Welcome to the first ever issue of Career Guides Weekly.

We tell you what’s going on in 5 minutes, so you can spend the rest of your day figuring out who closes the bus door when the bus driver gets out.

Today’s Riddle: I can be a bull or a bear, but I'm not an animal. What am I? (Scroll all the way down for the answer).

Alright, small talk done, let’s dive in!

TODAY’S MENU

• Investment Banking: New Rules For Takeovers, Rising Stars, And 120+ Senior Bankers Flee Credit Suisse

• Asset Management: Blackstone Reaches $1 Trillion Milestone And PwC Thinks Asset Managers Are Doomed

• Sales & Trading: More Rate Rises, Rate-Fuelled Profits For Banks, And S&P 500 Earnings Releases

• Private Equity: 2023 Dealmaking Has Been Sluggish, Yet CVC Raise Largest Fund In History

• Venture Capital: Turns Out Early Stage SaaS Startups Don’t Need VC Money

• Hedge Funds: Fees, Feuds And Post-Brexit Fun

• Other: ‘Barbenheimer’ Bonanza, OpenAI, Tech Layoffs And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

New Rules For Takeovers, Rising Stars, And 120+ Senior Bankers Flee Credit Suisse

Proposed new guidelines from the US Federal Trade Commission and the Department of Justice aim to address the potential risks of mergers and acquisitions.

While such deals can bring significant benefits to industries and companies involved, they also pose a threat when they lead to excessive consolidation, risking the emergence of monopolies and the elimination of healthy market competition.

By evaluating mergers more diligently, regulators aim to strike a balance that fosters growth and innovation while safeguarding fair market dynamics.

• New Rules For Competition-Crushing Takeovers (TR)

• 25 ‘Rising Stars’ Of Investment Banking (FN)

• 120+ Senior Credit Suisse Investment Bankers Flee (FT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

Blackstone Reaches $1 Trillion Milestone And PwC Thinks Asset Managers Are Doomed

PwC recently published a survey explaining why they think asset managers are at risk of disappearing.

Their reasons include digital transformation (think AI (artificial intelligence), big data and blockchain), changing investor expectations, consolidation (mergers and acquisitions) and "retailisation" (think robo-advisers managing more and more retail capital).

• Blackstone Reaches Record $1 Trillion In Assets (RT)

• PwC Thinks 1 In 6 Asset Managers Will Disappear by 2027 (FE)

• Goldman Sachs Launches Private Markets Fund (FE)

• Thematic ETFs Enjoyed Net Inflows Of $6.62bn In June (FE)

• Europe Is Dominating The ESG Alternative Fund Surge (FE)

KEEP READING

Explore More High Finance Articles

SALES & TRADING (GET THE 107-PAGE GUIDE HERE)

More Rate Rises, Rate-Fuelled Profits For Banks, And S&P 500 Earnings Releases

All 106 economists surveyed by Reuters predict that the U.S. Federal Reserve will raise its benchmark overnight interest rate by 25 basis points to the 5.25%-5.50% range on July 26.

A majority also expect this increase to be the last in what has been the steepest hike in interest rates since the early 1980s.

• Federal Reserve set to raise interest rates again (RT)

• UK banks facing scrutiny over rate-fuelled profits (DB)

• US banks reap bumper profits on Federal Reserve rate rises (FT)

• Earnings releases for a third of the S&P 500 (WSJ)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

2023 Dealmaking Has Been Sluggish, Yet CVC Raise Largest Fund In History

CVC Capital Partners has raised €26bn for the largest private equity fund in history, defying a challenging fundraising environment. Its predecessor, CVC Capital Partners VIII, was raised in 2020 and closed at €22.3 billion.

CVC launched Fund IX in January 2023 and has experienced strong demand from a global blue chip investor base of returning and new institutional investors.

• CVC raises largest fund in history at €26bn (CVC)

• Private equity pioneer Guy Hands to leave Terra Firma (G)

• PE firm closes in on DWF buyout (TLS)

• PE dry powder hits record $2.49tn as dealmaking slows (TBT)

• KKR expands its chemicals portfolio with $1.3bn investment (IN)

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VENTURE CAPITAL

Turns Out Early Stage SaaS Startups Don’t Need VC Money

The role of venture capital is to help startups achieve growth and scale beyond what they could on their own. But does that always pan out? New research shows that for some early-stage companies, it doesn’t really make a difference.

The report found that SaaS startups with between $1 million and $15 million of ARR saw nearly identical levels of growth, on average, over the last year regardless of whether they raised venture capital.

• Does VC impact the growth of early-stage SaaS startups? (TC)

• MPs want more capital for female and minority-led firms (G)

• Mayfield’s New $250 Million AI-Specific Seed Stage Fund (FB)

• Twitter rebranded as X as blue bird logo killed off (BBC)

• VC funding in plant-based meat startups has slumped (FT)

WEEKLY RECOMMENDATION

The Big Short

HEDGE FUNDS

Fees, Feuds And Post-Brexit Fun

Hedge fund managers are increasing fees in part to deal with higher interest rates and inflation. Hedge funds launched in the first quarter (Q1) of 2023 saw management fees increase by 3 basis points on average from the previous quarter to 1.2%.

Incentive fees also increased by 89 basis points to an estimated average of 18.5%, according to Hedge Fund Research (HFR), a hedge fund data provider. HFR said strong performance and capital inflows also drove the increases.

• Hedge fund fees rise due to performance and inflation (FE)

• EU agrees post-Bexit rules for hedge funds (RT)

• Inside the escalating feud at Two Sigma (WSJ)

ANYTHING AND EVERYTHING ELSE

‘Barbenheimer’ Bonanza, OpenAI, Tech Layoffs And More

Summer blockbusters “Barbie” and “Oppenheimer” have given the troubled film industry a big boost, kindling hopes that consumers may have fallen back in love with the big screen three years after the pandemic forced movie theatres to close.

• The massive Wiki war over ‘Barbenheimer’ (KO)

• OpenAI’s head of trust and safety steps down (TC)

• ‘Barbenheimer’ debut sparks hopes that cinema is back (CNN)

• A comprehensive list of 2023 tech layoffs (TC)

• GS says the creator economy could reach $500bn by 2027 (GS)

• The high-paying careers hurt by the AI revolution (TT)

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