Behind the Money

Partners Group pursued an innovative approach to private equity: The firm built a business serving a market of individual investors. Now, a recent executive order from US President Donald Trump is set to unlock that marketplace on an even grander scale.The only thing is, Partners might not be the one to reap the rewards. The FT’s US private equity and deals editor Antoine Gara and private capital reporter Alexandra Heal explain how the pioneer is struggling to keep up with its rivals. Clips from CBS, CBS19  The FT does not use generative AI to voice its podcasts- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How private equity’s pioneer in tapping retail money lost its edgeDonald Trump exposes US retirees to new world of risk with 401k orderBuyout executive warns private equity push into US savings risks bailouts - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Antoine Gara on X (@AntoineGara) and Bluesky (@antoinegara.bsky.social). Alexandra Heal is on X (@alexandraheal) and Bluesky (@alexandraheal.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

When the hedge fund Elliott Management pursued the acquisition of the oil refinery business Citgo a few years ago, the deal was already a complicated one. A US court had ordered its current owner, Venezuela, to sell the business, and the country was not happy about it. But, things only got thornier after the US President Donald Trump removed the Caribbean nation’s leader Nicolás Maduro. The FT’s US investment correspondent Amelia Pollard and hedge fund correspondent Costas Mourselas explain how Elliott often thrives pursuing complex deals, and how they might navigate closing this one.    Clips from Citgo, CNN, Norges Bank Investment Management, The White House, VTV   The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Donald Trump’s removal of Maduro clouds fate of Elliott’s Citgo dealHow Venezuela lost CitgoHedge funds hunt for Venezuela’s unpaid financial claims- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Costas Mourselas on X (@CostasMourselas) and Bluesky (@costasmourselas.bsky.social). Amelia Pollard is on X (@ameliajpollard) and Bluesky (@pollard.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US President Donald Trump on Friday made his pick to lead the Federal Reserve: Kevin Warsh. The former central bank governor with ties to Wall Street is seen as a mainstream pick. Still, some economists say if Warsh is confirmed, he will trigger a sweeping rethink of the Fed’s role at the centre of the world’s biggest economy. The FT’s US economics editor Claire Jones explains who Warsh is, what he wants to do at the Fed, and how it might go.Clips from Fox Business, Group of Thirty The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Kevin Warsh’s nomination as Fed chair to spark rethink of bank’s roleKevin Warsh, the Fed chair nominee shaped by the 2008 financial crisisHow Kevin Warsh won the race to become Donald Trump’s new Federal Reserve chair- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Claire Jones on X (@senoj_erialc). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For more than 170 years, Wells Fargo built a reputation as an all-American Main Street lender. Now, it is charting a new path and pushing into investment banking, something that many other banks have tried and failed to do. The FT’s US banking editor Joshua Franklin and US banking correspondent Akila Quinio discuss what Wells Fargo does — and doesn’t have — going for it as it pursues this strategy.Clips from, CNN, CBS News, CNBC, CNN, HBO, KPIX, KRON4, NBC News, Wells FargoThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Wells Fargo wants to be taken seriously as an investment bank. Will it succeed? Wells Fargo has finally shed its dunce capNetflix leans on $59bn bank loan to fund Warner Bros takeover - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Joshua Franklin on X (@ftjfranklin). Akila Quinio is on X (@akilazoe). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Saks Global, the parent company of the historic luxury department store Saks Fifth Avenue, recently filed for Chapter 11 bankruptcy protection. The move occurred a little more than a year after the company purchased Neiman Marcus and Bergdorf Goodman in a debt-fuelled takeover. The FT’s Wall Street editor Sujeet Indap and the US investment editor Eric Platt walk through how that acquisition played a role in the bankruptcy and whether more highly leveraged companies will seek bankruptcy protection in 2026. Clips from ABC, Bloomberg, CNBC, Warner Brothers  The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Death of a dream: Saks’ crisis exposes luxury department store woes Leveraged luxury: fall of Saks Global to scorch US business stars Saks divisive debt reshuffle shows a retail sector under strain - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Sujeet Indap on X (@sindap), or on Bluesky (@sindap.bsky.social). Eric Platt is on X (@EricGPlatt), or on Bluesky (@ericgplatt.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Every January a collection of the world’s top business and political leaders head to the Swiss town of Davos for the annual meeting of the World Economic Forum. The event is a week of panels and networking meant to promote dialogue among elites. But a scandal last year threatened to overshadow the 2026 meeting, which begins in a few days. Critics have also questioned the event’s relevance in a changing world. The FT’s Switzerland and Austria correspondent, Mercedes Ruehl, explains the problems the WEF has faced and shares her reporting on how this year’s event is shaping up.   Clips from the World Economic Forum, Instagram: @christinelagardeThe FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Microsoft and McKinsey pay up to $1mn each to back Donald Trump’s Davos hub Davos assured Trump ‘woke’ topics were off the agendaThe Davos set in decline: can the World Economic Forum save itself?‘A family enterprise’: WEF founder Klaus Schwab on alleged wrongdoing at Davos - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Mercedes Ruehl on X (@mjruehl), or on Bluesky (@mjruehl.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

