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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

BlackRock’s Larry Fink hails democracy for private assets. But what will it mean for fees?

If Nikhil Rathi wants to stay CEO, he needs to sort out the FCA’s ballooning headcount

Accounting firm spurns private equity as rare IPO tests UK market appetite

Deutsche Bank hires top Barclays ECM banker Swerling

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The German lender has hired Barclays’ co-head of equity capital markets to lead its team globally

Trading Places: Barclays hires new M&A boss, Julius Baer restructures again

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

HSBC hands Blackburn top risk role as shake-up continues

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The UK lender has given the leading compliance job to a 20-year veteran

Once an heir apparent for Larry Fink, Wiedman now tops the list of potential successors to PNC chief Bill Demchak.

PNC Names Former BlackRock Star Mark Wiedman as President

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

EU Has Plan to Retaliate on U.S. Tariffs, Von der Leyen Says

The Japanese investment firm is entwining its fortunes with a company that expects to lose billions of dollars for years to come, in the hope that it will emerge as the leader in AI.

How Is SoftBank Funding Its Mega Investment in OpenAI? A Lot of Debt

The BlackRock CEO says he wants individuals to have better access to the menu of private and illiquid investments that have long been core holdings of pensions, endowments and other institutions.

Larry Fink Says Regular Americans Need Private Assets Too

The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

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