Bloomberg News

Most Influential 50’s New Names Show Shakeup in Finance

September 03, 2013

They shape economies, move markets, do deals -- and change the world. They hold sway by virtue of the money they manage, the companies they control, the policies they enact and the ideas they propound. The people on the third annual 50 Most Influential list, to be published in the October issue of Bloomberg Markets magazine, command attention as masters of the global financial system.

More from the October issue of Bloomberg Markets :

  • 50 MOST INFLUENTIAL: Power Network | Policy Makers | Money Managers | Thinkers | Bankers | Power Brokers
  • BM50 PROFILES: Alisher Usmanov | Mary Erdoes | Akira Amari | Michael Woodford | Paul Achleitner
  • PEER LENDING: Big Money in Little Loans
  • BANKS: Tackling New Capital Requirements
  • EDUCATION: Lure of Caribbean Medical Schools
  • DRUGS: Chicago's Mexican Connection | Slideshow

Some work the strings of power in the courtroom or the halls of government, while others campaign for access to education, equal opportunities or the alleviation of poverty. These are people with clout.

To find candidates for our list, we tap the expertise of reporters and editors in 146 Bloomberg News bureaus around the globe. Rankings published in Bloomberg Markets throughout the year help shape our decisions.

Recent achievements count for more than long careers, although Warren Buffett, 83, and Carl Icahn, 77, show that it’s possible to have both. In all, 36 of our 50 are new to the list this year. Only seven -- including Buffett, Lloyd Blankfein, Jamie Dimon and Larry Fink -- have been on it all three years.

We’ve grouped our influencers into five categories: Bankers, Policy Makers, Money Managers, Corporate Power Brokers and Thinkers. As in prior years, we excluded heads of government from the Policy Makers rubric, favoring instead the cabinet officials, regulators and central bankers who actually make things happen.

BANKERS

Paul Achleitner SUPERVISORY CHAIRMAN Deutsche Bank AG (DBK) The chairman of the bank’s supervisory board, Achleitner, 56, is a leader in the fight against regulators who want to restrict trading at Europe’s biggest financial firms.

Lloyd Blankfein CEO Goldman Sachs Group Inc. Although his company topped the league tables for mergers advice in the first half, Blankfein, 58, says dealmaking has been restrained -- and economic growth has suffered -- because business leaders are avoiding risk.

Ana Patricia Botin CEO Santander U.K. Plc Running Banco Santander SA (SAN)’s U.K. operations, made up of the former Abbey National and Bradford & Bingley, prepares Botin, 52, as a potential future leader of the entire bank. She’s the eldest child of Santander Chairman Emilio Botin.

Jamie Dimon CEO JPMorgan Chase & Co. (JPM:US) He survived a shareholder challenge to his dual role as chairman and CEO, and second-quarter profit jumped 31 percent. But Dimon, 57, still faces fallout from the London Whale debacle, including a criminal case against two former employees.

Isabelle Ealet CO-HEAD OF SECURITIES Goldman Sachs Group Inc. Ealet, 50, the highest-ranking female executive at Goldman, shares responsibility with Pablo Salame for sales and trading, which generate a majority of the company’s revenue.

Sergio Ermotti CEO UBS AG (UBSN) Wealth management has been a bright spot for UBS as it shrinks its investment bank. Ermotti, 53, brags that the largest Swiss bank has relationships with half of the world’s billionaires.

Jiang Jianqing CHAIRMAN Industrial & Commercial Bank of China Ltd. (601398) The head of China’s largest bank by assets, Jiang, 60, faces a rise in nonperforming loans while regulators try to rein in excess credit and shadow banking. Still, profit growth and return on equity topped 10 percent last year.

Gordon Nixon CEO Royal Bank of Canada (RY) RBC is the largest of the Canadian firms that consistently rank near the top of the Bloomberg Markets list of the world’s strongest banks. Nixon, 56, has endorsed the idea that a cap on leverage is a good way to keep banks safe.

Ruth Porat CFO Morgan Stanley (MS:US) The investment bank has strengthened its balance sheet under the direction of Porat, 55, who recently told investors that liquidity is “sacrosanct.” Morgan Stanley stock, up 37 percent year to date, has outperformed Goldman’s.

John Stumpf CEO Wells Fargo & Co. (WFC:US) Stumpf, 59, has to show investors he can keep the country’s largest mortgage business healthy as Fed tapering threatens home lending. His is the biggest U.S. bank by market valuation.

POLICY MAKERS

Akira Amari ECONOMY MINISTER Japan He’s responsible for stimulating business expansion, closing a social security funding gap and negotiating a trans-Pacific trade pact. Amari, 64, is the point man in Shinzo Abe’s radical plan to spur growth.

Preet Bharara U.S. ATTORNEY U.S. Justice Department As his insider-trading investigation reaches higher in the hedge-fund world, Bharara, 44, has pulled no punches, indicting billionaire Steven Cohen’s SAC Capital Advisors LP. He called the firm a “magnet for market cheaters.”

