Testing times in the search for alpha
The facts and figures revealed by Euromoney are used by many other information providers today.
January 2008
by Alex Chambers and Jethro Wookey
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Jonathan Chevenix-Trench, chief operating officer of institutional securities at Morgan Stanley, has followed long-time ally and former co-president Zoe Cruz in leaving the firm. Cruz and fellow former co-president Bob Scully, who has been moved to a client-support role, have been replaced by Walid Chammah and James Gorman. Morgan Stanley has said that Chevenix-Trench will not be replaced. His responsibilities are to be split up and assumed by various senior executives.
Just like the British army, the rating agencies are in danger of fighting the last war. Continuing with the war analogy... The dangers of a cavalry charge into machine-gun fire are now apparent. But now it is as if one is being shelled by your own side too – death is a near certainty. You do wish they would stop!
Mark Hale, CEO of Prytania Group. Fitch’s proposed changes to synthetic corporate CDO methodology got the thumbs down from CDO managers speaking at Euromoney’s bond investor forum