Good morning and welcome to Insider Finance. I’m Dan DeFrancesco, and here’s what’s on the agenda today:
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Billionaire Seth Klarman’s Baupost pumped nearly $200 million into 6 new SPAC bets in the fourth quarter
Getty Images/ Scott Olson
SPACs are hot right now, and billionaire Seth Klarman has been a big backer of the blank-check companies. The founder of the Baupost Group has put hundreds of millions into SPACs, including ones run by Dan Och and Dragoneer CEO Marc Stad.
Click here for the full story.
Goldman Sachs execs lay out plans for its new robo-advisor as it takes on fintechs like Wealthfront and Betterment in a fiercely competitive space
Goldman Sachs
Goldman Sachs’ Marcus officially launched its
robo-advisor
, marking the next step in the bank’s attempt to appeal to Main Street. Sonali Divilek and Andrea Finan, executives overseeing the roll-out, laid out the product’s plans. Click here to get the rundown.
Longtime Goldman Sachs trading exec Michael Daffey is out, joining a stream of partners heading for the exit. Read the full memo from CEO David Solomon on the departure.
Getty
Another Goldman Sachs’ veteran is departing the prestigious Wall Street firm. Read more here.
Morgan Stanley’s diversity accelerator is doubling in size and increasing its investments in the startups. An exec explains why the program has been so successful.
Morgan Stanley
Morgan Stanley is expanding the number of participants and size of investments for its Multicultural Innovation Lab. Read more here.
Fintech startup Marqeta, valued at $4.3 billion, has confidentially filed paperwork to go public
Marqeta
Get the scoop on the latest fintech to eye the public markets. See more here.
Odd lots:
Citigroup loses its bid to recoup the $500 million it accidentally paid Revlon (BI)
Ex-Goldman Sachs banker Gregg Lemkau likely to keep hiring at MSD Partners (eFinancialCareers)
Morgan Stanley creates bot that does junior analysts’ work — faster (American Banker)
