Carlyle Says Novolipetsk Drops $3.5 Billion Buyout of Its Steelmaking Unit The Carlyle Group, the world’s second-largest private-equity firm, said OAO Novolipetsk Steel has terminated an agreement to buy its John Maneely Co. steelmaking unit for about $3.53 billion.
Heebner Sells Energy Holdings, Purchases Shares of Citigroup, Wells Fargo Kenneth Heebner, the fund manager who beat all peers last year by buying energy stocks and selling financials, reversed course in the third quarter, snapping up Citigroup Inc., Wells Fargo & Co. and Bank of America Corp.
Fidelity to Cut 1,700 Jobs in First Quarter After Firing 1,300 Last Week Fidelity Investments, the world’s largest mutual-fund manager, will eliminate about 1,700 jobs in the first three months of 2009, adding to dismissals that started this week as it confronts an eroding asset base.
Apollo’s Realogy May Default on Loans, Offers to Exchange Debt at Discount Realogy Corp., owner of the Century 21 and Coldwell Banker brands, is at risk of violating the terms of its bank loans and is offering to exchange about $1.1 billion of bonds at a discount for new debt.
Lehman Asks U.S. Judge to Approve Accord for Access to European Assets Lehman Brothers Holdings Inc. and its European insolvency administrators reached an agreement that will let the U.S. firm manage billions of dollars in idled trading positions, removing a key obstacle in Lehman’s record bankruptcy.
New Star, RAB Capital Shrink to Cope With Accelerating Client Defections New Star Asset Management Group Ltd. and RAB Capital Plc, U.K. firms that went public on the backs of star money managers, are shrinking because of client defections.
Schwab, Ameritrade Handle Record Trades as Investors Ditch Money Managers Charles Schwab Corp., TD Ameritrade Holding Corp. and E*Trade Financial Corp., the largest publicly traded U.S. online brokers, are handling more trades after mutual fund withdrawals reached a record one year into the bear market.
Reserve Primary Money Fund Leaves Investors at Odds Over Liquidation Plan Two months after seizing up, Reserve Primary Fund hasn’t disclosed how it will divvy up as much as $785 million in losses among investors. Its decision will test rules for pricing money-market funds, outrage one of two groups of investors and almost certainly be challenged in court.
Shareholders Pay Price as Barclays, UniCredit Raise Capital Like `Casinos’ Shareholder rights in Europe may be the next casualty of the global financial crisis.
Venture Capitalists Have Flashbacks to 2001 as Institutions Dump Stakes Universities and pension managers are dumping their holdings in venture-capital funds, depressing values by as much as 50 percent as the financial crisis extends to private companies.