Mark Carney GOVERNOR Bank of England Enticed from Canada’s central bank by higher pay and flattery, Carney, 48, is the first foreigner to run the Bank of England since its founding in 1694. He’s committed the bank to forward guidance meant to push borrowing costs lower.

Mario Draghi PRESIDENT European Central Bank The euro zone is returning to growth, and troubled sovereign bonds have rallied. Draghi, 66, has so far managed to do whatever it takes, as promised, to preserve the currency he’s in charge of.

Jacob J. Lew TREASURY SECRETARY United States The successor to Timothy F. Geithner is warning Republicans that the U.S. can’t “cut its way to prosperity.” The coming fight in Washington over the budget, the debt ceiling and the sequester will test how well Lew, 58, can negotiate.

Ngozi Okonjo-Iweala FINANCE MINISTER Nigeria A former vice president at the World Bank, Okonjo-Iweala, 59, was a candidate for its presidency in 2012, when Jim Yong Kim got the nod. She says Africa’s most populous country needs 13 percent growth to address unemployment and poverty.

Raghuram Rajan GOVERNOR Reserve Bank of India The University of Chicago economist, who warned in 2005 that innovation was making the financial system more risky, has advised India’s Finance Ministry for the past year. Starting tomorrow, Rajan, 50, will run its central bank.

Mary Jo White CHAIRMAN U.S. Securities and Exchange Commission In a sign of new backbone at the agency, White, 65, on one day in July, started an enforcement action against one hedge-fund manager, Cohen, and rejected as too lenient a proposed settlement with another, Philip Falcone.

Xiao Gang CHAIRMAN China Securities Regulatory Commission Named in March as a top regulator in Xi Jinping’s new government, Xiao shows signs he will tackle systemic financial risk. He wrote last year that some products banks sell are “fundamentally a Ponzi scheme.”

Janet Yellen VICE CHAIRMAN U.S. Federal Reserve Next year, Yellen, 67, will either be Fed chairman or, if Larry Summers is the president’s choice, perhaps a former Fed official. Either way, the communications transparency she has championed will be a lasting legacy.

MONEY MANAGERS

Hamed bin Zayed Al Nahyan MANAGING DIRECTOR Abu Dhabi Investment Authority While ADIA won’t say how much money it oversees, estimates top half a trillion dollars, which would make it one of the world’s largest sovereign wealth funds. Sheikh Hamed attracts investment talent from around the globe.

Leon Black CO-FOUNDER Apollo Global Management LLC (APO:US) A paper profit of $9.6 billion on the debt of chemical maker LyondellBasell Industries NV, the biggest gain ever in the private-equity business, caps a rebound for Black, 62.

Mary Erdoes CEO JPMorgan Asset Management The head of JPMorgan’s $2.2 trillion money management arm has made the bank a force in mutual and pension funds. Erdoes, 46, is pulling in billions in new money from Asia and Europe.

Larry Fink CO-FOUNDER BlackRock Inc. (BLK:US) As the world’s largest money manager, with $3.9 trillion in assets, BlackRock is a huge holder of companies that are in play, such as Dell Inc. Fink, 60, and his firm have urged managements to adopt shareholder-friendly practices.

Carl Icahn CHAIRMAN Icahn Enterprises LP (IEP:US) He’s agitated at Dell, defended Herbalife Ltd. and won big on Netflix Inc. If there was any question about his reach, Icahn, 77, is now pushing Apple Inc. to reward its shareholders.

Daniel Ivascyn MANAGING DIRECTOR Pacific Investment Management Co. Others at Pimco may have a higher profile, but watch the returns. Ivascyn, 43, runs the Pimco Income Fund, which topped the bond fund category in Bloomberg Markets’ annual performance ranking of mutual funds.

Daniel Loeb FOUNDER Third Point LLC A profit of at least $655 million on Yahoo!, where he backed Mayer, gives Loeb, 51, bragging rights this year among activist managers. His next target is Sony Corp.’s movie unit, even if actor George Clooney says Loeb “knows nothing about our industry.”

Helena Morrissey CEO Newton Investment Management From her perch overseeing more than 50 billion pounds at the U.K. money management arm of Bank of New York Mellon Corp., Morrissey, 47, has built a bully pulpit for gender equality. Her 30 Percent Club seeks more female corporate directors.

Stephen Schwarzman CO-FOUNDER Blackstone Group LP (BX:US) With assets under management passing $200 billion this year and no sign the growth is slowing, Schwarzman, 66, is leading the way for private-equity shops that want to be all things to all clients.

Dominique Senequier CEO Axa Private Equity In the world of secondaries, in which funds buy established private-equity investments from others, Senequier, 60, has built a giant inside French insurer Axa SA. (CS) Her funds have been oversubscribed, and assets under management are up to $32 billion.

CORPORATE POWER BROKERS

Jeff Bezos FOUNDER Amazon.com Inc. (AMZN:US) With $74 billion in sales expected this year, Amazon dominates retail. The most recent sign of his status, though, is what he’s buying, not what he’s selling: Bezos, 49, is acquiring the Washington Post.

