Inside the latest Vista drama — How challenger banks compete with big banks — Wealth management-focused SPAC

The Rockefeller Center Christmas Tree arrives at Rockefeller Plaza and is craned into place on November 14, 2020 in New York City.

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Vista execs' ties to a controversial Texas real-estate investor

Amy Harris/Invision/AP

Here's another great piece from Casey Sullivan and Dakin Campbell on the latest drama at private-equity firm Vista Equity Partners.

If you haven't been keeping up, Casey and Dakin have broken a number of stories detailing what has unfolded off the back of Robert Smith, Vista Equity Partners' CEO, admitting he took part in a tax-evasion scheme. 

In this latest piece, Casey and Dakin dive into how Smith and longtime Visa executive Brian Sheth were big early supporters of Nate Paul, an Austin real-estate developer who's part of an escalating political scandal involving the Texas Attorney General. 

Click here to read the entire story.

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A new SPAC is on the hunt for a wealth-management deal

Women part of the horse Honor A.P.'s ownership group at the Kentucky Derby.

Pat McDonogh/Louisville Courier-Journal/USA Today Network via Reuters

Rebecca Ungarino with a nice look at a recently listed SPAC that's targeting a deal in the wealth management and asset management space. Rebecca spoke to the CEO to get the rundown of what it is looking for. Read more here.

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Challenger banks are hot on the heels of legacy players

Chime Co-founders Chris Britt and Ryan King

Chime

Shannen Balogh with a nice look at all the progress being made by challenger banks. Check out how the so-called 'neobanks' are catching up to the biggest players in the space. Read more here. 

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Odd lots:

GM Plans to Seek Banking Charter to Grow Auto-Lending Business (WSJ)

BuzzFeed's acquisition of HuffPost has kicked off speculation of more digital media tie-ups, and SPACs are already circling (BI)

The 5 highest-paid CEOs in the financial services industry an earned average of $27.9 million each in 2019. Meet the CEOs from Morgan Stanley, JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs (BI)

Read the original article on Business Insider

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