Jack Sidders

Bulk of Stenn’s $1 Billion Debts Remain Outstanding Amid Probe Officials overseeing the wind-down of Stenn Technologies, the UK invoice-finance firm backed by Wall Street investors, have recovered about one tenth of the funds owed so far as they continue to probe...

Stenn, the Wall St.-backed invoice-finance firm, was owed ~$1b when it collapsed in Dec. 2024. This was supposedly made up of short-term invoices owed by big corps around the world. Yet admins have only tracked down £93m of it so far. Story via @bloomberg.com

Gift link here: tinyurl.com/ycx5ad2j

Foxtons Staff Faced Groping and Slurs at London Property Broker Foxtons is often seen as an entry point for aspiring real estate agents. Junior employees described unwanted touching, drunk-driving — and senior staff who either ignored inappropriate behavior or wer...

Groping, racism, drunk-driving: Inside allegations against leading London property broker Foxtons

Read the Big Take ⤵️

Howden Said in Talks to Buy Insurance Broker Risk Strategies Howden, one of the world’s largest closely held insurance brokers, is in talks to acquire Risk Strategies, according to people with knowledge of the matter.

www.bloomberg.com/news/article...

Creditors of Wall Street-Backed Stenn Face Near-$200 Million Hit Creditors of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks and investors, are facing a potential shortfall of almost $200 million in the wake of its collapse l...

Creditors of Stenn - the Wall-Street backed trade-finance firm - are staring at potential losses of ~$200 million after two of its subsidiaries collapsed last month. Story via @bloomberg.com

www.bloomberg.com/news/articles/2025-01-30/creditors-of-wall-street-backed-stenn-face-near-200-million-hit

Blackstone Set for New York Office Comeback with Midtown Tower Blackstone Inc. is nearing an agreement to purchase a Midtown Manhattan tower, which would mark a return to New York office dealmaking for the world’s biggest real estate investor.

www.bloomberg.com/news/article...

The world's biggest real estate investor appears to be calling the bottom on New York's beleaguered office market.

Blackstone is in talks to buy 1345 Avenue of the Americas, a vast Midtown office tower

JPMorgan in Talks to Rent Credit Suisse’s Former Canary Wharf HQ JPMorgan Chase & Co. is in negotiations to lease space at the Canary Wharf office that once housed Credit Suisse’s UK headquarters.

www.bloomberg.com/news/article...
JPMorgan is in talks to rent the former Credit Suisse HQ in Canary Wharf after outgrowing its own base, a fact that won't be helped by its soon to be implemented 5-day a week office mandate

DWS CEO Steps in as Private Credit Unit Struggles to Lure Cash A few months into his role as chief executive officer of Deutsche Bank AG’s asset management unit, Stefan Hoops presented shareholders his vision for growth with a “private debt muscle” as one key par...

www.bloomberg.com/news/article...

UBS Halts Margin Loans on Some New World Development Securities UBS Group AG halted accepting some bonds and shares of New World Development Co. as collateral for margin loans, joining other global lenders in suspending such financing for rich clients, according t...

www.bloomberg.com/news/article...

Here’s my experience of *yet another* terrible rental situation, this time with Grainger plc

We, four friends, are living in a building site

With no prior notice, scaffolding went up a week into our tenancy in August – we’ve since suffered major disruption. This was it at its worst 🧵👇

Hedge Funds Kept $1.8 Trillion as Fees, Half Their Total Gains Hedge funds have long been regarded as notoriously expensive. New research reveals just how costly they truly are for their clients.

www.bloomberg.com/news/article...

State Street to Leave Canary Wharf for New City of London HQ State Street Corp. is in talks to lease a new UK headquarters in the City of London financial district, a deal that would see it move away from its long-standing base in Canary Wharf.

www.bloomberg.com/news/article...

UK market turbulence pushes mortgage costs to 5-month high bloomberg.com/news/article... via @jacksidders.bsky.social

LA Rental Hits $40,000 a Month as Fires Worsen Housing Squeeze Los Angeles already had a housing affordability crisis before devastating wildfires burned entire neighborhoods to the ground. The disaster is making it worse.

“What’s going on in the real estate market is disgusting."

www.bloomberg.com/news/article...

Starmer won’t be drawn into row over Spain’s 100% home tax plan www.bloomberg.com/news/article... via @lucygjwhite.bsky.social @jacksidders.bsky.social @pronouncedalva.bsky.social

UK Trade Darling Stenn Went from $900 Million to Insolvency in Days British financing firm that was backed by Barclays, Citi, Centerbridge and Natixis imploded last month.

