Finance

Ackman’s SPAC lawsuit — Wealth manager hiring spree — Consulting firm vax mandate

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On the agenda today:

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Bill Ackman’s SPAC is reportedly being sued

bill ackman

REUTERS/Richard Brian

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.


Alvarez & Marsal will place unvaccinated employees on unpaid leave

Vaccine

Emanuele Cremaschi / Contributor/Getty Images

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.


Meet the hedge fund winners and losers of China’s sell-off

A headshot of Daniel Sundheim

Brendan McDermid/Reuters

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.


It’s a really good time to be a wealth manager

headhunters and recruiters sourcing talent for wall street 4x3

Samantha Lee/Business Insider

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.


Tiger Legatus bet big on ride-hailing app Didi. Then Chinese stocks crashed.

Didi Global stock symbol

BRENDAN MCDERMID/Reuters

The firm, seeded by Tiger Management founder and billionaire Julian Robertson, bet big on DiDi Global, which has immediately run into trouble since its $4.4 billion IPO. More on that here.


M&A due diligence is facing a backlog

Brian Salsberg

Ernst & Young

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.


A crypto firm asked a hacker to be its chief security officer

Poly Network logo displayed on a phone screen and representation of Ethereum cryptocurrency is seen in this illustration photo taken in Sulkowice, Poland on August 12, 2021.

Jakub Porzycki/NurPhoto via Getty Images

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.


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