New York potentially witnessing a shift in political influence with Steve Cohen emerging as a potential power player.
In the realm of finance, several significant developments and leadership changes have been unfolding.
Firstly, after a 17-year tenure, Alberto Nagel is set to step down as CEO of Mediobanca. The board of directors' resignation is planned for a meeting on September 18. The takeover of Mediobanca by Monte dei Paschi di Siena appears imminent, with MPS securing 62% of Mediobanca's shares. However, the powerful billionaire investors, including the Del Vecchio family and Francesco Gaetano Caltagirone, who own 28% of Mediobanca's shares, have attempted to oust Nagel twice over the past five years, yet have never quite managed it.
Meanwhile, Lazard Asset Management has named Christopher Hogbin as its CEO. In a different context, Steve Cohen, a Wall Street investor, is trying to win over a working-class borough of New York City to build a casino development worth $8bn. Cohen has spent the past few years deploying a team of lobbyists to win support for his casino development plan. Notably, Cohen has donated more than $185mn to non-profit organisations throughout the borough and is referred to as "Uncle Steve" by Mets fans.
Anglo American is close to acquiring Canada's Teck Resources in a deal valued at about $20bn. This potential merger could mark a significant consolidation in the mining industry.
In the private equity sector, Apollo Global Management has named Alex van Hoek as its lead partner for European private equity. Chris Hohn, a billionaire hedge fund manager, has backed a continuation vehicle by UK private equity firm TDR that will house a majority stake in leisure group David Lloyd. Interestingly, The Children's Investment Fund Foundation, the charity Hohn founded, has invested in a continuation vehicle by TDR despite Hohn's public skepticism towards private equity.
Lastly, Rupert Murdoch has resolved a dispute over his media empire, handing control to his eldest son Lachlan. Revolut has appointed Frédéric Oudéa as its chair for western Europe.
In the world of casinos, the search results do not contain information about the individuals competing for the casino license in Queens. The details regarding these contenders remain to be seen.
In the aftermath of the insider trading scandal, Steve Cohen has built up Point72 into a hedge fund behemoth. The future of these financial entities and their leaders will undoubtedly shape the financial landscape in the coming years.
