Wall St.Journal 27Feb2020

B6| Thursday, February 27, 2020 THE WALL STREET JOURNAL.

FINANCE NEWS

letters on everything from re-

tirement issues to liquidity in

money-market funds. Through

lobbying and behind-the-

scenes persuasion, the firm

skirted designation as a “sys-

temically important financial

institution,” a label that would

have brought regulatory costs.

BlackRock suggested that

regulators look at how specific

practices—such as the use of

borrowed money to try to

juice returns—might be the

source of risk, rather than fo-

cusing on the size of a man-

ager or fund. The argument

won over regulators.

A key rule she weighed in on

over the years will reshape the

fast-growing world of exchange-

traded funds by making it eas-

ier for more firms to launch

funds. But Ms. Novick argued

that inverse and leveraged

ETFs—funds that BlackRock

doesn’t offer—should be treated

differently. Dealing a blow to

some of BlackRock’s competi-

tors, the Securities and Ex-

change Commission’s 2019 rule

that simplified how ETFs should

be brought to market left out

such leveraged products.

Ms. Novick took on academ-

ics when they raised questions

about whether index funds

could distort markets. She

pressed the firm to fund re-

search to attack the idea.

She is seen as one of the

most influential women on

Wall Street. “When I began my

career, there were no senior

women on Wall Street,” Ms.

Novick said. “The industry is

in a different and better place

than where it was.”

Continued from page B1

A Power at

BlackRock

Steps Aside

tinuing. U.K. revenue from in-

ternational students and other

education-related services to-

taled about £21.4 billion in 2017,

the bulk of which was gener-

ated by higher education, ac-

cording to a 2019 report from

the U.K. Department for Educa-

tion. The total was up 7.2%

from the prior year and had

gained 35% since 2010, mea-

sured in current prices.

“There is very significant de-

mand for British higher educa-

tion, both from domestic and

international students, and that

is translating and should con-

tinue to translate into increas-

ing requirements for student

housing,” said James Seppala,

Blackstone’s head of real estate

for Europe.

In 2005, the New York-based

firm launched the Nido student

business in London, subse-

quently selling it in 2012. In

2017, Blackstone sold its Lon-

don-based Victoria Hall stu-

dent-housing business. Black-

stone is acquiring IQ from

Goldman Sachs’s merchant-

bank division, which owns 72%

of the operation, and its part-

ner Wellcome Trust, a London-

based charitable foundation,

owner of the remaining stake.

cline in activity against a back-

drop of political uncertainty

and worries over economic

growth, deal activity in Europe

this year is up 16% to $94 bil-

lion, compared with a 40% drop

globally to $359.3 billion, ac-

cording to Dealogic.

IQ is one of the U.K.’s largest

owners of student housing,

overseeing more than 28,000

beds in facilities located in

some of the country’s major

university cities, including Lon-

don, where the portfolio is con-

centrated, Manchester, Leeds,

Sheffield, Edinburgh and Bir-

mingham.

Britain’s education system is

already among the country’s

most lucrative sources of reve-

nue, and Blackstone’s deal for

IQ is a bet on that growth con-

Blackstone Group Inc.
agreed Wednesday to acquire
IQ Student Accommodation
from a group led byGoldman
Sachs GroupInc. for £4.66 bil-
lion ($6.06 billion) including
debt, the latest bet by the U.S.
buyout company on the growth
of student housing in the U.K.
The deal is also an endorse-
ment of Britain’s economy as
its government faces the chal-
lenge of reaching a new trade
deal with the European Union
by year-end following the U.K.’s
split from the bloc last month.
It is also an early but signifi-
cant sign of a rebound in Euro-
pean deal making this year de-
spite a global slowdown.
Following 2019’s steep de-

BYBENDUMMETT

Blackstone Sets

Deal for British

Student Landlord

IQ oversees 28,000 beds in facilities in some of the U.K.’s major university cities, such as Edinburgh.

JANE BARLOW/PA WIRE/ZUMA PRESS

to face trial later this year,

filed the motions in federal

court in Chicago late Tuesday.

In the filings, they referred to

a memo from the ex-prosecu-

tor who alleged his former col-

leagues submitted misleading

applications for foreign evi-

dence to federal judges to sus-

pend the statute of limitations

and give themselves more

time to build a case, even

though they had access to the

information through other

channels. The Wall Street

Journal reported on the memo

earlier this month.

“If these allegations are

true, it would mean that, in a

troubling display of hubris, the

government perpetrated a

fraud on this court while it

purported to investigate the

defendants for fraud,” attor-

neys for two of the ex-traders,

Edward Bases and John Pa-

cilio, wrote in their motion.

Peter Carr, a spokesman for

the Justice Department, de-

clined to comment.

The traders are accused of

defrauding other traders by

entering phony orders that

they quickly canceled, a tactic

known as spoofing that can

move prices in a favorable di-

rection for the person deploy-

ing the strategy.

The memo from the former

prosecutor, Ankush Khardori,

describes two cases in which

prosecutors allegedly misused

the foreign-evidence requests,

including the one involving the

former Merrill Lynch traders.

Because responses to mu-

tual legal-assistance treaty re-

quests sometimes take months

or years to arrive, prosecutors

can ask a federal judge, under

seal, to suspend the statute of

limitations for up to three

years on a crime they are in-

vestigating while they seek

foreign evidence for their

case.

The Chicago trial for

Messrs. Bases and Pacilio is

scheduled for October. An-

other trial for the two former

traders at Deutsche Bank,

James Vorley and Cedric

Chanu, is scheduled for May.

Both sets of defendants are ac-

cused of conduct that manipu-

lated the price of precious-

metals futures traded on CME

Group Inc. exchanges.

WASHINGTON—Four trad-
ers charged with crimes re-
lated to market manipulation
are trying to force the govern-
ment to turn over more infor-
mation about its overseas-evi-
dence requests, after a former
prosecutor alleged the Justice
Department improperly used
such queries.
The former precious-metals
traders atBank of America
Merrill LynchandDeutsche
BankAG, who are scheduled

BYDAVEMICHAELS
ANDARUNAVISWANATHA

Traders Seek Evidence of Misconduct in Fraud Case

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