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John Costas, the former head of UBS’s investment bank, has sold his stake in PrinceRidge, the boutique broker-dealer he founded with Michael Hutchings two years ago. Institutional Financial Markets, a quoted investment firm specialising in credit-related fixed-income investments, said in a statement that it would invest $45m in PrinceRidge through a combination of cash and an exchange of a stake in its capital markets subsidiary. In return, IFMI will take a majority equity interest in PrinceRidge. Costas told Financial news that IMFI had presented himself and Hutchings with "a unique opportunity as their platform is complementary to ours with very little overlap".

Ex-UBS banker John Costas sells majority stake in new boutique; Deborah Fuhr calls for more transparency in exchange-traded funds; just as Bill Gross plots a new bond ETF; and it's mixed fortunes for CEOs as results season kicks off.

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Sebastian Walsh

UBS promotes Hannon to UK M&A head as shake-up continues

UBS launches European strategy dealmaking group, shakes up country heads

Goldman Sachs names new ECM leadership in Europe after departures

Trading Places: Goldman’s ECM shake-up, Latham’s latest raid

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Find out who is on the move in the City and beyond this week

Sidley Austin raids Latham & Watkins for 10-lawyer team in London

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CDPQ hires Sharon White to lead push in Europe

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Former chair of the John Lewis Partnership is joining the Canadian pension fund giant early next year

One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

GQG Launches Buyback After Stock Tumbles on Adani Probe

The president-elect floated the idea during a Wednesday meeting with the former Fed governor.

By Brian Schwartz, Vivian Salama and Andrew Restuccia

Trump Considers Warsh Serving as Treasury Secretary—and Then Fed Chair

The U.S. auditing watchdog voted to require certain audit firms to disclose eight new metrics ranging from auditor turnover to partner involvement and restatement history.

Large Accounting Firms Will Have to Submit Financial Statements to U.S. Regulator

The AI titan will maintain its strong lead, but complicated product rollouts, sky-high expectations and the China threat add complications to growth potential.

Nvidia Is on Top but Does It Have Anywhere to Go but Down?

Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

U.K. Consumers Cheerier Ahead of Holidays as Budget, U.S. Election Jitters Fade

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