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Schwarzmans give $40M to inner-city student scholarship
<p>Blackstone CEO Stephen Schwarzman and his wife Christine have donated $40 million to the "Kids Are Our Capital" program in New York City.</p> <p>The record gift will make up a chunk of the Roman Catholic Archdiocese of New York's $125 million scholarship program for inner-city kids, reports the New York Daily News. The scholarship fund was founded in 1971 to provide financial assistance for Catholic school students in low-income neighborhoods. Most to the 7,000 students in the program are minorities. The majority are able to graduate from high school and attend college, the diocese reports.</p> <p>The Schwarzman donation is thought to be the largest of its kind in the U.S., Cardinal Timothy Dolan says.<br /> Photo: Heather Paul</p>
Wall Street-worthy Yogisms
<p>Yogi Berra, Hall of Fame Yankee's catcher, died Tuesday at age 90. Through his career and until his death, Berra was known for his "Yogisms," or witty, disjointed one-liners he'd come up with in seconds. In honor of the great Yogi, here are some of the top Yogisms Wall Streeters can use at work:</p> <p> It ain't over 'til it's over.<br /> If you don't know where you're going, you'll end up somewhere else.<br /> You can observe a lot just watching.<br /> The future ain't what it used to be.<br /> Nobody goes there anymore. It's too crowded.<br /> We made too many wrong mistakes.<br /> If you can't imitate him, don't copy him.<br /> If the world were perfect, it wouldn't be.<br /> I really didn't say everything I said.<br /> It's deja vu all over again!</p> <p>Photo: Baseball Collection</p>
Private banker Petko Bahovski reveals secrets for ultra rich in new book
<p>Petko Bahovski, 46, is an experienced investment consultant in Zurich, who previously worked for Credit Suisse, JP Morgan and Coutts in Asia, Latin America and Europe. He is also the author of a practical guide How to Choose a Private Bank. He came up with the book idea in 2006-2007 during his transition from investment to private banking. And the idea didn’t let go until the text was published earlier this year, writes FinBuzz.</p> <p>“I noticed that banks sell themselves usually by stressing their strong points. At the same time there exists loads of information on private banking from consulting companies like BCG, KPMG, or McKinsey. But the clients themselves are usually left with bits and pieces of advice, mostly concerning how to open an account in the UK or in Switzerland,” Bahovski explained.</p> <p>Translated into English and Bulgarian (Petko’s native language), the book reveals no names but answers basic questions on private banking matters. How much do you know about your private bank? How can you possibly choose who to trust with your assets? What services can a private bank offer you? How can you find the right private bank that will best suit your purposes and needs on an individual level?</p> <p>The very mission of the book is to expand the mind of the clients before opening an account; you don’t need to be a hedge fund guru to enjoy it. The niche edition of 700 copies (plus an e-book) appeals first and foremost to a more affluent audience that has an investment portfolio of more than $1 million, but it could also serve as an educational source for finance students.</p> <p>It took Bahovski about 3 months to complete the book: the whole process was very intense and intellectually rewarding. He dedicated an entire month solely to writing. The financier worked side by side with an English-speaking editor from a professional publishing company, striving to provide the text with high-quality language.</p> <p>“I’ve received many positive reviews from my target audience. The professional community also finds it useful for their clients, as they can be a little bit more prepared and, at the end of the day, the clients are aware of what they can get from a bank,” Bahovski proudly commented.</p> <p>In the beginning of October, the new book An Introduction to Investment Funds by Bahovski comes out. It will provide a thorough up-to-date summary on the whole investment fund universe and it is certainly a must-have for any investment professional. His third book, which discusses banking fines, is forthcoming.</p> <p>5 tips how to choose a private banker</p> <p>1) Be well-prepared. You should understand what exactly you expect from the bank and its investment portfolio management. The biggest mistake you can make in private banking is to invest into products and services blindly.</p> <p>2) It is extremely important that the private banker is somebody you feel comfortable with. Even when you like the bank, if you don’t like the banker better ask for someone else. There should be a kind of chemistry between the two of you. The banker should have a clear vision of your personal financial situation and your ambitions.</p> <p>3) Don’t get hooked by a brand. Banks that almost collapsed in 2008 are now the winners. If a pharmaceutical company produces an ineffective d</p>
Want to work for Ray Dalio? Then you better be able to answer these questions!