Warren Buffett CEO Berkshire Hathaway Inc. (A:US) Berkshire’s role in the $27.4 billion buyout of HJ Heinz Co., one of this year’s biggest, shows that Buffett -- at 83 -- is still a dealmaker. His advice for what rich people should do with their money: pay more taxes and give it away.

Ivan Glasenberg CEO Glencore Xstrata Plc The merger of Glencore’s formidable trading operation with coal and copper producer Xstrata in May puts Glasenberg, 56, in charge of a commodities juggernaut. The company once run by oil trader Marc Rich was privately held as recently as 2011.

Lee Kun Hee CHAIRMAN Samsung Electronics Co. Under Lee Kun Hee, 71, son of Samsung Group’s founder, the electronics maker has overtaken Apple in global smartphone sales. South Korea’s richest man has transformed a onetime copycat manufacturer of home appliances into a tech leader.

Jorge Paulo Lemann CO-FOUNDER 3G Capital Inc. Buying Heinz in partnership with Berkshire Hathaway gives Lemann, 74, ketchup and pickles to go with his burgers and beer. Buffett says he was willing to pay more for Heinz because of 3G Capital’s “extraordinary managers.”

Maurice Levy CEO Publicis Groupe SA (PUB) The combination of No. 3 Publicis with No. 2 Omnicom Group Inc., if completed on schedule next year, will unseat WPP Plc as the No. 1 global advertising agency, a crowning achievement for Levy, 71.

Marissa Mayer CEO Yahoo! Inc. (YHOO:US) Shares of Yahoo! were up about 80 percent from the day she was hired through mid-August, on optimism that Mayer, 38, has a plan for growth. Buying Tumblr Inc. for $1.1 billion has restored some of Yahoo’s long-lost buzz.

Dilip Shanghvi FOUNDER Sun Pharmaceutical Industries Ltd. (SUNP) A fivefold share gain for his drugmaker in five years makes Shanghvi, 57, one of the five richest Indians. His fortune grew by $2.7 billion this year through mid-August, while Lakshmi Mittal’s shrank by $3 billion.

Masayoshi Son FOUNDER SoftBank Corp. (9984) Control of Sprint Corp. gets Son, 56, much closer to his goal of being the world’s largest mobile phone operator. Investors like his ambition and pushed SoftBank shares up 90 percent this year through mid-August.

Alisher Usmanov FOUNDER OAO Metalloinvest Holding A post at Gazprom gave him connections. Metals and mining established his fortune. Now, technology investments have made Usmanov, who turns 60 this month, Russia’s richest man.

THINKERS

Dan Ariely PROFESSOR Duke University In his 2012 best-seller, The Honest Truth About Dishonesty, the behavioral economist looks at why and when people cheat -- a topic with resonance on Wall Street. Ariely, 46, specializes in the study of how bad decisions get made.

Esther Duflo PROFESSOR Massachusetts Institute of Technology Duflo, 40, pioneered the use of randomized, controlled trials for economic research on poverty. She received the John Bates Clark Medal for the best young economist in 2010.

Robert Gordon PROFESSOR Northwestern University Wall Street economists forecast growth rates, and academic economists study them. Gordon, 73, stands apart, attracting followers for his thesis that in coming decades, U.S. gross domestic product per capita will grow essentially not at all.

Salman Khan FOUNDER Khan Academy The former hedge-fund analyst began with the goal of tutoring his cousin over the Internet. After about a decade, Khan, 36, has expanded the effort into a nonprofit education website with more than 4,500 videos and millions of users.

Paul Krugman PROFESSOR Princeton University Europe has backed away somewhat from austerity, as Krugman, 60, said they would have to. The Nobel laureate’s argument that U.S. monetary policy could do more to address high unemployment has garnered pushback from Fed officials.

Michael Mann PROFESSOR Pennsylvania State University Mann, 47, and colleagues are the climate scientists who brought the world the so-called hockey stick graph, showing a sharp rise in global temperatures in the last century. He responds to climate change deniers on his RealClimate blog.

Elon Musk FOUNDER Tesla Motors Inc. (TSLA:US) His company builds 400 cars a week now, but Musk, 42, is letting his mind wander from the road. His latest idea is to make high-speed rail obsolete with pods that run through tubes at 800 miles per hour.

Sheryl Sandberg CHIEF OPERATING OFFICER Facebook Inc. (FB:US) A graduate of Harvard Business School and former chief of staff to then-Treasury Secretary Larry Summers, Sandberg, 44, has become a leader on gender equality in the executive suite. She’s also on the president’s jobs council and has a day job at Facebook.

Michael Woodford PROFESSOR Columbia University Central bankers around the world look to the ideas developed by Woodford, 57, to spur growth at a time when interest rates are already near zero. The economist’s presentation was the talk of the Jackson Hole gathering a year ago.

Andy Xie ECONOMIST Independent A former Morgan Stanley economist, Xie sees bubbles forming in many places. Xie says China isn’t doing enough to foster growth and suffers because too much wealth is tied up in inefficient state-owned enterprises.

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To contact the reporter on this story: Robert S. Dieterich in New York at rdieterich@bloomberg.net

To contact the editor responsible for this story: Michael Serrill at mserrill@bloomberg.net


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