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Veritex buying Liberty Bancshares in Texas; Tudor facing a 'punishing shift'


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Veritex buying Liberty Bancshares in Texas; Tudor facing a 'punishing shift'

Dallas-based Veritex Holdings Inc. is buying Fort Worth, Texas-based Liberty Bancshares Inc. in a deal expected to close in the 2017 fourth quarter or in the 2018 first quarter.

Paul Tudor Jones and his peers including Alan Howard and John Paulson in the hedge fund industry are experiencing a "punishing shift," according to Bloomberg News. Jones' clients withdrew about 15% of their assets from the billionaire macro manager's main fund in the second quarter, leaving assets under management at just $3.6 billion, roughly half from a year ago. A client document showed that the Tudor Investment Corp. founder's main BVI Global Fund declined 1.9% this year through July 21. Total assets in all his funds have fallen to $8 billion, compared to $14 billion in June 2015.

Any credit score model change for specialty lenders Fannie Mae and Freddie Mac would not go into effect before 2019, according to Federal Housing Finance Agency Director Melvin Watt. The FHFA continues to make progress on the alternative credit score model project, but Watt said the agency must take its time. In a speech before the National Association of Real Estate Brokers' convention, Watt said that "based on the overwhelming feedback we have received from the industry, it is clear that it would be a serious mistake to change credit scoring models before mid-2019 when the Common Securitization Platform is fully operational and the Enterprises implement the Single Security."

In fintech space, Steve Senneff is stepping down as CFO of Cotiviti Holdings Inc. to pursue a new opportunity outside of healthcare. Separately, the company updated its guidance for the full year 2017, now projecting net income to be between $97 million and $103 million, compared with the previous guidance of $89 million to $95 million.

In regulatory news, the OCC will seek public comment from banks and others as soon as today on potential changes to the Volcker rule's definition of proprietary trading, among other matters, The Wall Street Journal's sources say.

And deposit betas should finally start to grow, Thomas Michaud, president and CEO of Keefe Bruyette & Woods Inc. said in an interview during the KBW Community Bank Investor Conference. Bloomberg takes a closer look at it.

In other parts of the world

Asia-Pacific: China bars 40 banks from interbank biz; HNA's overseas deals hit roadblock

Europe: SocGen, ING post Q2 results; Deutsche Bank sees job exodus from UK

Middle East & Africa: United Gulf Bank eyes biz split; High Court extends Imperial Bank receivership

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng climbed 0.24% to 27,607.38, while the Nikkei 225 rose 0.47% to 20,080.04.

In Europe, around midday, the FTSE 100 fell 0.31% to 7,401.32 and the Euronext 100 dropped 0.11% to 999.49.

On the macro front

The MBA mortgage applications, the ADP employment report, the Gallup U.S. job creation index and the EIA petroleum status report are due out today.

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