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WHO's News: HSBC, M. Stanley,
- HSBC Names New Head of Investment Banking.
- M. Stanley Divests CICC Stake; Where to Spend its $1Bn in Cash?
- Jefferies Prelim Profit Tops Analyst Estimates.
- Former Comptroller of Currency Rejoins Covington & Burling Law.
1. HSBC Names New Head of Investment Banking. HSBC has had named Samir Assaf as head of its global banking and markets business, succeeding Stuart Gulliver who will become the new CEO in January 2011. Mr. Assaf, 50, rose to head of the treasury department at French oil company Total and, in 1994, moved to CCF, which HSBC bought in 2000. He became head of the bank’s global markets unit in 2008. Robin Phillips and Kevin Adeson were named as co-heads of the unit, which will be enlarged to integrate the bank’s global capital financing business. Jose-Luis Guerrero and Spencer Lake will become co-heads of the bank’s division for debt-capital markets and assets and structured finance. [NYT Dealbook, 12/10]
2. M. Stanley Divests CICC Stake; Where to Spend its $1Bn in Cash? Morgan Stanley received approval from the Chinese regulators to sell its 34.3% stake in China International Capital Corp. (“CICC”) to Kohlberg Kravis Roberts & Co., TPG Capital, Singapore's Great Eastern Holdings Ltd. and Government of Singapore Investment Corp. The entire stake is valued at about $1 billion. M. Stanley, which has been involved with CICC for about 15 years, now plans to form a partnership with Shenzhen-based China Fortune Securities Co. by taking a third of its stake. Under Chinese regulations, a foreign firm can own as much as 33% of a stock-and-bond underwriting venture with a local partner. As Morgan Stanley already had ownership of CICC, it had been prohibited from associating with China Fortune Securities Co. [Benzinga, 12/3]
3. Jefferies Prelim Profit Tops Analyst Estimates. Jefferies Group reported that net income of $71 million on $292 million in revenue for the 3 months ended 11/30. The firm has been expanding advisory and trading units, while adding 456 job this past year. Results are preliminary because Jefferies is trying to reconcile differences between its records and those of an unnamed clearing bank re: a portion of its fixed income business. In a conference call, it was noted that some investors are moving to equities from fixed income, which accounts for 36% of the company's revenue. [Bloomberg, 12/20]
4. Former Comptroller of Currency Rejoins Covington & Burling Law. John Dugan, who left the Office of the Currency in August is returning to his former law firm, where he will be chairman of the firm's financial institutions group, the position he held before being appointed by President Bush in 2005. Mr. Dugan, 55, will be advising clients on "a range of legal matters affected by significantly increased regulatory requirements - e.g., implementation of Dodd-Frank Act, as well as M&A, litigation and enforcement, international financial regulation, and legislative and government relations issues. [NYT Dealbook, 12/20]
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