Chapter 2448 Talent

The reason why Joseph Hooley is not well-known is related to the low-key style of State Street Corporation. The low-key style of State Street Corporation, especially in recent times, is actually related to the fact that their development in the past two years has lagged behind.

In recent years, those guys on Wall Street have dug themselves a big pit of subprime mortgages that can bury them all without realizing it, but they have actually done some work.

For example, the asset management industry has developed greatly in recent years. After acquiring Merrill Lynch's asset management business, Black Rock became the industry leader. The original two giants in the industry, Pioneer and Fidelity, have also made great progress. Only State Street has performed very unsatisfactory when the industry is showing a blowout growth.

Among the four most well-known custody giants in the United States, State Street Corporation can only be the last at this time, and the gap with the top three has been further widened.

On the other hand, Feng Yiping, whether in terms of growth rate, existing achievements, or future development potential, cannot be found in the global business community.

It is also for this reason that State Street has ideas about the projects under Feng Yiping.

However, to them, Feng Yiping's company is like a hedgehog, and they can't find a place to bite.

Feng Yiping's initiative to release goodwill this time finally gave them hope.

Therefore, after receiving the call from Feng Yiping's office, the management of State Street was somewhat overjoyed.

Logically, whether it is for equality or the importance of this opportunity, the chairman of State Street should come in person, but now it is the COO who comes. The reason is a bit hard to explain.

The American financial industry represented by Wall Street has achieved its current leading position in the global financial field through fierce competition.

But their fierce competition is not only against the company's opponents, but also fierce and cruel within the company.

The most well-known example in the past two years is the fight that took place in Morgan Stanley, a well-known investment bank on Wall Street in 2005. That fight was called "sweet revenge" by everyone.

The former CEO of Morgan Stanley, John Mack, who was forced to leave and switch to Credit Suisse First Boston, was forced out by a coalition of executives composed of eight former executives of Morgan Stanley.

The executive alliance made full use of the tactics of the American political campaign, advertising in newspapers and criticizing on TV. In the end, it successfully expelled the arrogant Purcell, and the new CEO was none other than John Mack, who was forced out in 2001.

Behind the scenes of such a perfect revenge, the fierce confrontation between the two sides must have exceeded everyone's imagination.

And such a thing is currently happening at State Street Corporation.

American financial institutions have very strict requirements for the returns of the companies they invest in, and the requirements for their own companies are naturally stricter.

Because of the losses related to subprime mortgages, State Street's earnings this year will be a new low in many years. Therefore, the current chairman has successfully accumulated enough resentment among major shareholders.

The board of directors of State Street is therefore planning a similar expulsion action.

And everyone knew what kind of opportunity Feng Yiping's initiative to release goodwill symbolized. Therefore, they refused to give such an opportunity to the current chairman, and gave this opportunity to Joseph Huli, who they favored, or in other words, who successfully won their favor.

This is why Joseph Huli was so excited and eager. He was able to come to Palm Beach on behalf of State Street this time, which was an opportunity he had fought for with great twists and turns.

Joseph Huli naturally couldn't mention the reason to Feng Yiping.

So, how to explain to Feng Yiping became the main issue he was thinking about along the way.

As for what Feng Yiping might talk to him about, he was not worried, because no matter what, what Feng Yiping wanted to talk to them about this time must be a good thing.

What Joseph Huli, who was getting closer and closer to his destination, Breakers Hotel, didn't know was that when he set off for Palm Beach, Lawrence Fink of Black Rock had already flown to Boston in a low-key manner, and the person he was going to meet was the current chairman of State Street Group, who seemed to be about to be abandoned.

Although State Street's development in recent years has not been satisfactory, Fidelity, which is in the same city as State Street, will not take it lightly.

Peers are enemies, and peers sleeping beside you are like thorns in the eye.

So one of the initiators of this plan, Edward Johnson of Fidelity, did not bring State Street in. Why share such a good opportunity with him?

However, after the example of John Bogle of Vanguard Group two days ago, he and Lawrence Fink of Black Rock almost simultaneously thought of this asset management giant that they had also left out.

Originally, they were reluctant to take a ride with a peer like State Street, but now, this peer must be the object of their wooing.

However, no matter what, Edward Johnson could not take the initiative to show goodwill to State Street, so Lawrence Fink had to take action.

When Joseph Huly was about to meet Feng Yiping, in Boston, Lawrence Fink was already shaking hands with the chairman of State Street Group.

…………

On the beach not far from the Breakers Hotel, Feng Yiping was curiously asking John, "Do I know this person?"

It's not that he is arrogant, but he really feels that at least 14 years ago, as long as he wanted to do it, even Buffett couldn't compare with him in terms of investment returns, because he was cheating!

He also believed that John would not talk nonsense in this regard, so he was really interested in the guy who was as good as himself in terms of investment returns as John said.

John pointed to one of the yachts in the sea and said, "You probably don't know that yacht."

"That one?" Feng Yiping looked over along the direction of John's hand. It was a yacht about 40 to 50 feet long. For ordinary Americans, it was naturally luxurious, but for Feng Yiping and Palm Beach, it was really quite ordinary.

"Should I know it?" Feng Yiping asked.

"Everyone on the island knows this yacht, and everyone on the island also hopes to be on that yacht," John said.

Feng Yiping glanced at John, "The owner of the yacht is the one you said can get high returns in the investment field?"

Because for these wealthy people in Palm Beach, no matter what level of beauty, it will not be a problem, so, what can attract them is naturally green dollars.

"Yes, that is his yacht here, but not everyone can board that yacht. Only the investors he accepts will have the opportunity to board the ship,"

"But even those members who have joined the Palm Beach Country Club may not necessarily become his customers,"

This is the second time Feng Yiping heard about the Palm Beach Country Club, "Is this club very high-standard?"

"Yes, the Country Club is the most demanding club in Palm Beach. To become a member of it, in addition to having a very high status and strength, you must also have a very good record in charity,"

"It is also the club with the highest degree of confidentiality. The membership list is absolutely confidential. If you want to confirm whether a person is a member, you usually only know when the club publishes a member's obituary,"

"Currently, most of its members are Jews, or in other words, in the Jewish rich circle, being able to join the Country Club has become a symbol of status,"

"And if you can get to know that gentleman in the club, it is even more of a symbol of status..." John said with a face full of yearning.

"Excuse me," Feng Yiping interrupted John. He always felt that John was advertising. "Can I ask what kind of return this gentleman who has attracted so many people to invest can give?"

"Generally, you can get a return of 1% of your investment amount every month. It is said that there are higher returns," John said.

"No upper limit on the investment amount?" Feng Yiping asked.

"I have never heard of an upper limit, only a lower limit. Now the minimum cannot be less than 10 million US dollars."

Feng Yiping was really surprised. There is no upper limit on the investment amount. You can get at least more than 10% return in a year. This is really good. He believes that few people dare to make such a promise to investors.

But, a fixed return every month? He felt that this seemed a bit familiar.

"You should know him," John said, "He is the former chairman of the board of directors of NASDAQ, Madoff."

John immediately saw Feng Yiping looking at him with a strange look, which made him quite uncomfortable. "What's wrong?"