Financier Danny Pang, Accused of PEMGroup Fraud, Dies in California at 42 Danny Pang, the founder of Private Equity Management Group Inc., who U.S. regulators claim bilked Taiwanese investors, died yesterday, a spokesman for his family said. He was 42.

Stiglitz Says Banking System Problems Are Now Bigger Than Pre-Lehman Era Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc.

Rattner’s Quadrangle to Close London Office; Doug Kramer Will Leave Firm Quadrangle Group LLC, the private- equity firm co-founded by Steven Rattner, plans to close its London office and said Chief Operating Officer Doug Kramer will leave as it focuses on existing investments.

D.E. Shaw Opens Dubai Office, Sees `Attractive’ Investment Opportunities D.E. Shaw & Co., the $29 billion investment firm run by David Shaw, said the Dubai Financial Services Authority granted its Middle East unit a license to operate from the Dubai International Financial Centre.

Harvard, Yale Endowments Fall 30% as Private Equity Drags Down Investments Harvard University and Yale University, the wealthiest U.S. schools, got about 30 percent poorer in the past year as their endowments lost more money on investments than less-affluent schools.

Sun Capital Fund Values Said to Rise 8.3% in Second Quarter on Market Gain Sun Capital Partners Inc., a private-equity firm that manages more than $9 billion, told investors its funds rose 8.3 percent in the second quarter as financial markets began to rebound.

Dubai Sovereign Wealth Fund Is Said to Quit Investments, Weighs Fund Sale Istithmar World, the Dubai sovereign wealth fund, is halting investments as part of a restructuring effort after spending more than $25 billion this decade on stakes ranging from a yacht marina to luxury retailer Barneys New York, according to people familiar with the plan.

EU Hedge Fund `Bogeyman’ Rasmussen Says Fees Next Target After Regulation Poul Nyrup Rasmussen, the Socialist Party president who led a two-year campaign to introduce the first European Union regulation of the hedge fund industry, said he will next press firms to reduce their fees.

Coller, HarbourVest Buy 3i Group’s European Venture-Capital Investments Coller Capital Ltd. and HarbourVest Partners LLC have agreed to buy a “significant” portion of 3i Group Plc’s European venture capital investments.

Templeton’s Mobius Says Frontier Markets Offer `Interesting’ Opportunities The least-developed nations may offer interesting opportunities for investors seeking “tomorrow’s emerging markets,” according to Templeton Asset Management Ltd.’s Mark Mobius.