From the artificial intelligence bubble to trade policy, Michela asks Martin Wolf, the FT's chief economics commentator, how the biggest stories of last year will affect the economy in 2026. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Forecasting the world in 2026 Why the world should worry about stablecoinsTrump’s tariffs will damage the world- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Martin Wolf on X (@martinwolf_). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The surge in scams, phishing attacks and digital fraud is raising serious liability questions. So who should be doing more? In this live recording from this year’s FT Global Banking Summit, Michela poses that question to executives from Citi, KPMG and Open Banking Excellence.  The conversation was recorded on December 2, 2025.The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:We have to be able to hold tech platforms accountable for fraud The rise of deepfake scams — and how not to fall for oneAt Singapore’s anti-fraud convention, even the experts get scammed- - - - - - - - - - - - - - - - - - - - - - - - - - Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Economists like to model people as rational creatures who make self-interested decisions. But humans don’t act that way. Why do investors, politicians and ordinary people act against their best interests – and how can they be nudged into making better decisions? To find out, FT economics commentator Chris Giles speaks to Richard Thaler, the founding father of behavioural economics. Thaler is a professor at the University of Chicago who won the 2017 Nobel Prize in Economics for his work on how humans make (often irrational) decisions.This is a repeat of an episode published on The Economics Show, a sister podcast of Behind the Money, on November 7, 2025. Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Chris Giles. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner. Sound design by Breen Turner and Samantha Giovinco. Our broadcast engineer is Andrew Georgiades. Hosted on Acast. See acast.com/privacy for more information.

Despite its relatively low profile, Fidelity Investments is a sprawling beast when it comes to financial services. Last year, the firm’s revenues surpassed the world’s largest asset manager, BlackRock, by more than 50 per cent. The FT’s Emma Dunkley explains how Fidelity has come to dominate the sector, the secrets behind its success, and what hurdles it may have to jump through in the coming years as new challenges for asset managers arise. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can Fidelity keep its grip on America’s investments?The quiet queen of American financeHow Fidelity’s Ned Johnson defied the curse of the boss’s sonTrump opens US retirement plans to crypto and private equity investments- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Emma Dunkley on X (@EmDunks). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In the UK, whistleblowers are encouraged to report wrongdoing, but often at cost to their livelihoods and careers. One solution would be to pay corporate whistleblowers for coming forward. However, many in government have held the idea for years that doing so is not very “British.” But now, longtime opposition to the idea seems to be shifting. Suzi Ring, the FT’s legal correspondent in London, explains how and why. Plus, we speak with Nick Ephgrave, the director of the UK’s Serious Fraud Office, who is taking inspiration from his decades spent with London’s Metropolitan Police Service to try to change the system. Clips from ITVIf you missed part one of this series, listen to it here. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Should corporate whistleblowers get paid?Whistleblowers could earn millions as HMRC targets tax fraudUK SFO director pushes to pay whistleblowers and use covert tacticsCorporate whistleblowing in the UK needs a shake-up Read a transcript of this episode on FT.com- - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Hosted on Acast. See acast.com/privacy for more information.

In this special episode of Behind the Money, the FT’s senior business writer Andrew Hill interviews author Stephen Witt about his book The Thinking Machine: Jensen Huang, Nvidia, and the World’s Most Coveted Microchip. Witt and his book won the FT and Schroders Business Book of the Year for 2025.      The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:In future ‘books could respond’ says winning author Stephen Witt FT and Schroders Business Book of the Year 2025 — the shortlist FT and Schroders Business Book of the Year 2025 — the longlist Read a transcript of this episode on FT.com- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Andrew Hill on X (@andrewtghill) or on Bluesky (@andrewtghill.ft.com) and Stephen Witt (@stephenwitt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Hosted on Acast. See acast.com/privacy for more information.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked everything: their careers and livelihoods in exchange for little. In this special two-part series, we explore why critics think this system is failing whistleblowers and what the UK can do to change things.In part one: We hear from two whistleblowers who share why they blew the whistle and what went wrong after. Plus, the FT’s financial regulation editor Martin Arnold and Mary Inman, the attorney who represented well-known whistleblowers such as Frances Haugen of Meta and Tyler Shultz of Theranos, discuss the systemic issues whistleblowers have faced in the UK.   Part two airs next Monday, December 15.The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Should corporate whistleblowers get paid?Whistleblowers could earn millions as HMRC targets tax fraudCorporate whistleblowing in the UK needs a shake-upAsset management: inside the scandal that rocked GAM - - - - - - - - - - - - - - - - - - - - - - - - - - Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

For years, corporate whistleblowers in the UK have found themselves in an unenviable predicament. They’re encouraged to report wrongdoing, but at the same time they often feel like they’ve risked their livelihoods in exchange for very little in the end. The fallout from whistleblowing can cost them their careers or worse. Starting next Monday, Behind the Money is launching a two-part special series on what, if anything, the UK can do to change this. Listen every Monday on Behind the Money.  Hosted on Acast. See acast.com/privacy for more information.

