See the full list of Morgan Stanley's MD promotions, plus a rundown of when Wall Street bonuses are being revealed
Happy Saturday, and welcome to Insider
Morgan Stanleyjust promoted 171 people to managing director - we saw all the names
- 5 big revelations about SoFi
- 7Park abruptly pulled the plug on the alt-data streams it sells to hedge funds
- Roblox's jilted underwriters could still see a payday
- Wall Street bonus announcements kicked off this week, and firms like Goldman Sachs are expected to tell people their numbers in the coming days
Robinhood has beefed up its legal firepower with these 11 lawyers, including SEC veterans and a Goldman Sachs in-house counselOver the past year, red-hot trading app Robinhood has hired lawyers and some of the most well-connected law firms in the US to negotiate deals, scale up its compliance efforts, and spar with regulators.
The company is also looking to make more hires, including lobbyists and lawyers who can advise on transactions, fundraising and the process of going public, job listings show.
At the firm, MD is the most senior designation underneath the C-suite, and among the most elite designations on all of Wall Street. Members of the new MD class this year have an average tenure of 10 years with Morgan Stanley.massive first-day stock pops for Airbnb and DoorDash in December prompted it to scrap a traditional
Vista Equity Partners is folding alt-data shop 7Park into another one of its portfolio companies just 2 years after buying it for $100 million
7Park Data is shutting off its data streams to investors, its CEO informed clients on Friday, a day after Insider reported the firm would be absorbed by a fellow Vista Equity Partners portfolio company.
The company, which provided an array of novel data sets to prominent hedge funds, said it would shift its focus to "accelerating our acquirer's core product roadmap" and would wind down or divest products that didn't fit with that mission, according to a memo to clients from CEO Brian Lichtenberger."Effective today, 7Park Data will discontinue products we deliver to clients in the investment vertical," Lichtenberger wrote. "I recognize that this may be disruptive information for you, your workflow, and your organization."
5 big revelations in SoFi's plans to go public, including how the fintech is thinking about the future of student debt and the importance of a bank charter
You can add another deal to the growing SPAC frenzy.
Personal finance app SoFi announced plans in early January to go public via a merger with a SPAC backed by Social Capital head and billionaire Chamath Palihapitiya. The deal would value SoFi at nearly $9 billion.SCH analyzed over 100 potential business combination targets, connecting with 33 of them to discuss a potential deal, a filing noted.
Other stories readers loved this week:
- Theranos 'dumped' a useless, double-encrypted blood-test database on prosecutors, then destroyed the original, Feds say
- Billionaire Seth Klarman's Baupost returned less than 5% in 2020, failing to break double-digits returns in what's been called the best year for hedge funds since 2009
- JPMorgan CEO Jamie Dimon wants to win the war against fintechs, expecting 'tough, brutal' competition in the next 10 years
- George Soros-backed
fintechdv01 just raised more money and made a key acquisition. Here's how it's looking to shed light on the murky securities at the heart of the last financial crisis.
- 1.28 lakh people over 60 years get 1st dose of COVID vaccine on first day
- Chinese hackers target Indian vaccine makers SII and Bharat Biotech: Report
- GST revenue up 7% year-on-year in February to over ₹1.13 lakh crore
- Here is the list of common side-effects of COVID-19, so that you don't panic if you get these
- These are the top 10 likely IPOs scheduled in March 2021