Posts tagged 'jim o'neill'

Nigerian Fannie

Nigeria intends to set up a mortgage finance company along the lines of the US agency Fannie Mae, according to Bloomberg, who were informed by the government’s PR agency, Mercury.

Details of the Nigeria Mortgage Refinance Co., which will sell bonds and provide long-term financing to mortgage lenders, as well as helping to standardise lending practices, will be announced today. Read more

Goodbye, Jim O’Neill

Jim O’Neill, chairman of Goldman Sachs Asset Management, Red Knight, and all-round Mr Bric, will retire later this year, the bank announced on Tuesday.

The full statement follows… Read more

What are the odds of a former Goldmanite getting the BofE governor job?

The race for Mervyn King’s job is hotting up — months before it’s even officially advertised — as rumours circulate that a second Goldmanite could be in the running.

The focus on Monday was on Jim O’Neill, chairman of Goldman Sachs’ asset management division, after a piece in The Sunday Times lauded his “unique qualifications” for the job. The paper added that the UK Treasury had approached O’Neill about the job several months ago, but did not cite sources. O’Neill has neither denied or commented on the story. Read more

‘Bric’ creator adds newcomers to list

Jim O’Neill, who coined the term “Bric”, is about to redefine further emerging markets and will explain the new approach to clients this month, the FT reports. The chairman of Goldman Sachs Asset Management plans to add Mexico, South Korea, Turkey and Indonesia into a new grouping with the Brics – Brazil, Russia, India and China – that he dubs “growth markets”. “It’s just pathetic to call these four emerging markets,” he told the Financial Times. The new approach will involve looking at fresh ways to measure exposure to equity markets beyond market capitalisation – for example, looking at gross domestic product, corporate revenue growth and the volatility of asset returns.

Brics, MIKTs and O’Neill’s ‘lucrative lexicon’

We knew that Jim O’Neill couldn’t stay out of the limelight for long after moving out of centre-court as chief economist of Goldman Sachs late last year.

Now, in the loftier position of chairman of Goldman Sachs Asset Management, the man who still dines out on coining the term “Bric” says he is about to “redefine” emerging markets once again. Read more

‘Bric’ creator adds newcomers

Jim O’Neill, who coined the term “Bric”, is set to redefine further emerging markets and explain the new approach to clients this month, reports the FT. The chairman of Goldman Sachs Asset Management plans to add Mexico, South Korea, Turkey and Indonesia into a new grouping with the Brics – Brazil, Russia, India and China – that he dubs “growth markets”. It is “pathetic to call these four emerging markets,” he told the FT. The new approach will involve looking at fresh ways to measure exposure to equity markets beyond market capitalisation – for example, looking at GDP, corporate revenue growth and the volatility of asset returns.

Will the euro survive?

Jim O’Neill, now chairman of Goldman’s asset management arm, gives his answer as the single currency suffers in the wake of the Irish bailout news on Monday.

And the answer is… yes, if Germany and France are happy to support the eurzone. Read more

Jim O’Neill’s valedictory

So farewell Jim O’Neill.

Goldman’s Mr BRIC is moving on to head the bank’s asset management business – FUM $802bn — and here (via Zerohedge) are some excerpts from his farewell letter. Read more

China as currency manipulator: reality check, please

Ah, Yuan revaluation worriers: name-calling won’t win the argument for you. But sage advice from a certain investment bank just might.

Monday brought the sound and fury of a letter from 130 U.S. Representatives to the Treasury demanding that it brand China as a ‘currency manipulator’. Read more

Nomura overture from Red Knights

The Red Knights group of financiers aiming to wrest control of Manchester United football club from the Glazer family have approached Nomura to see if it would act as a corporate adviser. Guy Dawson, who joined the Japanese investment bank in December after it acquired Tricorn Partners, the UK-based advisory boutique he founded, advised Manchester Utd’s board during the Glazers’ takeover bid in 2005. The recruitment of Nomura would be a significant boost to the fledgling Red Knights campaign, being orchestrated by Jim O’Neill, Goldman Sachs’ chief economist who was a United board member until the Glazers’ £790m leveraged buy-out.

Glazers set to cut Goldman ties

The Glazer family, owners of Manchester United, are considering breaking ties with Goldman Sachs over the move led by Jim O’Neill, the bank’s chief economist, to wrest control of the English football club. O’Neill, a former United board member, is heading the “Red Knights” group of financiers who this week unveiled a proposal to buy the club for more than £1bn. Goldman was in the syndicate of banks that helped the club with its recent £500m bond issue.

Red Knights back Man Utd

Backers behind the fledgling “Red Knights” group aiming to wrest control of Manchester United from the Glazer family have indicated they will invest millions of pounds of their own money to secure the club. Key members Jim O’Neill, chief economist at Goldman Sachs, and Paul Marshall of hedge fund Marshall Wace, are also seeking an “anchor investment” of at least £500m from a third-party investor. The Red Knights, which publicised its plan on Tuesday, aims to raise a war chest of £1.5bn.

Jim ‘the BRIC’ O’Neill’s big call

He’s no stranger to headline-grabbing pronouncements and just to prove it, Goldman Sachs chief economist Jim ‘the BRIC’ O’Neill is back with a verrry big call on Monday, telling Bloomberg that “something’s brewing” in China on the currency front.

In remarks that are guaranteed to send some investors into a frenzy (and splatter egg over O’Neill if no action from Beijing follows) he reckons China is about to let its currency strengthen as much as 5 per cent in a one-off revaluation to slow growth. Read more

‘Boring’ dollar is not thriller – but it’s compelling

The major currency markets could almost be considered a bit “boring” these days, writes Jim O’Neill global head of economics at Goldman Sachs.

How can the dollar be hitting new lows and be boring at the same time? On the one hand, the euro stands around $1.35 against the dollar and the pound trades at around $2 — making the dollar cheap on modern valuation measures as well as analysis based on purchasing power. But implied market expectations of one-year major foreign exchange volatilities are close to long-term lows. Read more