<p>Getting hired at Bridgewater Associates isn't easy. As one of the world's biggest hedge funds, Ray Dalio's firm has a reputation for being incredibly intense, and maybe a little crazy. Dalio has said the self-improvement process is like "when a pack of hyenas takes down a young wildebeest," reports Business Insider. Like companies such as Google, Bridgewater is more interested in forcing an interviewee to think about a complex question than to get a correct answer.  Says Dalio:<br /> "The answer doesn't really matter. It's totally great if the person's thinking on the subject ends in a different place than the beginning, because moving forward together to get at the best answer is more important than being right from the outset."<br /> Here are some of the most interesting Bridgewater interview questions Business Insider found on Glassdoor:</p> <p> For a facilities-manager candidate: "Are there any circumstances under which torture is justified?"<br /> For an investment associate: "Would the world be better off with an open border policy?"<br /> For an investment associate: "Should hate crimes be punished more strictly than regular crimes?"<br /> For a management associate: "Should participation in a team sport be mandated for young children?"<br /> For an investment associate: "Should the U.S. be allowed to kill civilians using drone strikes?"</p> <p>Photo: Richard Toller</p>
Billionaire's whole family struck with Lyme disease
<p>British billionaire John Caudwell announced that he and his entire family have been diagnosed with Lyme disease.</p> <p>Caudwell, a business man and founder of Phones 4u, recently revealed that his 20-year-old son Rufus has a possibly fatal strain of Lyme disease, reports the Daily Mail. Now, Caudwell says that he, as well as his two daughters and ex-wife, have all tested positive for the disease. Lyme disease is known to spread through infected ticks, but the Caudwell case suggests it could also spread from person to person.</p> <p>Rufus had been diagnosed with mental health problems including panic attacks and agoraphobia, but Caudwell says those symptoms are linked to the Lyme disease. Rufus is currently bed-ridden as the disease has progressed.</p> <p>Caudwell says his family is fortunate that it can afford treatment outside of the National Health Service, as the NHS provides little treatment for the disease. He initially kept the diagnosis private, but as the entire family will be treated, Caudwell decided to draw attention to the disease in the U.K.<br /> Photo: John Tann</p>
Video: 'The Big Short' trailer is out
<p>The movie trailer for "The Big Short" has been released. The film, based on Michael Lewis' book about the subprime housing crisis, is in theaters in December. Christian Bale, Steve Carrell, Ryan Gosling, and Brad Pitt star. It's like the "Wolf of Wall Street," but less sexy.</p>
Goldman Sachs is recruiting with Snapchat
<p>Goldman Sachs is looking to scoop up the next generation of talent by getting down with the kids and taking its recruitment drive onto Snapchat, the popular social network for millennials.</p> <p>Reuters reports that Goldman will uses Snapchat - a popular social app for temporary pics and nude selfies -  to fire out a series of ads within its Campus Story function, a curated platform for college-related content.</p> <p>The ads - which do not contain any nudity - makes a call out for  a "Campus Environmental Leader", a "Youth Sports Coach", or a "Crowd Funding Champion," and provides a link to</p> <p> Apparently, Goldman is reacting to early signs that graduates are becoming less interested in pursuing a career in finance. </p> <p>This isn’t the first attempt by the investment banking giant to a appeal to young demographic. In a bid to shake off its all work, no play image, Goldman recently told its summer interns to make sure they leave the offices between midnight and 7am during the week, because, y’know dude, YOLO.<br /> Photo: AdamPrzezdziek</p>
Hong Kong hosts closed-door hedge fund fight club
<p>Bankers and traders in Hong Kong competed in the Hedge Fund Fight Nite, an annual event where financial professionals switch office attire for boxing gloves and raise $100,000 for charity, reports FinBuzz.</p> <p>Despite averaging 60+ hour work weeks, 16 boxers (14 men and two women), trained 3-4 times a week for the last five months at the JAB mixed martial arts studio to prepare for the big night, which took place at the Hong Kong Observation Wheel on September 10.</p> <p>EY, BNY Mellon, LexisNexis, and several other professionals from hedge fund and asset management firms wrapped their fists in tape, tied up their boxing gloves and threw punches until they defeated their opponents, all in the name of charity.</p> <p>The black-tie dinner event was filled with spectators seated at tables eager to see familiar financial faces in the boxing ring. A live charity auction was held, and over $100,000 (HK$1 million) was raised for Beam International Foundation, Operation Breakthrough and the Sovereign Art Foundation.