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<keyword id="6357341" type="CITY" weightage="20" keywordseo="Deutsche-Bank">Deutsche Bank</keyword> is going through tough times. If a series of financial missteps, litigations and regulatory penalties at the bank, including a recent $2.5 billion fine in the Libor case weren’t enough, there is <keyword id="192219" type="POSITION" weightage="20" keywordseo="co-head">co-head</keyword> of Deutsche Bank Anshu Jain resigning followed by that of <keyword id="192086" type="POSITION" weightage="20" keywordseo="Co-CEO">co-CEO</keyword>, <keyword id="1452966" type="PERSON" weightage="20" keywordseo="Jurgen-Fitschen">Jurgen Fitschen</keyword>. 
 
So who is Anshu Jain and why is his resignation such a big deal? 
 
Well, for one, it’s under him that the German bank has been generating record profits. He has turned the lender into a bond trading and investment banking powerhouse, before things started falling apart in recent months, according to the Economic Times. 
Jain, 52, took over Deutsche Bank as co-head amid crisis in the Eurozone in June 2012. 
 Born in Jaipur in 1963 and studied in <keyword id="2888261" type="UNKNOWN" weightage="20" keywordseo="Shri-Ram-College-of-Commerce-New-Delhi">Shri Ram College of Commerce New Delhi</keyword> and the University of Massachusetts, Jain began his career with <keyword id="6355838" type="COMPANY" weightage="20" keywordseo="New-York">New York</keyword> stock broker <keyword id="1461915" type="ORGANIZATION" weightage="20" keywordseo="Kidder-Peabody">Kidder Peabody</keyword>, before moving to investment bank <keyword id="6374847" type="CITY" weightage="20" keywordseo="Merrill-Lynch">Merrill Lynch</keyword>. 
 
A British citizen now, Jain spent a large part of his career in London as an investment banker, and followed his mentor Edson Mitchell to Deutsche Bank in 1995. He took over as head of the treasury business in 2004. Jain showcased his capability to understand risk and make quick decisions at the investment banking division of Germany's largest bank, which over the years translated into fat profits for the bank and hefty bonuses for its 16,000-odd bankers who worked under him and known inside the bank as Anshu's army. This helped Jain become one of the highest profile bank executives in the world. 
 When Jain was being made the co-CEO one concern raised by the bank's shareholders was that he doesn't speak German. But he awed them by speaking in German at the bank's annual general meeting in <keyword id="12970" type="COMPANY" weightage="20" keywordseo="Frankfurt">Frankfurt</keyword> in May of 2013. 
 A nature <keyword id="2888745" type="POSITION" weightage="20" keywordseo="lover-and-keen-wildlife-photographer">lover and keen wildlife photographer</keyword>, Jain prefers carrying a rucksack. He was raised in a middle class family background and his father was a civil servant. 
 
"Anshu is bright and at the same time very grounded. The only negative thing for him is he is not German," a banker on the conditions of anonymity told the financial daily. 
 Like a lot of Indians, Jain is crazy about cricket. He had bought stake in <keyword id="13880" type="COMPANY" weightage="20" keywordseo="Mumbai-Indians">Mumbai Indians</keyword>, an Indian Premier League team owned by Mukesh Ambani's Reliance Group. Later he sold his stake and the transaction is under lens. 
 The <keyword id="6357808" type="ORGANIZATION" weightage="20" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (ED) is probing the sale of a 10% stake sale in Mumbai Indians in 2009 to Teesta Retail Pvt Ltd, a shareholder of Indiawin Sports Pvt Ltd that owns the <keyword id="6354312" type="CITY" weightage="20" keywordseo="IPL">IPL</keyword> franchise and is part of the Reliance group. 
 Jain is also the <keyword id="16561" type="POSITION" weightage="20" keywordseo="skipper">skipper</keyword> of Deutsche Bank's cricket team and counts <keyword id="2727" type="PERSON" weightage="20" keywordseo="Rahul-Dravid">Rahul Dravid</keyword> among his closest friends. He rarely misses an opportunity to host the Indian team when it is playing in the UK. Currently he lives in Frankfurt with his wife <keyword id="89150" type="PERSON" weightage="20" keywordseo="geetika">Geetika</keyword>, a travel writer, and two children. 
 Many European banks are going through a crisis mainly due to tough regulatory norms. An analyst who requested not to be named said, "It is the cost of regulatory compliance which has become a big burden for the German bank. Deutsche had its share of fines and it has hit P&amp;L account. The bank needs at least two years to get back on track." It has paid over $6 billion in fines as a result of investigations into manipulations in <keyword id="37018" type="UNKNOWN" weightage="20" keywordseo="interest-rate">interest rate</keyword>, currencies. 
 
