Activist hedge fund Elliott wins two seats on Phillips 66 board
Investment firm has lobbied for sweeping changes at US energy group
Economic news
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Banks’ links to private credit could pose systemic risk, says Boston Fed
Report highlights how direct lenders are forging increasingly close ties to more tightly regulated financial groups
Thoma Bravo founder warns retail funds risk owning bad buyout assets
Managing partner of US private equity firm says wealthy individuals may be less sophisticated
Private equity founder warns retail investors risk being saddled with worst assets
Managing partner of Thoma Bravo says wealthy individuals may be less sophisticated
FirstFT: Nvidia chief criticises US government chip policy
Also in today’s newsletter, IMF warning to US to tackle its debt burden and the discovery of a Mexican ‘death camp’
Bloomberg terminal outage hits traders
Disruption to widely used markets data service disrupts auction of UK government debt