold that can complicate the business growth that new advisors need to thrive.
The temporary pause on prospecting has remained in part because novice advisors are still violating do-not-call list restrictions.
No longer the Wild West, the alternative-data industry is becoming increasingly institutional as big-name companies jump into the space. Companies like Bloomberg and Blackstone are positioning themselves to be major players in the space, which has continued to grow its client base as unique datasets become necessary for investors.
Bloomberg, for example, ended 2020 with a more-than-$100-million acquisition, buying alt-data company Second Measure.
Wall Street people moves:
- Senior RBC junk-bond trader Todd Bondy has left to join MUFG, which is revamping its credit business
- A former Blackstone exec has resurfaced at General Atlantic’s credit-investing venture after an unprecedented non-compete spat
Other stories readers loved this week:
- The white-hot wealth management market is set for a year of merger mania. Meet 7 firms that are on the hunt.
- 7 top legal recruiters reveal the hottest practice areas and must-know hiring trends for 2021
- Morgan Stanley CEO James Gorman is now the highest-paid bank executive in America following a 22% raise amid a record year for the company
- Ex-Plaid employees say they’re being flooded with ‘sketchy’ bids to buy their shares at $1,200 each from the hidden world of private buyers
Bastion Balance Seoul, Korea.