(Image: Bloomberg)

Why is Anshu Jain’s resignation from Deutsche Bank’s top job such a big deal

<ul class="summary-list"><li>Julian Robertson, the father of hedge funds and founder of Tiger Management, died at 90.</li><li>He founded Tiger Management in 1980, which at its peak had $21 billion in assets under management.</li></ul>Julian Robertson, the father of hedge funds and founder of Tiger Management, has died at 90 years old.Robertson died on Tuesday at his home in Manhattan due to cardiac complications, according to a statement from his representative Fraser Seitel. Since closing Tiger Management to outside investors two decades ago, his name is still closely linked to some of the biggest names in the hedge fund industry that he helped pioneer. He was the chairman and chief executive of Tiger Management, which he co-founded in May 1980 with <a href="https://www.bloomberg.com/news/articles/2022-08-23/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90#:~:text=He%20was%2090.,be%20launching%20his%20own%20firm">reportedly</a> $8.8 million. The fund grew to more than $21 billion in assets under management. His flagship fund compounded at a rate of 31.5% between 1980 and the return of capital to investors in 2000.Robertson is also known for his group of proteges, known as the Tiger Cubs, which include Chase Coleman's Tiger Global, Lee Ainslie's Maverick Capital, Andreas Halvorsen's Viking Global, and Philippe Laffont's Coatue Management.Coleman described Robertson as a "pioneer and a giant in our industry," he said in a statement to Insider."He made the time to be a true mentor, always leading by example and pushing all of us to become the best versions of ourselves," Coleman said. "For that and for his friendship, I am forever grateful."Robertson, a North Carolina native, had an estimated net worth of $4 billion, according to <a href="https://www.bloomberg.com/news/articles/2022-08-23/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90#:~:text=He%20was%2090.,be%20launching%20his%20own%20firm">Bloomberg's billionaire index.</a>"Robertson drew people in by sheer force of personality," Sebastian Mallaby wrote in the 2010 book "More Money Than God" about hedge funds. He was able to persuade singer Paul Simon to invest in Tiger on the strength of a shared passion for baseball, Mallaby wrote. "The writer Tom Wolfe was a Tiger investor too, and Robertson knew how to use these stars to recruit others," according to the book. In late 2019, Insider mapped out these connections to show the influence Robertson has had on the industry. The list is massive, with hundreds of names and nearly 200 different firms. Since then, more Tiger Cubs have been born and <a href="https://www.businessinsider.com/mala-gaonkar-hires-cfo-george-landrove-divya-nettimi-unveils-name-2022-3">some are still launching.</a><h2><a href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">See our exclusive Tiger Management family tree here.</a></h2>A graduate of the University of North Carolina in 1955, Robertson served as an officer in the US Navy prior to joining securities firm Kidder Peabody in 1957. By 1974, he became chairman of the board and chief executive of Webster Management, Kidder Peabody's investment advisory subsidiary, and served in that capacity until his departure in 1978. Robertson and his wife Josephine, who he married in 1972, also were active philanthropists. He founded the Robertson Foundation with his wife in 1996, which gives grants across education, environment, religion, and medical research in the US. They also created the Robertson Scholars Program in 2000 to award 36 students annually at Duke University and the University of North Carolina full tuition and travel funding."He will be dearly missed, but his impact on me and countless others, as well as the many communities he touched through his philanthropic efforts, will endure," Coleman said.Robertson is survived by his sons, Spencer and his wife Sarah, Julian III and his wife Claire, and Alexander and his wife Alexandra; nine grandchildren, Tucker, Charles, Daisy, Hollis, Hart, Josephine, Whit, Julian IV and Jinny-Josephine; and his sister, Wyndham. Robertson's wife died in 2010.

