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John Costas, the former head of UBS’s investment bank, has sold his stake in PrinceRidge, the boutique broker-dealer he founded with Michael Hutchings two years ago. Institutional Financial Markets, a quoted investment firm specialising in credit-related fixed-income investments, said in a statement that it would invest $45m in PrinceRidge through a combination of cash and an exchange of a stake in its capital markets subsidiary. In return, IFMI will take a majority equity interest in PrinceRidge. Costas told Financial news that IMFI had presented himself and Hutchings with "a unique opportunity as their platform is complementary to ours with very little overlap".

Ex-UBS banker John Costas sells majority stake in new boutique; Deborah Fuhr calls for more transparency in exchange-traded funds; just as Bill Gross plots a new bond ETF; and it's mixed fortunes for CEOs as results season kicks off.

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Billionaire John Caudwell: ‘I’ll still build London’s most expensive homes despite UK wealth exodus’

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Milbank hires private equity M&A rising star in Germany

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Coutts hires ex-JPMorgan banker James Todd as next private client boss

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

Senior GIC private equity lawyer joins Dechert in London

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US law firm hires private equity specialist from key client

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