This week we’re sharing an episode from Business History, a podcast from Pushkin Industries. Former Planet Money hosts Jacob Goldstein and Robert Smith explore what the businesses of the past can teach us about commerce today. In this episode, Goldstein and Smith look at how Southwest Airlines developed a winning formula that forced its competitors to change how they did business — but then the Southwest model fell apart.Find Business History on YouTube or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

When international private equity groups first entered Japan at the turn of the 21st century, newspapers criticised them as vulture funds and politicians steered clear of public contact. Today, it’s a different story. Dozens of buyout groups have set up in the country and the establishment is courting them. The FT’s Tokyo correspondent David Keohane and Tokyo bureau chief Leo Lewis explain why there’s been a shift, and how private equity’s presence may rejuvenate Japanese corporates. Clips from Toho. The FT does not use generative AI to voice its podcasts.- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Is Japan private equity’s next frontier?Buyout firms play the long game beyond TokyoInvestors sense this time is different for JapanKKR-owned auto parts supplier Marelli files for US bankruptcy protection - - - - - - - - - - - - - - - - - - - - - - - - - - Follow David Keohane (@DavidKeo) and Leo Lewis (@Urbandirt) on X. Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. - - - - - - - - - - - - - - - - - - - - - - - - - -  To sign up for free to the new FT Alphaville newsletter on substack, go to ftav.substack.comRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Investors are spending billions of dollars on novel ways to extend human life through inventive treatments, therapies, and even manipulating our genes. And increasingly, it seems as though anti-ageing efforts have moved from the super rich to a mass market consumer industry. In this series, we’re covering the past, present and future of the longevity movement. We’ll be looking at where the fixation on longevity is coming from, and trying to understand the practical and ethical issues at the heart of this cutting-edge field of research. From Silicon Valley fantasies, to Singaporean health spas, to Colombian genetic clinics and beyond, the FT’s Hannah Kuchler and Michael Peel ask whether breakthroughs in science and technology can really help us live longer, and even stop us aging altogether.Free to read: US ‘wellness’ industry scents opportunity to go mainstreamThe quest to make young blood into a drugThis season of Tech Tonic was produced by Josh Gabert-Doyon. The senior producer is Edwin Lane. Flo Phillips is the executive producer. Sound design by Breen Turner and Samantha Giovinco. Fact checking by Simon Greaves, Lucy Baldwin and Tara Cromie. Original music by Metaphor Music. Manuela Saragosa is the FT’s acting co-head of audio.The FT does not use generative AI to voice its podcasts. Hosted on Acast. See acast.com/privacy for more information.

OpenAI is entering a new era. It's restructured to add a for-profit arm to its business and has signed more than a trillion dollars’ worth of deals to secure chips and build out data centres. But those huge financial commitments also raise massive questions: How will a heavily loss-making company fund $1.4tn worth of deals with some of the biggest publicly listed companies in the world? And what systemic risks could that come with? The FT's US west coast financial editor Tabby Kinder and venture capital correspondent George Hammond answer the questions everyone's asking.The FT does not use generative AI to voice its podcasts.Clips from Bg2 Pod, CNBC, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:How OpenAI put itself at the centre of a $1tn network of dealsWho owns OpenAI? Blockbuster deals complicate investor payoutsOpenAI shunned advisers on $1.5tn of dealsHow high are OpenAI’s compute costs? Possibly a lot higher than we thought- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, December 2-4 in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Tabby Kinder (@Tabby_Kinder) and George Hammond (@GeorgeNHammond) on X or on Bluesky (@tabbykinder.bsky.social), (@georgehammond.bsky.social). Behind the Money host Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Pharma juggernauts Pfizer and Novo Nordisk are struggling in the obesity drug race.The two companies are searching for their next moneymaker, and that search recently spun out into a ferocious, multibillion-dollar battle for control of biotech start-up Metsera. The FT’s US deals and activism correspondent Oliver Barnes walks through the tussle that’s involved lawsuits, public barbs and political drama.Clips from CNBC, Pfizer, Yahoo Finance- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading and listening:Weight-loss wars: $10bn hostile battle pits Pfizer against Novo NordiskPfizer shows hardball mettle needed to win in 2025 M&AThere is only one winner in the Pfizer Novo Nordisk showdownOzempic’s unconventional origins- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Oliver Barnes on X (@mroliverbarnes), or on Bluesky (@mroliverbarnes.bsky.social) Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’s share price has jumped more than 400 per cent. But the business hasn’t generated any revenue. It hasn’t built a nuclear reactor, and it hasn’t secured any binding contracts with customers. The FT’s US energy editor Jamie Smyth explains the enthusiasm for Oklo, its links to the Trump administration and whether it can live up to the hype.Clips from New York Stock Exchange, The White House, a16z- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Inside Oklo: the $20bn nuclear start-up without any revenueUS and investors gambling on unproven nuclear technology, warn expertsDonald Trump’s assault on US nuclear watchdog raises safety concerns- - - - - - - - - - - - - - - - - - - - - - - - - - Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.- - - - - - - - - - - - - - - - - - - - - - - - - - Follow Jamie Smyth on X (@JamieSmythF), or on Bluesky (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.