Julian Robertson, the legendary investor at the center of a quarter-trillion-dollar web of hedge fund spinoffs, has died. Take a look at his legacy.

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://curbed.com/archives/2013/08/16/connecticuts-storybook-hidden-valley-castle-listed-for-885m.php">via Curbed</a></div></div><keyword id="154791" type="POSITION" weightage="60" keywordseo="Hedge-fund-manager">Hedge fund manager</keyword> Alphonse "Buddy" Fletcher, Jr., who was featured in the book "Stock Market Wizards," is selling his <keyword id="6370015" type="UNKNOWN" weightage="60" keywordseo="Connecticut">Connecticut</keyword> "castle"for $8.85 million, <a href="http://curbed.com/archives/2013/08/16/connecticuts-storybook-hidden-valley-castle-listed-for-885m.php">Curbed reports.</a> 
Fletcher purchased the 17-room Cornwall, Connecticut estate for $5.9 million, according to <a href="http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao">Vanity Fair</a> article.
He's had some legal issues lately.
His namesake hedge fund firm, Fletcher Asset Management, is being sued by trustees of three Louisiana public pension plans over $145 million redemption requests, <a href="http://www.vanityfair.com/society/2013/03/buddy-fletcher-ellen-pao">according to the Vanity Fair piece</a>. What's more is his flagship fund filed for bankruptcy protection last summer. 
Fletcher has a history of <keyword id="387129" type="UNKNOWN" weightage="60" keywordseo="lawsuits">lawsuits</keyword>.
He sued his former employer Kidder Peabody for racial discrimination. That suit was dismissed, but he won $1.3 million in arbitration, the Vanity Fair report said. He also filed a racial discrimination suit against the board of Upper West Side co-op The Dakota. 
All that aside, his Connecticut home looks like something out of a fairy tale and we're going to take a tour.

Hedge Funder Buddy Fletcher Is Selling His Connecticut 'Castle' For $8.85 Million 

