Morning coffee: the excruciating battle of a 39-year-old French banker to see his children. Private equity billionaire says he doesn’t do stupid things



The stories of expatriate bankers – of people who have chosen to build their careers and lives in a new country – are usually either very good and encouraging or very bad to the point of heartbreaking. Be warned: today’s one is the second type, and if you’re in a fragile state of mind you may want to skip to where it says “pending…” below.

Vincent Fichot is a French equity derivatives guy who seems to have spent his entire career in Tokyo, in various banks, most recently Nomura. In 2018, his marriage was breaking down, he proposed divorce and then returned home one day to find his house completely empty, with his wife and children (at the time, three years and 11 months) gone. . This apparently happens surprisingly often in Japan, as the courts have a principle minimal interference with family life, which in practice means granting custody to the parent with whom the children live at the time of divorce. This means that there is an incentive for expat spouses who do not want to deal with international co-parenting to simply go away. And since the principle of non-interference means that Japanese courts often do not issue visitation orders, people in Fichot’s situation may find that they lose all contact with their children.

Obviously, we don’t know all the details of a particular case, but this situation has happened to enough people that there is a charity campaign about it and for the European Parliament adopt a resolution calling on Japan to modernize its legislation to incorporate the principle of “the best interests of the child” and recognize the concept of shared custody. Fichot, for his part, has now led his campaign to desperate measures.

He quit his job, sold his house and now lives outside a train station under protest banners, minutes from the Olympic Stadium. A week ago, he went on a hunger strike. The most frightening thing is that this hunger strike seems to have been planned with all the rationality of a quantity of derivatives; he calls it a “calculated act” and has timed things in such a way that his body is in an “extremely dangerous state” by the time Emmanuel Macron and other world leaders attend the opening ceremony. The idea is to maximize the pressure on the French leader to intervene with the Japanese authorities.

There is still time to hope that all of this has a happy, or at least non-tragic, ending, but whatever happens it puts a certain step back on the day-to-day pressures of the banking industry. We wish everyone involved the best of luck.

Elsewhere, as the new CEO of Apollo Global Management, Jeff Rowan has a clear business philosophy. “At the end of the day, we offer our clients a product: judgment,” he said in an interview with Bloomberg. “Focus on the people. Avoid doing stupid things. It seems like an open target for cynics to say this is a new direction for the company, like the previous CEO Leon Black recently retired amid a cloud of allegations and associations of which “bad judgment” and “stupid stuff” would be a fairly charitable description and always cause bad publicity for the firm.

But it turns out Rowan actually intends to take Apollo in a new direction – away from being an aggressive buyout store, and towards something a little more like Warren Buffett. Of the three founders of the company, he has always been the most discreet, focusing on the creation of the insurance subsidiary Athene, which is now acquired. With a load of bonuses to invest, Apollo won’t need to be quite so active in fundraising and will be less reliant on performance fees.

Make Finance Boring Again is often an attractive proposition for investors, and after the past couple of years the company might certainly think it’s time to give someone else a shot at being in the papers all the time. time. Blackstone buys into the insurance industry as well, so the days of the universe’s private equity masters may be coming to an end.

Meanwhile

The rooftop garden was open, the trading floor was half full, but Her Royal Highness must have been disappointed that the climbing wall was still closed due to coronavirus. Prince Charles visited the offices of Goldman Sachs. He spoke to one of the interns, who probably used to answer the question “and what are you doing?” “. (Daily mail)

Do your homework, wait for up to eight interviews and show that you can take in the facts quickly, and you could be one of the 2% of applicants for KKR’s graduate recruiting program, according to Grace Koo, head of acquisition. of talents. Applicants must demonstrate both their diversity and cultural suitability, so good luck. (Business intern)

A business suit that looks like yoga clothes? Tragically, only available to women, for now; a former vice president of fixed income EMEA at JP Morgan started a company to design and sell them. (Daily mail)

If you were dying to be a UK financial regulator but just couldn’t live in London, the FCA is now considering recruiting from Leeds, Belfast and Cardiff. (Financial news)

Revolut’s latest funding round includes Tiger and Softbank, values ​​fintech at $ 33 billion, and almost certainly made paper millionaires some of the people who backed her when she was a crowdfunder. (FT)

Did an investment banking analyst have a better first year in lockdown than this? Luca Cupido signed for Bank of America, then more or less immediately got himself five months off to go to Italy and train in water polo – now he’s gone to the Olympics. (Los Angeles Times)

PJ Solomon is the latest investment bank to smell the coffee and raise wages – $ 100,000 now looks like table stakes for first-year analysts. (Bloomberg)

The rare “double boomerang” – Dave Stolzar returns for his third visit to Credit Suisse, as the FIG group rebuilds itself. (Business intern)



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