NY Post : Goldman CEO David Solomon to DJ at Tomorrowland music festival By Kevi

Goldman CEO David Solomon to DJ at Tomorrowland music festival
June 14, 2019 | 1:35pm | Updated


Goldman Sachs honcho David Solomon has scored a slot to DJ at Tomorrowland — a decadent European dance-music festival known for its undulating throngs of naked, sweaty, drug-fueled revelers.
Solomon — who took the CEO job at Goldman last October from longtime boss Lloyd Blankfein — moonlights as a part-time DJ, spinning dance tracks under the name “DJ D-Sol” at New York City clubs like Up & Down and Libation.
The 57-year-old banker is close with Sirius XM host Liquid Todd, and last year opened up for star DJ Paul Oakenfold. In February, Solomon’s club single “Feel Alive” rose to No. 4 on the Billboard Dance music charts — briefly eclipsing Ariana Grande’s “7 Rings.”
Nevertheless, the Tomorrowland gig will take DJ D-Sol’s career to a new level, according to insiders. One of the world’s biggest music festivals, the epic shindig outside Antwerp, Belgium last year attracted more than 800,000 people.
Solomon, who is slated to take the stage July 26, will be among more than 100 acts, including New York rapper A$AP Rocky and pop duo The Chainsmokers.
Day passes for the show, which run as high as 200 euros, or about $225, have sold out.
Goldman Sachs recently relaxed its dress code, but it’s still a far cry from the festival, where outfits are often scant to non-existent.
Festivalgoers are far more likely to be discussing EDM and PLUR — ravespeak for Peace, Love, Unity and Respect — than EBITDA or EPS.
“We are…The People of Tomorrow,” according to the festival’s website. “We believe in enjoying life to the fullest without having to compromise everything. We are responsible for the generation of tomorrow and respect each other and Mother Nature.”
A Goldman spokesman declined to comment.

>>> US Close Dow +1.35% S&P +0.97% Nasdaq +1.39% Russell +1.14%

Closing Stock Market Summary

The stock market rallied on Tuesday, boosted by U.S.-China trade optimism and dovish comments out of the European Central Bank (ECB). Each of the major indices advanced between 1.0% (S&P 500) and 1.4% (Nasdaq Composite).

The advance began overnight after ECB President Mario Draghi said the central bank is willing to provide additional stimulus if economic conditions don't improve and inflation remains low. Sovereign bond yields fell on the news, sending Germany's 10-yr bund yield to a fresh record low at -0.32%, while U.S. equity futures pushed higher. 

U.S. stocks took a leg higher minutes after the opening bell after President Trump updated the market with U.S.-China trade news. Specifically, the president tweeted that the U.S. will resume trade talks with Beijing before the G-20 summit and will have an extended meeting at G-20. On a related note, President Xi reportedly said he is willing to meet with President Trump. 

Increased hopes for a trade deal contributed to an 4.6% gain in the price of oil ($54.16/bbl, +$2.40) and to the outperformance of the S&P 500 cyclical sectors. The industrials (+1.9%), information technology (+1.7%), energy (+1.4%), and financials (+1.3%) sectors finished with gains above 1.0%. 

Apple (AAPL 198.45, +4.56, +2.4%) and the semiconductor space, both of which are highly sensitive to U.S.-China trade relations, also outperformed the broader market. The Philadelphia Semiconductor Index climbed 4.3%. Conversely, the defensive-oriented consumer staples (-0.6%), real estate (-0.3%), and utilities (-0.3%) sectors were the lone sectors that finished lower.

The Fed will presumably keep a watchful eye as to how trade talks unfold in front of its July meeting. In the meantime, its two-day policy meeting wraps up tomorrow with a rate decision due in the afternoon. While no rate cut is expected, the market has high expectations for the Fed to take a dovish-minded stance like its European counterpart in its policy directive.

U.S. Treasuries spent a bulk of intraday action pulling back from session highs, leaving yields slightly lower. The 2-yr yield declined one basis point to 1.84%, and the 10-yr yield declined three basis points to 2.06%. The U.S. Dollar Index increased 0.1% to 97.62.

Separately, Facebook (FB 188.47, -0.54, -0.3%) released the white paper for its cryptocurrency project. The stock popped to a 2.9% gain at the open, but quickly retreated and finished in negative territory, as the stock had already climbed over 15% since June 3 prior to the session.

Reviewing Tuesday's economic lone economic report, Housing Starts and Building Permits for May:

  • Housing starts dipped 0.9% m/m in May to a seasonally adjusted annual rate of 1.269 million (consensus 1.240 million) from an upwardly revised 1.281 million (from 1.235 million) in April. Permits increased 0.3% m/m in May to a seasonally adjusted annual rate of 1.294 million (consensus 1.295 million) from an upwardly revised 1.290 million (from 1.269 million) in April.
    • The key takeaway from the report was that the number of units under construction at the end of the period held at a seasonally adjusted annual rate of 1.131 million for the third straight month. That left the second quarter average 1.5% below the first quarter average, which will be a negative input for Q2 GDP forecasts.

Looking ahead, investors will receive the FOMC's Rate Decision and the weekly MBA Mortgage Applications Index on Wednesday.

  • Nasdaq Composite +19.9% YTD
  • S&P 500 +16.4% YTD
  • Russell 2000 +15.0% YTD
  • Dow Jones Industrial Average +13.5% YTD

Reuters - JPMorgan to convert Highbridge multi-strategy fund into credit fund

JPMorgan to convert Highbridge multi-strategy fund into credit fund

BOSTON (Reuters) - JPMorgan Chase & Co plans to convert its $2 billion Highbridge multi-strategy fund into a credit-focused fund as the bull market shows signs of slowing and clients want to invest elsewhere, a company spokesman said on Tuesday.

The Highbridge fund, which is available to institutional and wealthy private investors, is part of JP Morgan’s $150 billion global alternatives business, which offers real estate, private equity, credit, infrastructure and hedge fund portfolios.

As part of the change, one of the four lead portfolio managers, Arjun Menon, will be leaving the company.

“As markets and clients evolve, we continue to innovate and examine our alternatives offering to ensure we deliver the solutions clients want and need today and into the future,” company spokesman Darin Oduyoye said, explaining the move.

Three of the four key portfolio managers, Mark Vanacore and Jon Segal and Jason Hempel, who have been leading the multi-strategy credit business for the last decade, will stay with the fund.

Investors will be allowed to shift their capital to the new fund or pull some or all of it out at a time the fund was delivering gains to investors. Exact returns for 2019 could not be learned.

JPMorgan first bought a piece of Highbridge, co-founded by Glenn Dubin, in 2004 and purchased the rest five years later. In 2015 the lender agreed to sell the majority of Highbridge’s $22 billion private equity business to senior executives.

Vanacore, who joined Highbridge at its founding in 1992, was named the chief investment officer for Highbridge Capital Management in 2012, a position he holds in addition to being a portfolio manager.

Menon, who had concentrated on investing in Asian stocks, plans to launch his own fund in the future.

As investors speculate that the bull market, which has pushed ahead for a decade, will inevitably slow in the months ahead, many investors are looking for alternatives and are showing signs of preferring more niche oriented strategies, fund managers and analysts have said.