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP ImagesAlexandra Lebenthal.</div></div></div>When muni bond scion Alexandra Lebenthal was a little girl, her father would take her to visit her grandmother at her office in Lower Manhattan."The Statue of Liberty was right outside of her window, so to see my Grandmother running a company with the Statue of Liberty outside the window was a pretty powerful image for a young girl!" Alexandra told Business Insider. Her grandmother, Sayra Lebenthal, ran municipal bond firm Lebenthal &amp; Company <a href="http://www.nytimes.com/2014/11/15/business/james-a-lebenthal-muni-bond-expert-dies-at-86.html">until she was 93</a>. Sayra, who graduated with a law degree from Syracuse, cofounded the company with her husband, Louis Lebenthal, in 1925. She took over after he became ill and subsequently passed away in 1950.Alexandra got her start on Wall Street in 1987 at Kidder, Peabody &amp; Co. A year later, she joined Lebenthal. In 1995, at age 31, she succeeded her father, <a href="http://www.nytimes.com/2014/11/15/business/james-a-lebenthal-muni-bond-expert-dies-at-86.html">James Lebenthal</a>, as the CEO.Today, Alexandra runs the storied Wall Street family business from behind the same cherrywood desk that her grandmother used. Alexandra Lebenthal is considered to be one of the <a href="http://www.businessinsider.com/the-most-powerful-women-on-wall-street-2013-3">most powerful women</a> on Wall Street. She launched a <a href="http://www.lebenthal.com/lebenthal_wealth_advisors/sayra">quarterly magazine</a> last year called SAYRA, after her grandmother, that caters to female financial advisors. The magazine is distributed to 90,000 female FAs who collectively run more than $3 trillion in assets. Business Insider recently caught up with her to talk about her grandmother, how Wall Street has changed for women and what it takes to succeed. Business Insider: Can you tell us why you decided to launch a magazine tailored for female financial advisors? Was there something missing from traditional financial media?Alexandra Lebenthal: We started <a href="http://www.lebenthal.com/lebenthal_wealth_advisors/sayra">Sayra Magazine</a> because there was no publication for female financial advisors and traditional financial media doesn't address this group. We wanted to be creative in our approach, so the magazine is informative and inspirational, more like a woman's magazine, rather than a traditional financial magazine. Readers will not find information on financial products or investment strategies, but rather articles on how to build their business, deal with specific client groups, interviews with CEOs. We even expect to have some fashion stories in the future, although they will have a business twist to them. In short, I like to think Sayra is the Vogue for female financial advisors.You named the magazine "Sayra" after your grandmother. She must have been a remarkable woman. Can you tell us a little about her?Indeed she was! She graduated from Syracuse University in 1920 with a Law degree and then went on to cofound Lebenthal &amp; Company with her husband Louis in 1925 at the age of 27. Her husband had to stop working in 1945 due to illness and he subsequently passed away in 1950. She continued running the firm on her own and worked until she was 93. She really didn't let anyone or anything get in her way.Can you discuss the impact she had on your life and career?My grandmother had a huge impact on me, probably somewhat subconsciously as a little girl. I am still affected by her even today, almost 22 years after her death. When I was very little my Dad used to take my sister and I down to the office on occasion. The Statue of Liberty was right outside of her window, so to see my Grandmother running a company with the Statue of Liberty outside the window was a pretty powerful image for a young girl! Today, I sit behind the same desk that she used, which is a large half circle, cherry wood desk, so I think of her every day.Can you tell us a lesson that she taught you?<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><a href="http://www.lebenthal.com/pdfs/2015.07.01.Sayra.3.pdf">SAYRA</a></div></div></div>Well, for one thing she taught me how to properly endorse a check! "For deposit only". I still do that to this day. But, more importantly, she taught me how important it is to take care of clients. That's the most meaningful value we have in our company.How has being a woman on Wall Street changed over the years?I think a woman can be more comfortable and confident with her own power. I was just laughing with another woman about the suits with bow ties and panty hose that we used to wear. Today we can be ourselves. I am encouraged by some of the women that hold very senior positions on the Street- we will be profiling two of them in the next issue. In fact, they are the cover story. Of course, we are all still waiting for that one woman to grab the brass ring and become CEO, and I don't know when that will come.Wall Street is still a male-dominated industry. What does it take for a woman to be successful on Wall Street?It's a combination of a lot of things, but believe it or not, I think a sense of humor is incredibly important. It can deflect the tendency for women to be viewed as too aggressive. I hate to use the "B" word. It also shows the guys that you can be part of the group. Obviously, it also takes grit and determination as well as being smart and confident.What's the single biggest mistake women can make in their career?Oftentimes women think that just as they did in school, that the teacher will say: "Well, I know Alexandra is the smartest one and knows the answer," and single her out for the prize or promotion. It doesn't happen that way. You have to be out front and promote yourself.Do you think we will see a woman become CEO of one of the major banks?I do. Just don't ask me when.What's the best piece of advice you could give to a woman who's just starting out in this business today?Learn how to ask for things. It's not in our nature. There's a fear of being turned down. That's rarely the case. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-sachs-biggest-threat-human-race-technology-2015-5">Economist Jeff Sachs reveals the biggest threat to the human race </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NudmcxdTqsaXIuFZ0ILKnMz6ymYK9my_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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Why is Anshu Jain’s resignation from Deutsche Bank’s top job such a big deal

BI India Bureau

Julian Robertson, the legendary investor at the center of a quarter-trillion-dollar web of hedge fund spinoffs, has died. Take a look at his legacy.

Alyson Velati

Hedge Funder Buddy Fletcher Is Selling His Connecticut 'Castle' For $8.85 Million

Julia La Roche

There's one thing that every successful woman on Wall Street has had to master

Julia La Roche

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