</p> <p>In its eighth year, the event continues to attract experienced boxers as well as complete novices working in the Hong Kong financial scene.</p> <p>Though the event was by no measure a typical charity ball, it offered guests an exciting and unique night out, and after the 6 rounds of fighting, the boxers were able to mingle and relax.</p> <p>Participant list:</p> <p>Danny Scinto – Foreign Exchange Trader at BFAM Partners<br /> Megan Schmalzried – Senior Consultant at EY<br /> Ryan Lawson – Associate Director at Sovereign Trust (Hong Kong) Limited<br /> Franc Liu – Analyst at Cathay Conning Asset Management<br /> Alex Oxford LexisNexis Risk Solutions<br /> Will Jeffries – Vice President at BNY Mellon<br /> Stephen Friel – Marketing Director at Asia Frontier Capital Limited<br /> Andries Blom – Senior Trader at Eclipse Options<br /> Stuart Denton – Chief Operating Officer at VoidBridge Limited<br /> Tanya Menzel- Director Training &amp; Development at Jigsaw</p> <p>This story first appeared in FizzBuzz.<br /> Photo: melissa jonas</p>
Video: Say hello to the Monaco Yacht Show
<p>Wondering where to park that extra $50 mil of yours? Well, wonder no more.</p> <p>The annual Monaco Yacht Show is set to begin this week, allowing you to take your pick out of the €3 billion worth of superyachts, sailing yachts, tenders, and various other playthings on display.</p> <p>Among the yachts available for sale or charter are the 85 meter superyacht Solandge, the classically-styled sailer Pink Gin, and the futuristic, high-performance sailing yacht Angel’s Share.</p> <p>If that doesn’t whet your appetite, here’s a video from last year’s event. Check it out.</p> <p>The show starts on the 23rd at Port Hercule in Monaco.<br /> Photo: Steve Corey on and off</p>
Instincts and crisis collecting: Friedhelm Hütte’s career as art dealer at Deutsche Bank
<p> Some of the world's biggest art collections are owned by banks, and not open to the public</p> <p>Banks are best known for making money, but financial institutions also reinvest profits to acquire masterpieces and collections. With almost 60,000 pieces, Deutsch Bank has the world’s largest corporate art collection, reports Finbuzz.</p> <p>&nbsp;</p> <p>Walking into the lobby of Deutsche Bank’s main London office it is clear how much the institution values art. Pieces by Tony Cragg, Damien Hirst, Anish Kapoor, and Keith Tyson line the reception area. Across their UK offices, the bank displays over 4,000 works of art. Deutsche Bank bank also sponsors art projects and exhibitions or fairs. From October 14-17 in Regents Park, for example, the bank will sponsor the Frieze London art fair. The bank also provides a wide range of communication tools. Among these is ArtMag, an online and print art publication to keep up with creative trends in London and beyond.</p> <p>FinBuzz caught up with Friedhelm Hütte, head of the art department at Deutsche Bank, for an interview:</p> <p>Your collection is known to be one of the largest among banks that collect art. So how big is it?</p> <p>Well, we’d rather be modest. But from what we know, it’s the biggest corporate collection in the world. Our collection is all about contemporary art, which means the pieces were produced after 1945. We focus on drawings, mixed media, photographs – all forms two-dimensional art. We always look for new talent and new artists in the market and support them through our “Artist of the Year” award.</p> <p>Why do banks collect art?</p> <p>The first purpose of collecting is to present art in our buildings around the world, 95% of the pieces we own are on display. They are there for the clients to enjoy, to talk about. We also run guided tours, which are open to the general public.</p> <p>Who makes a decision on what to buy or not to buy?</p> <p>Our team is based internationally. Amongst our renown team are advisors like Okwui Enwezor, who just curated the Venice Biennale, or Victoria Northoorn from Buenos Aires. We monitor art magazines and attend art sales. There are about 60-70 artists globally on our watch list and then some of them make it to our collection. My team makes a proposal and then a Committee composed of several executives of the bank makes a decision.</p> <p>Would you say your active interest in contemporary art has something to do with how you position the Deutsche Bank brand?</p> <p>Absolutely. It has a direct link with our brand as contemporary art is all about new ideas and being open; same goes for Deutsche Bank – it is a global bank, which is integrated in many different cultures around the world, it is innovative and forward-thinking. And just as our bank is present on those five continents, we have works of artists from all five continents. So our collection perfectly reflects the philosophy of our bank.</p> <p>Within the impressive collection, are there works or a</p>