Australian billionaire Solomon Lew has spent 17 years blocking Woolworths Holdings Ltd. from taking full control of a local fashion chain. His intransigence is set to earn him a A$209 million ($197 million) payout.
Peter A. Levy, a founder of alternative investment funds who carried one of Wall Street’s most famous surnames as the son of Gustave Levy, a former senior partner of Goldman, Sachs & Co., has died. He was 77.
Morgan Stanley will hold a gathering in New York to showcase Asian hedge funds to investors after pulling its capital introductions event in China because of the bird flu, said three people with knowledge of the matter.
Citigroup Inc. Chief Executive Officer Vikram Pandit, who took a $1 salary after his bank received the most taxpayer assistance of any U.S. lender, is poised to collect $80 million from other payments and awards that may eventually total more than $200 million.
China’s $300 billion sovereign wealth fund may pick China Asset Management Co. , the country’s largest fund manager, to oversee part of its international investments, said a person with direct knowledge of the matter.
E Fund Management Co. , China’s second-largest mutual fund house, plans to start two emerging- markets funds early next year through its Hong Kong unit, rivaling international peers such as Fidelity International.
China may allow foreign companies to sell stock in Shanghai next year, opening the world’s largest market for first-time share sales and advancing the city’s bid to become an international financial center.