News
(Financial Times)
Jane Street’s quarterly trading revenues have surged to their highest level since the start of the pandemic, as the secretive high-speed firm flourished alongside traditional Wall Street market makers. The group expects its first quarter net trading revenue will be roughly $4.4bn, more than double the level it achieved a year prior and up 35 per cent from the end of 2023, according to documents reviewed by the Financial Times.
(Bloomberg)
John “Jack” Malvey, a respected figure in the bond market whose decades in the industry included a long run as Lehman Brothers Holdings Inc.’s chief strategist in fixed income, has died. He was 72.
(WSJ)($)
Bankers’ advice for dealmaking clients who have been sidelined by the high cost of funding boils down to this: Get used to it. Wall Street investment banks in the first quarter have finally started to report a pickup in activity following a long slowdown. Revenue from arranging sales of stocks and debt, and for advising on mergers and acquisitions, was collectively up 27% at the five largest Wall Street banks from a year earlier, to the highest level since the first quarter of 2022, when the Federal Reserve began raising interest rates.
(Bloomberg)($)
Citigroup Inc. and Goldman Sachs Group Inc. are among Wall Street giants that served as matchmakers on recent transactions between smaller companies looking for loans and private lenders eager to provide financing. Their pitch to direct lenders boils down to this: we can use our vast network of corporate clients to help you find issuers that want financing, and take them through all the paperwork involved in getting a private loan, for a fee.
(Nasdaq)
Active fixed income demand is surging. The secular drivers are increased comfort and adoption by advisors and investors with the category, in addition to the conversion of actively managed fixed income mutual funds into ETFs. From a cyclical perspective, the current environment, which has attractive yields but considerable uncertainty about the Fed and economy, also favors active fixed income strategies.
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