Welcome back to another issue of Career Guides Weekly.

Today’s Riddle: I'm the term for a financial instrument that derives its value from another underlying asset. Options and futures are examples of me. What am I? (Scroll all the way down for the answer).

Ever wondered what a career in asset management looks like? Find out in ’Introduction to Asset Management’.

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

TODAY’S MENU

• Investment Banking: There is a new bank under scrutiny on Wall Street: Morgan Stanley, Investment bankers see dealmaking lull storing pent-up demand, And More

• Global Markets: Sterling edges up as UK's Sunak brings back Cameron in cabinet reset, Wall Street mixed ahead of inflation data but FTSE closes higher, And More

• Asset Management: Brazil selling $2 billion of bonds in its first ESG offering, Macquarie AM marks fund finance entry with $100m loan, And More

• Private Equity: David Rubenstein explains the lack of private equity deals, Visualising $2.5 trillion in private equity cash reserves, And More

• Hedge Funds: Hedge funds short US financial stocks at near record levels, Inside the super hedge funds that have Wall Street running scared, And More

• Venture Capital: This week’s 10 biggest funding rounds, Are we at the start of a new crypto bull cycle?, And More

INVESTMENT BANKING (GET THE 100-PAGE GUIDE HERE)

For much of this year Goldman was the big Wall Street bank in the hot seat as it dealt with a costly retreat from consumer banking, a dealmaking slump, job cuts, reports of partner unrest, and even questions about the future of CEO David Solomon.

But now crosstown New York City rival Morgan Stanley is also under rising scrutiny as it prepares to hand over the corner office to Ted Pick, who will replace James Gorman as CEO on Jan. 1.

• There is a new bank under scrutiny on Wall Street: Morgan Stanley (YF)

• Investment bankers see dealmaking lull storing pent-up demand (RT)

• Investment banks feast on $1b of block trades (AFR)

• JPMorgan, Bpifrance to invest $60M in French female-led funds (RT)

GLOBAL MARKETS (GET THE 107-PAGE GUIDE HERE)

Sterling edged higher on Monday after British Prime Minister Rishi Sunak reshuffled his cabinet, appointing former PM David Cameron as foreign minister and firing interior minister Suella Braverman.

The FTSE 100 and European stocks finished higher ahead of inflation data in the UK and US this week, while Wall Street was mixed.

• Sterling edges up as UK's Sunak brings back Cameron in cabinet reset (RT)

• Suella Braverman sacked as home secretary (IND)

• Wall Street mixed ahead of inflation data but FTSE closes higher (YF)

• Pound rises against dollar as Bank of England expected to cut interest rates by May (YF)

ASSET MANAGEMENT (GET THE 71-PAGE GUIDE HERE)

Brazil is finally selling its first-ever sustainable bond, marking a long-awaited deal intended to support President Luiz Inacio Lula da Silva's environmental and social agenda.

Macquarie Asset Management has entered the fund finance market with a loan of $100 million to an unnamed “flagship fund manager” that makes direct loans in the US.

• Brazil selling $2 billion of bonds in its first ESG offering (P&I)

• Macquarie AM marks fund finance entry with $100m loan (FE)

• Fidelity announces 6 active equity ETFs, reduces pricing on factor ETFs (P&I)

• DC members prioritise ESG investing despite economic pressures (FE)

PRIVATE EQUITY (GET THE 127-PAGE GUIDE HERE)

• David Rubenstein explains the lack of private equity deals (BBG)

• Visualising $2.5 trillion in private equity cash reserves (VC)

• Pantheon expands wealth offering with launch of open-ended private equity fund (IW)

• Can this man create a stock market for private equity? (FOR)

HEDGE FUNDS (GET THE 116-PAGE GUIDE HERE)

• Hedge funds short US financial stocks at near record levels (RT)

• Inside the super hedge funds that have Wall Street running scared (TT)

• Hedge fund Eisler Capital to lock up investor money for longer (BBG)

VENTURE CAPITAL (COMING SOON. GET NOTIFIED)

• This week’s 10 biggest funding rounds (CB)

• This VC firm thinks that AI automation could resurrect startup valuations (TC)

• Are we at the start of a new crypto bull cycle? (TC)

WEEKLY RECOMMENDATION

Exchanges at Goldman Sachs (Podcast)

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