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Investment banks: How to succeed at succession
Huge growth in store: Costas' view of the hedge fund industry What would you say is your greatest achievement during your time as CEO?
We have a scale and diversity of business, and I am most proud of that. We were a subscale player five years ago, and seriously so in the US. Last year, to the end of the first quarter this year, 45% of our revenues came from the US. Now, after all our acquisitions and organic growth, we're a top four player in revenues and profitability.
What about in fixed income. Looking at some of the league tables, you seem to punch below your weight there.
We're not always at or near the top in fixed-income league tables, but we think that on a quantitative and qualitative basis ours is the top in risk-reward. We had revenues of $6.2 billion in fixed income last year. Only those with significant loan exposures earn more.
You've been much less keen, as a bank, than some others to extend the balance sheet and take on more risk.