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These are called private placements, and most of the time, the shares are sold to investmentbanks or hedge funds. Hedge funds are often far riskier than investing in a mutual fund, and they are exclusively for people with at least $200,000 in income or $1 million in net worth.
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 performancefee matters less.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset managementfees and investmentbankingfees. In terms of credit performance this quarter, credit costs were 2.6 Next, the commercial and investmentbank on Page 6. NIR ex-markets was up 3.1
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