Happy Tuesday!

Dollar strength has been keeping the Yen under pressure, Asian stocks slip on the back of rate worries, UBS asset management launched a blockchain fund, retention bonuses end at Credit Suisse, Elon’s getting sued, Apple blames Instagram for overheating iPhones, student loan bills resume in the US, and more.

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Today’s Riddle: I'm a method of trading where you buy a security and hold it for a very short time, sometimes just seconds or minutes. What am I? (Scroll all the way down for the answer).

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

TODAY’S MENU

• Investment Banking: No More Retention Bonuses at Credit Suisse, Age and Investment Banking: How Old is Too Old?, Citigroup to Cut 35 UK Investment Banking Jobs, And More

• Asset Management: UBS Asset Management Launches Blockchain Fund, Wells Fargo Sells $2Bn of Private Equity Investments, Worldwide Investment Fund AUM Rises, And More

• Sales & Trading: S&P Ends Flat; Utilities Drop, Focus on Rate Outlook, Dollar Strength Keeps Yen Under Pressure, Australia Central Bank Pauses Rates for 4th Month, And More

• Private Equity: Carlyle in Exclusive Talks for $7Bn+ Medtonics Deal, Bain Capital Raises €6.35Bn for European Fund, And More

• Hedge Funds: HFs See Mexico and Ecuador as China Alternatives, Will Central Banks Start Lending to Hedge Funds?, And More

• Venture Capital: The Week’s 10 Biggest Funding Rounds, Visa Earmarks $100Mn to Invest in Generative AI Companies, And More

• Other: Student Loan Bills Resume for 40Mn Americans, Trump Reaped Over $100Mn Through Fraud, New York Says, Apple Blames Instagram for Overheating iPhones, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

There's some bad news at Credit Suisse, where it was revealed last week that $220m was spent retaining staff during the emergency UBS acquisition. There will be no more such donations. Sources at the bank say they were informed of the sorry new state of affairs at a town hall last week.

• No More Retention Bonuses at Credit Suisse (EFC)

• Age and Investment Banking: How Old is Too Old? (M&I)

• Ex-GS MD Quits Revolut and London for Italian Bank (EFC)

• Citigroup to Cut 35 UK Investment Banking Jobs (FN)

• Wall Street Bankers Hope for Dealmaking Rebound (FT)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

UBS Asset Management has launched its first live pilot of a tokenized Variable Capital Company (VCC) fund. This fund is part of a bigger effort led by the Monetary Authority of Singapore (MAS), which aims to put real-world assets on the blockchain.

Wells Fargo has sold around $2bn of its private equity investments as the bank aims to sharpen focus on its core businesses. Lenders have been looking to improve efficiency and scale back less important bets, to better navigate the uncertainty as the Federal Reserve tries to engineer a soft landing for the U.S. economy.

• UBS Asset Management Launches Blockchain Fund (TP)

• Wells Fargo Sells $2Bn of Private Equity Investments (RT)

• Worldwide Investment Fund AUM Rises (FE)

• Asset Managers Tread Carefully Following SEC Fine (IPE)

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

The S&P 500 ended nearly flat on Monday with utilities falling sharply and investors weighing the likelihood the Federal Reserve will need to hold interest rates higher for longer.

Fed Governor Michelle Bowman said she remains willing to support another increase in the central bank's policy interest rate at a future meeting if upcoming data shows progress on inflation is stalling or proceeding too slowly.

• S&P Ends Flat; Utilities Drop, Focus on Rate Outlook (RT)

• Dollar Strength Keeps Yen Under Pressure (RT)

• Australia Central Bank Pauses Rates for 4th Month (RT)

• Asian Stocks Slip on Rate Worries, Yen in Focus (RT)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• Carlyle in Exclusive Talks for $7Bn+ Medtonics Deal (RT)

• Bain Capital Raises €6.35Bn for European Fund (PEN)

• India's True North to Sell $325Mn Stake in Niva Bupa (RT)

WEEKLY RECOMMENDATION

Inside Job (Documentary)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

Geopolitical tensions and a weakening economy are driving hedge funds to consider alternatives to investing in China. Many U.S.-based hedge fund investors have cut their exposure to Chinese companies, according to Goldman Sachs.

• HFs See Mexico and Ecuador as China Alternatives (RT)

• HFs Using Computers to Sell $30Bn of Stocks Soon (RT)

• Will Central Banks Start Lending to Hedge Funds? (BBG)

• HFs Haven’t Made a Bet This Big in 5 Years (SIR)

VENTURE CAPITAL

• The Week’s 10 Biggest Funding Rounds (CB)

• Visa Earmarks $100Mn to Invest in Generative AI Companies (TC)

• Elon Musk is Being Sued for Defamation (TC)

• Ousted Flexport CEO Dave Clark Strikes Back (TC)

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ANYTHING AND EVERYTHING ELSE

• Student Loan Bills Resume for 40Mn Americans (CNBC)

• Trump Reaped Over $100Mn Through Fraud, New York Says (RT)

• Apple Blames Instagram for Overheating iPhones (YF)

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