PU PO’d at Merrill Over Mutual Fund Naming
Speaking of Merrill, a friend passed along this clipping from the most recent issue of Princeton University’s alumni magazine:
When Merrill Lynch & Co. announced plans to rename its U.S. mutual funds as Princeton Portfolio Research & Management, University officials were not flattered. “The University was not consulted about Merrill Lynch’s intention to trade on the University’s reputation in renaming its family of funds,” said Cass Cliatt ‘96, a Princeton spokeswoman. “It’s a matter of concern, and we are addressing this with Merrill Lynch.”
The company issued a statement saying that the brand “was not named to suggest any association with the University,” but Clieatt termed the response “not sufficient.” The issue was defused, however, when Merrill Lynch traded its mutual-fund business for a stake in BlackRock, a major asset-management company. BlackRock said it would brand the funds under its own name.
ICBC Not So Horny for Goldman Sachs
In news that surely made the boys on Broad Street go limp, Industrial & Commercial Bank of China announced that Merrill Lynch, Credit Suisse and Deutsche Bank would get to split the spoils of the biggest underwriting in six years. The banks are expected to reap $300 million in fees when they float the $10 billion offering towards the end of the year. The news is considered a particular slap in the face given the fact that Goldman ponied up $2.58 billion last month for a 7 percent stake in ICBC. Ouch!
Goldman Sachs Misses $10bn Float [London Times]
Private Equity Bigwig Opts to Go Small
Alan Patricof, one of the original investors in Apple and a titan of the venture capital world is leaving the $20 billion private equity firm he founded, Apax Partners, to run his own $50 million venture capital fund focused on early-stage companies. “There is a market down there at the smaller end that we shouldn’t ignore,” says Patricof. “If you happen to hit it right, there can be an exponential growth factor.” And if he doesn’t hit it right? No matter, it’s not like he needs the dough.
New Fund for Prominent Investor [NY Times]
Alan Patricof Bio [Leading Authorities]
Where Money Triumphs Over Looks
Blackstone CEO Steve Schwarzman should hang out with real estate developer Aby Rosen more often. He looks positively svelte by comparison! The two turned out for one of the moneyed-set’s favorite events of the year--the Museum of the City of New York’s annual ball. Where else can you see so many hard-bodied young women paired off with so many out-of-shape middle aged financiers?
Museum of the City of NY [NY Social Diary]
