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JP Morgan's quarterly profit fell, that is excluding some one-off gains from their stake in Visa, but their operating profits fell, and that's even as their revenue was higher than Wall Street's expected, and they had a nice jump in investmentbankingfees. Now, Citi was up 10%, not too bad.
Limited partners are gravitating towards Independent Sponsors given their lower managementfees, and the flexibility that comes with co-investing on a deal by deal basis. The platform is used by over 2,000 boutique investmentbanks that don’t post/list their deals anywhere online. What changed all of a sudden?
We have many exciting things going on in training and education that Leo will highlight in a moment. So, there's definitely what we call risk management. So, there's some risk managementfees because just our legal costs are going up significantly. I mean, we've got an interesting backdrop of things going on.
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And all these formally high performers are now just so big, they’re very happy collecting the managementfee and the performance fee matters less. I worked really hard.
Barry Ritholtz : We always pay attention to regions where there is a pool of capital, a world class educational institution and a, a private sector that can combine all three. The interlinkages between women, our education policy, labor force, productivity, and again, ultimately the growth of the economy. Fascinating.
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