On the agenda today:
- Bill Ackman’s SPAC is reportedly being sued for not acting like a blank-check firm.
- We outlined the firms that won — and lost — the Chinese stock sell-off.
- Now is a really good time to be a wealth manager.
Let’s get started.
Billionaire hedge-fund manager Bill Ackman’s SPAC is being sued for not operating as a blank-check firm, The New York Times first reported. The suit claims Ackman’s SPAC has behaved more like an investment company than an operating company. Here’s a closer look at what that means.
Top consulting firm Alvarez & Marsal just announced one of the strictest vaccine mandates yet: get vaccinated or take unpaid leave. Starting Oct. 31, employees who don’t get the shot will be placed on a leave of absence, which could last up to six months. Here’s everything we know so far.
Chinese stocks continued to tumble this week amid new economic data and an ongoing regulatory crackdown on US-listed Chinese companies. Firms like D1 Capital and Coatue made big bets before the market took a dive, while others, like Tiger Global Management and Sculptor Capital, trimmed their positions early — and avoided serious damage. Take a look at the winners and losers of the Chinese stock sell-off.
There’s hardly been a better time to be a wealth manager: America’s wealthy are getting richer, and private firms and banks are staffing up to serve these clients, who often have at least $10 million in assets. These are five of the top players on the hiring hunt.
Amid a surging mergers-and-acquisitions market, firms that provide due diligence on deals are struggling to keep up. More deals and fewer workers are putting a strain on firms like EY, which are tasked with vetting targets’ financials — and they’re having to turn prospective clients away as a result.
The twist? The hacker had just stolen more than $600 million from Poly Network, the firm that offered him a job. More about the hacker that stole the funds “for fun :)” and then landed a job offer.
On our radar:
- Per Bloomberg, Morgan Stanley has asked staff to provide proof of vaccination by Oct. 1.
- A senior partner at elite law firm Paul Hastings jumped ship to become a VC. Here’s why.
- An analysis by Bloomberg shows that Wall Street’s latte sales are close to entering a bear market.
- The unemployed may never come back. Here’s what that means for the economy.
- According to Bloomberg, Kim Lew took over as Columbia University’s investment chief — making her one of three women who are overseeing Ivy League endowments.