cheka.
24th May 2016, 11:47 AM
all are one
http://www.bloomberg.com/news/articles/2016-03-24/wall-street-s-0-01-an-inside-look-at-citi-s-secret-client-list
There’s a secret list that Citigroup Inc. keeps on its equity-research desk at its swank campus in Tribeca.
And if you’re not on it -- well, you might as well be nobody.
At the top is a handful of hedge-fund giants, the “Focus Five,” that bring in big money for Citigroup: Millennium, Citadel, Surveyor Capital, Point72 and Carlson Capital, according to a person with direct knowledge of the list. It represents a growing trend on Wall Street where the most-lucrative clients get the best service: the top trade ideas, hours-long calls with analysts, intimate soirees with executives, bespoke trading models, on and on.
Across the global financial industry, a new class system is emerging. Banks are jettisoning the we-do-everything model to cater to prized clients that generate the most revenue while turning others away. At Citigroup, Morgan Stanley, HSBC Holdings Plc and more, entire businesses are being focused on the wealth and influence of a new financial elite -- what amounts to the 1 percent of the 1 percent.
And with the rise of this 0.01 percent, one thing is clear: Even on Wall Street, the divide between the privileged few and everyone else is growing -- and fast.
http://www.bloomberg.com/news/articles/2016-03-24/wall-street-s-0-01-an-inside-look-at-citi-s-secret-client-list
There’s a secret list that Citigroup Inc. keeps on its equity-research desk at its swank campus in Tribeca.
And if you’re not on it -- well, you might as well be nobody.
At the top is a handful of hedge-fund giants, the “Focus Five,” that bring in big money for Citigroup: Millennium, Citadel, Surveyor Capital, Point72 and Carlson Capital, according to a person with direct knowledge of the list. It represents a growing trend on Wall Street where the most-lucrative clients get the best service: the top trade ideas, hours-long calls with analysts, intimate soirees with executives, bespoke trading models, on and on.
Across the global financial industry, a new class system is emerging. Banks are jettisoning the we-do-everything model to cater to prized clients that generate the most revenue while turning others away. At Citigroup, Morgan Stanley, HSBC Holdings Plc and more, entire businesses are being focused on the wealth and influence of a new financial elite -- what amounts to the 1 percent of the 1 percent.
And with the rise of this 0.01 percent, one thing is clear: Even on Wall Street, the divide between the privileged few and everyone else is growing -- and fast.