How did Stenn - a UK trade-finance darling backed by Wall Street giants that was valued at $900m just two years ago- collapse few days? Here is our attempt to explain via @bloomberg.com.

www.bloomberg.com/news/articles/2025-01-09/how-fintech-stenn-went-from-trade-darling-to-insolvency-in-days

Tiger Cubs Score Second Year of Gains on Soaring Tech Stocks Hedge funds run by proteges of the late Julian Robertson reported a second consecutive year of double-digit gains as they continue to bounce back from a terrible 2022.

www.bloomberg.com/news/article...

Bridgewater Cuts 7% of Staff in Effort to Remain ‘Nimble’ Bridgewater Associates dismissed 7% of its workforce Monday as the world’s biggest hedge fund seeks to remain lean and maintain the flexibility to hire top talent, according to a person familiar with ...

www.bloomberg.com/news/article...

Discovery Soars 52% as Macro Traders Bet on Trump Bump in 2025 Macro hedge funds got a massive boost from Donald Trump’s US presidential victory in November, and are wagering that this year will bring more of the same.

www.bloomberg.com/news/article...

Citadel Offers to Let Clients Take Profits But Most Decline Citadel invited clients to cash out profits after a roughly 15% gain in its flagship strategy last year, but the vast majority opted to keep their money in the multistrategy hedge fund.

www.bloomberg.com/news/article...

D.E. Shaw to Return Billions After Flagship Hedge Fund Gains 18% D.E. Shaw & Co. is preparing to hand back billions of dollars to external clients after two of its biggest hedge funds produced double-digit returns last year.

www.bloomberg.com/news/article...

Multistrategy Hedge Funds Delivered Again in 2024 Multistrategy funds of all sizes produced mostly double-digit gains in 2024, in what was generally an upbeat year for the hedge fund industry.

www.bloomberg.com/news/article...

Chelsea FC Owner Eghbali Buys £56 Million London Penthouse Behdad Eghbali, co-owner of Chelsea FC and founder of Clearlake Capital, bought a luxury penthouse in London’s high-end Mayfair district for more than £56 million ($70 million), making it the UK’s mos...

www.bloomberg.com/news/article...

Private equity firms have become enamored with insurance and the stable money it provides for credit bets. Todd Boehly is taking it a step further with
Security Benefit, investing in loans... to his own firms.

Key Firms on Collapsed Stenn’s Client List Deny Any Relationship Staff at Stenn Technologies, a UK trade-finance firm, believed they were doing substantial business with major counterparties including Japanese corporates, Taiwanese electronics makers and some of Eu...

www.bloomberg.com/news/article...
Via @donalgriffin.bsky.social

Ardonagh Reaches $14 Billion Valuation With Stone Point Investment Ardonagh Group has secured new investment from Stone Point Capital, almost doubling the valuation of the UK insurance broker to $14 billion in three years, according to people familiar with the matter...

www.bloomberg.com/news/article...

Neil Woodford Says He Did Nothing Wrong Over Fund Collapse Neil Woodford, the once-renowned investment manager, rejected criticism around the collapse of his fund empire more than five years ago, fighting back against findings by the UK’s financial watchdog.

www.bloomberg.com/news/article...

Boaz Weinstein Starts Campaign to Take Over Struggling UK Trusts Boaz Weinstein wants to control and run seven UK investment trusts after his Saba Capital Management amassed a total £1.5 billion ($1.9 billion) stake in the closed-end vehicles.

www.bloomberg.com/news/article...

Billionaire Paul Singer’s Succession Plan Is Under a Spotlight The hedge fund’s increasing heft is making it harder to pitch smaller deals. That raises questions about the role of its London office — and the contest to ultimately succeed Paul Singer.

www.bloomberg.com/news/article...

Private Equity Is Making Big Money From UK’s Most Vulnerable As critics debate the cost of private capital’s inroads into many corners of the economy and public services, children’s homes have become a flashpoint.

Grimly informative piece by Abhinav Ramnarayan and Sabah Meddings about private equity’s inroads into the public sector, focusing on childrens' homes:
www.bloomberg.com/news/feature...

Allianz Pulls $1.7 Billion Bid to Buy Stake in Singapore Insurer Allianz SE withdrew an offer to buy a majority stake in Singapore’s Income Insurance Ltd. for about S$2.2 billion ($1.6 billion), following public backlash to the deal.

www.bloomberg.com/news/article...